“Sony has launched a ‘motion controller’ for its PlayStation 3 to challenge the ever-popular Nintendo Wii. The new controller is called the ‘Move.’ The PlayStation ‘Move’ tracks the movement of a wand, while the PS3 eye camera tracks body movements.
Latest figures show that Sony has sold more than 33 million PlayStation 3s and Microsoft has sold more than 39 million Xbox 360 consoles. Nintendo, however, are leading the way, having sold a staggering 67.5 million Wiis.
A technology expert forecast that the Move will be unlikely to present much of a challenge to Nintendo — at least to start with.
‘Nintendo has such a lead in this market that both Sony and Microsoft are competing to be the number two choice’ he said.
Another gaming system to look out for later this year is Microsoft’s ‘Project Natal’, which will work on all existing Xbox 360 consoles. The idea is to allow users to play games controlled by body movements and speech, rather than using a handheld device. Microsoft plans to launch Project Natal in November 2010.”
The questions below are intended to allow you to structure the paragraphs of your response.
As Sony begins production of their new product, the PlayStation Move, define the following costs and explain the short run influences on each one.
Your explanation of average and marginal cost should include reference to the influence of diminishing returns.
The games console market is an example of an oligopoly.
Explain what is meant by the term “oligopoly.”
Describe the main characteristics of this type of market structure.
With the aid of a kinked demand curve diagram and with reference to price and output behaviour, describe how firms are likely to behave under oligopoly conditions.
Choose another market structure from either monopoly or perfect competition.
Define your chosen market structure.
Describe the main characteristics of your chosen market structure.
With the aid of a diagram, describe the price and output behaviour of your chosen market structure.
The different market structures assume that firms aim to maximize profits. Explain the concept of profit maximization action and the problems of achieving this objective.
Identify and explain an alternative theory to the objective of profit maximization.
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