MN20012 Pro-announced Exam questions 2022 YOUR FINAL EXAM WILL CONSIST OF THREE OF THE QUESTIONS LISTED BELOW. YOU WILL BE REQUIRED TO ANSWER ONE. ANSWERS ARE TO BE IN ESSAY FORMAT 8: THERE IS A 2,000 WORD LIMIT. IN YOUR EXAM YOU WILL HAVE 2 HOURS + 50 MINUTES OF FORMA'ITING TIME. DO NOT SUBMIT LATE LATE SUBMISSIONS WILL NOT BE MARKED. YOU HAVE BEEN WARNEDH (1) Critically evaluate the utility of Lancaster's characteristics approach to analysing product differentiation when it is applied to the case of boundedly rational consumers. Illustrate your answer with real world examples. (2) Product innovation can be radical, incremental or architectural (Henderson and Clark, 1990). Critically evaluate the implications for the firm of each of the three types of innovation from the perspective of evolutionary economics. (3) Compare and contrast the Schumpeterian entrepreneur with the Kirznerian entrepreneur. Assess the contention that the two perspectives can be reconciled when seen through lens of the Shackle/Earl view that, at its root, entrepreneurship is fundamentally about making new connections between hitherto separate elements of a system. Illustrate your answer with salient examples. (4) 'Product differentiation is both desirable and inescapable. Yet advertising and product proliferation can be overdone, and that is cause for concern.' (Scherer 8: Ross, 1990, p.610}. In the light of this statement, and with reference to suitable economic tools, critically assess the consequences of product differentiation for society