Read the following paper:
Hausman, J.A. (1996). Valuation of New Goods under Perfect and Imperfect Competition. In T.F. Bresnahan & R.J. Gordon (Eds.), The Economics of New Goods, (1st ed., pp. 207-248). Chicago, IL: University of Chicago Press.
1.apply and describe the standard Utility Maximization Problem (UMP) to the market for breakfast cereals. Identify the goal, endogenous (i.e. choice) variables, exogenous variables and the economically important solutions to the model.
2.Summarize Hausman’s utility maximization process that gives the demand functions discussed in the paper (in section 5.3 of the paper). How is this approach similar to the standard UMP? How is it different from the standard UMP?
3.Summarize Hausman’s reasons as to why demand estimation is important. What application is Hausman investigating and how will estimating demand help provide the answer?
4.Summarize Hausman’s findings (in section 5.4 of the paper)
Additional Information:
The essay should have the following format,
1 page minimum (at least 250 words), 4 page maximum in length. This excludes any bibliography and/or appendices.
Your writing should be from an economic perspective, not a political perspective.
Please write your paper as an essay (i.e. do not number your paragraphs 1, 2, 3 and so on), have a title, put your name and date on the paper and indent paragraphs.
Follow APA style guidelines for all references and citations.
Microsoft Word Document (.docx or .doc), 12 point Times New Roman font, 1.5 line spacing and 1 inch margins.
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