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Economics

1.You are given a specific supply function; Q = 20P, Where Q, is quantity supplied and P is price per unit in Kwacha a) Derive the producer's supply schedule b) Derive the producer's supply curve c) What things have been kept constant in the given supply function d) What is the minimum price that this producer must be offered in order to induce him to start supplying good X to the market? 11

2. Alfred Davis and his brother-in-law Hans Wilsdorf founded Wilsdorf and Davis, the company that would eventually become Rolex SA, in London, England in 1905. Wilsdorf and Davis' main commercial activity at the time involved importing Hermann Aegler's Swiss movements to England and placing them in high-quality watch cases made by Dennison and others. These early wristwatches were sold to jewellers, who then put their own names on the dial. The earliest watches from Wilsdorf and Davis were usually hallmarked "W&D" inside the caseback.In 1908 Wilsdorf registered the trademark "Rolex" and opened an office in La Chaux-de-Fonds, Switzerland. The company name "Rolex" was registered on 15 November 1915. In 1919 Wilsdorf left England due to wartime taxes levied on luxury imports as well as to export duties on the silver and gold used for the watch cases driving costs too high and moved the company to Geneva, Switzerland, where it was established as the Rolex Watch Company The first self-winding Rolex wristwatch was offered to the public in 1931 (so-called the "bubbleback" due to the large caseback), preceded to the market by Harwood which patented the design in 1923 and produced the first self-winding watch in 1928, powered by an internal mechanism that used the movement of the wearer's arm. This not only made watch- winding unnecessary, but kept the power from the mainspring more consistent resulting in more reliable time keeping. Its name was later changed to Montres Rolex, SA and finally Rolex, SA. Upon the death of his wife in 1944, Wilsdorf established the Hans Wilsdorf Foundation, a private trust, in which he left all of his Rolex shares, making sure that some of the company's income would go to charity. Wilsdorf died in 1960; since then, the trust has owned and run the company. As of 2010 Rolex watches continue to have a reputation as status symbols. Describe with examples the type of growth (horizontal, vertical, organic, diversified or merger and acquisition) that Rolex has gone through from 1905. (15 Marks) b. Discuss out of the four market structure perfect competition, monopolistic competition, oligopoly and monopoly which market structure does Rolex belong to. (15 Marks) Discuss Rolex's geographic spread around the world and why is it important to have good international trade among countries. (20 Marks) a. --END OF EXAMINATION-- Foundation Asia Pacific University of Technology and more.

3.Write out this consumer’s constrained expenditure minimization problem, indicating (i) the objective, (ii) the objective function, (iii) the choice variables, and (iv) the constraint (note this is not the same as writing down the Lagrangian).

b. Write down the Lagrangian for this consumer’s constrained expenditure minimization problem and solve for the first-order conditions.

c. Based on part b, solve for the Hicksian demands for this consumer as functions of prices and the targeted level of utility, x^h (px, py, ubar) and y^h (px, py, ubar).

d. Using your answers from part c, solve for the consumer’s expenditure function as a function of prices and targeted level of utility, E (px, py, ubar).

e. The Marshallian demands that arise from this consumer’s constrained utility maximization problem can be shown to be equal to x* (px, py, I) = I/(2px) and y* (px, py, I) = I/(2py). Show that the indirect utility function for this consumer is given by V (px, py, I) = 1/2(I^2/(pxpy)) , and also show that V (px, py, I) is increasing in I and decreasing in px.

f. In class we learned that the indirect utility function and expenditure function are inversely related: if the maximum utility a consumer can obtain with income I is given by ubar = V (px, py, I), then the minimized expenditures required to obtain utility level u¯ are equal to E (px, py, ubar) = I. Set V (px, py, I) = ubar and solve for I from the value function above to demonstrate that E (px, py, ubar) = I, where E (px, py, ubar) is the expenditure function you found in part d, to show that V and E are inversely related.

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2.1.

“Rolex company” history is very interesting and history step in innovation and excellence and strong Image and prestige. Always create good image in customer mind.,

Company establish in 1905 bye Hans wilsdorf and his brother-in-law, company first of all establish in London base company, original name of Rolex watch wilsdorf and Davies which is specialises in1908,

After that wilsdorf decided create new name company, is it for pronounceable to all country, after they Decide name as

"Rolex". In 1908 wilsdorf Registered Rolex as Trademark,

Rolex company , more than 3300 employee working for Rolex.,

These workers making 750000 Rolex watches in a year.,

In 1914 Rolex was awarded as a class A appreciation certificate watch., It is the first Real Economic growth of Rolex after certification.,

1919 wilsdorf moved Rolex company from England to Geneva Switzerland because of in England after world war taxes levied on luxury import is high and also export duties on the silver and gold uses for watch cases that's why they moved their company to Geneva,

After that 1926 company face technical problem in dial of Rolex watch and after that sales decreased, in watch dust and moisture created and damage the movement of watch and show wrong time,

After that Rolex developed new technique of waterproof watch any 1926 day .start production of dust proof and waterproof watch,

And it was the history making for Rolex for whole world because of waterproof watch sales increase tremendously growth of company.

Is the world famous brand, included in world 10 watches which sold in auction in more than 5 million dollars, Rolex 3 watch was is in 10 auction, Rolex 1 watch sold about 18 billion dollars..

2.

Discuss about company strategy or market structure then basically Rolex company is related to monopolistic competition,

Because they are producing Differentiated of products, and also Rolex decide their own price for their production their watches, Rolex making premium and expensive watches that's why they decide on price for it, that's why they always used monopolistic market structure for their products,

Also Rolex watches price is related on location, as per location or place tax there decide price of product that's why you can see it price difference, that's why the use monopolistic structure for price differentiation.

Always premium brands use monopolistic structure match to use it., In monopolistic competition price of another brand did not affect on another brand, because every brand price is different it is related to consumer need, premium quality, taxes, and Cost of Resources that's why price is always different in monopolistic structure about every product.

For example –

Rolex SUBMARINAR watch price increase and Omega Watch increased customer elasticity of demand Omega watch demand have to increase but it is not related in monopolistic structure because here product about brand and consumers did not think about price they are high class customers they are always go for their choice. That's why Rolex use monopolistic competition structure.

3.Rolex company spread business worldwide, more than 33 countries have stores of Rolex watch company, main headquarter of Rolex is in Geneva Switzerland, there export their watches from it to whole country, Rolex watch company international trade is very important, because it help to get profit from more resources,

And also it is not impact on growth of company, if sales is decreasing one country then it will cover by another country and save profit of company every year,

For example –

Due to recession its sales is decrease in India, it is not impact on Rolex company because other 32 countries provide better sales for Rolex watch, or it is not effect on growth of company, that's why international trade is very important.,

Another example of national trade,

For example if any vehicle company selling their products limited to their country, if reception become in their country then it effect on vehicle company, and decrease profit of company in huge size maybe may be company how to close because of Recession, but this vehicle company is doing their business in international trade, instant condition other countries will help to trade for profit for this company and there is no need to close this company or they continuously making profit from other countries it is a very important part of important international trade for companies that's why Rolex company is doing their business internationally.

Another important of international trade is it is increase GDP of company, if profit is earning from other countries then definitely it is increase revenue of family company that's why international trade is also important for family country that's why most of the companies are country promote to their companies to do business international trade,

Another important thing is employment rate is also increase, if production of demand is high in another country or in international trade then family country have to make more products for that they need more employees and it will increase employment rate of country because they a provide more employment..

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