Consumer Demand
Paper Assignment Instructions Research on Consumer Demand [10 points]
Tasks:
Read the following paper:
Hausman, J.A. (1996). Valuation of New Goods under Perfect and Imperfect Competition. In T.F. Bresnahan & R.J. Gordon (Eds.), The Economics of New Goods, (1st ed., pp. 207-248). Chicago, IL: University of Chicago Press.
Write Essay
And write an essay that addresses the following,
Apply and describe the standard Utility Maximization Problem (UMP) to the market for breakfast cereals. Identify the goal, endogenous (i.e. choice) variables, exogenous variables and the economically important solutions to the model.
Summarize Hausman’s utility maximization process that gives the demand functions discussed in the paper (in section 5.3 of the paper). How is this approach similar to the standard UMP? How is it different from the standard UMP?
Summarize Hausman’s reasons as to why demand estimation is important. What application is Hausman investigating and how will estimating demand help provide the answer?
Summarize Hausman’s findings (in section 5.4 of the paper)
Additional Information:
The essay should have the following format,
1 page minimum (at least 250 words), 4 page maximum in length. This excludes any bibliography and/or appendices.
Your writing should be from an economic perspective, not a political perspective.
Please write your paper as an essay (i.e. do not number your paragraphs 1, 2, 3 and so on), have a title, put your name and date on the paper and indent paragraphs.
Follow APA style guidelines for all references and citations.
Microsoft Word Document (.docx or .doc), 12 point Times New Roman font, 1.5 line spacing and 1 inch margins.
Use the following file name: <your initials Demand Report.doc> or <your initials Demand Report.docx>
https://www.nber.org/chapters/c6068
PA1: Consumer Demand Rubric
PA1: Consumer Demand Rubric
Criteria Ratings Pts
This criterion is linked to a Learning OutcomeAnswers & Summary
Relevant answers to the reading and the task questions are easily identified and appropriately addressed. The paper concisely and accurately summarizes the reading without being vague.
4.0 pts
Full Marks
0.0 pts
No Marks
4.0 pts
This criterion is linked to a Learning OutcomeTheory
Economic theory is correctly discussed. Relevant answers to the theory-relevant task questions are easily identified and appropriately addressed.
4.0 pts
Full Marks
0.0 pts
No Marks
4.0 pts
This criterion is linked to a Learning OutcomeQuality & Timeliness
Paper is well-written (few typos, grammar mistakes) and submitted on time.
2.0 pts
Full Marks
0.0 pts
No Marks
2.0 pts
Total Points: 10.0
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