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Project 1: the theory of market power. This is a comprehensive project that requires you to use concepts/theories throughout the course. You are expected to

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Project 1: the theory of market power. This is a comprehensive project that requires you to use concepts/theories throughout the course. You are expected to demonstrate your understanding of these concepts in a real-life business case - Apple's success in the tablet market (i.e., iPad and similar tablets). On April 3, 2010, Apple launched the first generation of iPad. Since then, the iPad became one of the most profitable products of Apple. In the following 12 years, Apple launched 9 generations of different versions of the iPad. Research widely and intensively and use all the concepts and theories you have learned in this course to explain why Apple has been so successful in this market and the debates involved in its success. Obviously, this is an open question - its answer is not definitive and simple. The fol- lowing aspects are some examples that provide you with some ideas on how to approach this topic in different directions. You are highly encouraged to come up with your own idea after your research. You should organise your report logically as an essay, using statistics/data from media news/consulting reports systematically to support your view. You should NOT simply answer these example questions one by one. Hint: you can find many useful resources (description, background, statistics, reports) via Google and UNSW Library. One example is the IBISWorld database at UNSW Library: https://subjectguides.library.unsw.edu.au/business/company However, remember the rules of avoiding plagiarism - penalty applies. Cite all re- sources that you use as reference in your report.Task 4: Considering a debate. In the above discussion, you have focused on market power from Apple's point of view - what market power is, how to gain/maintain market power, and what the firm can get from it. Now, switch to the social planner's point of view. Is market power good or bad in terms of social welfare? Consider the following questions. 1) From a static perspective, argue why market power can be bad in terms of social welfare. (Hint: use the concepts and theories of Pareto/allocation efficiency.)

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