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ECON 1008 Principles of Economics

Question

Answered

Task:

Aim

The purpose of this task is to demonstrate your understanding of the economic concepts and models you have learned in the course in topics 2, 3, 8 and 9 by relating them to a real-world situation.
 
These course objectives are covered by the assignment.

1. Describe and utilise the fundamental tools, methods and language of economics to analyse resource allocation issues
 
2. Describe the impact of incentives and use economic models to illustrate how agents and economies respond to incentives
 
3. Identify the limitations of the market mechanism and analyse the role of government in affecting markets and decision-making in the general economy
 
4. Apply economic principles and concepts to analyse business cycles and monetary and fiscal policy in an open macroeconomy, and to demonstrate the significance of trade and globalisation. 

Questions:

Q1. Using the demand and supply model, explain and illustrate graphically, why ginger prices have increased compared to last year.
Hint: Make sure you discuss the equilibrating process, and clearly outline the assumptions in discussing the factors causing change in price and quantity.
 
Q2 (a). Assume ginger is sold in a perfectly competitive market and firms are making zero economic profit. Explain and illustrate graphically, the effect of increase in market price on the short run position of a single firm selling ginger. (Hint: Make sure your graph includes the firm’s demand curve, marginal revenue curve, marginal cost curve and average total cost curve and also explain the profit maximising position
of a firm)

Q2 (b). Based on the short run position identified in Q2 (a) explain and illustrate graphically effect of entry/exit on the long run position of the firm. (Hint: your answer should include graphs for both market as well as individual firm.)

ECON 1008 Principles of Economics

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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More ECON 1008 ECON 1008 Principles of Economics: Questions & Answers

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BUS102 Introduction to Microeconomics

 Question 1 – 20 marks    Part A:  Answer the following questions.  Australia produces ethanol from sugar cane, and the land used to grow sugar cane is used to grow food crops. Suppose that Australia’s production possibilities for ethanol and food crops are ...

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Part A:  Answer the following questions.  Australia produces ethanol from sugar cane, and the land used to grow sugar cane is used to grow food crops. Suppose that Australia’s production possibilities for ethanol and food crops are as in the table.(a)    If Australia i ...

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753N1 Sustainable Development: Politics and Policies

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ECON8047 International Trade

Task: Question: Choose your HOME country as a case study (e.g., if you are from Vietnam, the Home country is Vietnam). My Home country is RUSSIA Analyze the impact of the Covid-19 pandemic and trade tensions (such as between the US and China, and between Australia and China) on the Home country&r ...

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