Economics Solved Assignment - Doc
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Added on 2021-06-15
Economics Solved Assignment - Doc
Added on 2021-06-15
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Running head: ECONOMICS ASSIGNMENT Economics AssignmentName of the StudentName of the UniversityAuthor Note
ECONOMICS ASSIGNMENT 1Table of ContentsIntroduction................................................................................................................................2Issue in Consideration................................................................................................................2Analysis of the situation.............................................................................................................3Ethical Scenario.....................................................................................................................3Economic Interpretation of the problem................................................................................3Position derived..........................................................................................................................6Critical Evaluation.....................................................................................................................7References..................................................................................................................................8
ECONOMICS ASSIGNMENT 2Introduction The concept of demand and supply is one of the pivotal concepts in the theoreticaland conceptual framework of economics, which plays immensely crucial role in determiningthe dynamics of any market, in the aspects of price and demand of different commodities andservices. While the demand side represents the side of the activities of the buyers and thesupply side shows the dynamics and patterns of the sellers (Baumol and Blinder 2015). The demand and supply conditions in a market and their inter-dynamics playsignificant roles in determining not only the dynamics of the market but also the welfare andprofitability of the buyers as well as the sellers. Often these demand and supply dynamics areaffected by several exogenous as well as endogenous factors, which thereby haveimplications on the situations in the markets, influencing the outcomes for the differentparticipants in the economic activities in the markets (Frank and Cartwright 2013). Keeping this into account the concerned report tries to analyse the impacts of thephenomenon of illegal sharing and downloading of music, attributed to the invention andusage of Napster and other peer-to-peer technologies for file-sharing and the impacts on theprofitability, sustainability of industry of recorded music. To analyse the impacts of the sameon the recorded music industry, the assignment uses theoretical components of economicslike that of demand-supply and the notions of consumer and producer surplus. Issue in Consideration In the contemporary period, with the increased usage of internet by an increasingshare of global population, there have been significant changes in the consumption as well aspreference pattern of the consumers across the globe, which in turn effects all the industriesin the global scenario and the music industry is not exception. In the current scenario,especially after the arrival of Napster (1999) and other illegal technologies like Limewire andKazaa, the internet savvy population across the globe now have free access to the music fileswhich are recorded and released and they can illegally download the same from the differentinternet P2P sites without paying for the music (Jambon and Smetana 2012). The only costfor such broad and unlimited downloading of free music is the minimal cost of buyinginternet plans, the price of which again decreases with time. This in turn has resulted in hugeloss in the recorded music industry, to combat which streaming of music was broughtforward by Spotify or Apple Music. However, in spite of the increasing popularity of thesame, the problem of illegal downloading of music has still persisted consistently in the
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