Sample Paper on Macroeconomics

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Added on 2021-06-15

Sample Paper on Macroeconomics

Added on 2021-06-15

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Running head: MICROECONOMICSMicroeconomicsName of the studentName of the universityAuthor Note

1MICROECONOMICSTable of ContentsIssues:.........................................................................................................................................2Analysis:.....................................................................................................................................2Position:......................................................................................................................................3Critique:......................................................................................................................................4References:.................................................................................................................................5

2MICROECONOMICSIssues:Through peer-to-peer (P2P) networking technology, people distribute and sharedigital media under the process of peer-to-peer file sharing. In recent years, this sharingtechnology has earned huge debates from different economical perspectives. According tosome economists, this process is economically significant as customers are paying money forpurchasing music albums through online. However, economical impact regarding copyrightviolation within a music industry through peer-to-peer file sharing has remained controversial(Askin and Mol 2018). Moreover, economists have also faced difficulties to determine impactof this file sharing on the revenue of music companies. Based on some unofficial studies, itcan be said that file sharing has adversely affected this concerned industry by selling recordsin an illegal way with a comparatively lower costs (Oberholzer-Gee and Strumpf 2016).Moreover, for this technology, music industry has faced difficulties to analyse any trendrelated to its demand and supply, for instance, the trend for purchasing a particular form ofmusic through legal sites cannot be determined under the existence of P-to-P technology. Inthis context, it can also be mentioned that, due to this increasing number of peer-to-peer filesharing technology, many retail music stores have closed their business for inadequate marketdemand. Analysis:The situation of music industry can be described with the help of some fundamentaleconomical concepts like demand, supply, consumer surplus and producer surplus. Accordingto some research papers based on this issue, it can be said that the demand for music chieflydepends on its price while some other factors can influence this, as well. For instance, otherfactors like prices of related products, consumer’s tastes and income can influence the marketdemand for recorded music significantly (Bacache-Beauvallet, Bourreau and Moreau 2015).However, to measure the impact of P-2-P file sharing technologies on the market for recordedmusic, some assumptions are needed to consider. Firstly, prices of recorded music havenegative relation with the number of C.D purchase. Secondly, prices of CD have a positiverelation with the demand for downloaded music through illegal P-to-P market sharing. Hence,CD and illegally downloaded music can be said as substitute products. Thirdly, prices ofillegal music are low compare to the prices for recorded one. Last but not the least, demandfor illegal music have increased because people want to listen this freely before purchasing itfrom market. Moreover, some people only prefer to listen to music by downloading it fromonline sites. Those assumptions are drawn from the ethical arguments related to the musicindustry (Leung 2015). On the other side, due to lack of demand for recorded music, many

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