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BEO1105 Economic Principles

Question

Answered

Questions

Note:

Student must explain their answers in detail to be awarded good grades.  Graphs should be used wherever possible to support the explanation
 
Please read all the questions and answer them carefully with graphs and explanations. Some questions requires more than one graphs to complete the answer. It's a 30 marks assignment so the answers need to be detailed and adequate.

Question 1

Mike, who just completed VCE, was chatting with a Tom and Tim over a cup of coffee. Mike told them that in the last few days he been thinking of taking either a gap year or working full time rather than going to University.  He said he eventually decided to go to University.
 
a. Define and explain the opportunity cost of Mike's decision to go to University.

b. Describe an occasion where the concept of opportunity cost applied to you.

Question 2

Give an example of a normative and a positive statement that you have used before.  Do not use the examples in power point slides discussed in class. 

Question 3

Mike, whilst walking along Collins Street came across a shop selling the “Joyride” technology based Nike running shoes considered superior by the world’s best athletics.  Although Mike already owns four pairs of Nike runners, he decided to buy the new runners.

Feeling please with himself Mike went to the pub for a beer.  It was “Happy hour” at the Pub and the beers were 30 percent cheaper.  Mike drank three beers rather than his usual two beers.

Using demand and supply graphs illustrate and explain the concepts:

a. Change in quantity demanded

b. Change in demand

Question 4

a. Ceteris paribus, even though the demand for watermelon is highest in summer when watermelons are in season and lowest during winter months, the price of watermelons are normally lower in summer than in winter. Use demand and supply graphs to illustrate and explain why it is so.   

b. Reflect on an occasion you have experience a similar situation as in the question. 

Question 5

Ceteris paribus, at the same time when the demand for yoga service has increased in Malaysia, the government of Malaysia introduced strict regulations resulting in a fall in the number of yoga service providers. Use demand and supply graphs illustrate and explain the impact on the equilibrium price and quantity in the market for yoga service? (HINT:  There is more than one possible outcome).       

Question 6

The COVID 19 virus has also resulted in a large increase in the price of eggs in several countries.  In order to ensure that people can still afford eggs, some governments are contemplating setting a maximum price for eggs.  Use demand and supply diagram illustrate and explain the impact of such an action on the market for eggs.

Question 7

a. Use demand and supply graph(s) and the price elasticity of demand concept; explain why an arrest of drug dealers that results in a 50 percent reduction in the supply of heroin will increase the total revenue of the remaining Heroin dealers in the market.

b. If you owned a business, how will you apply your understanding of price elasticity of demand in your pricing policy? Use a numerical example in your answer.

BEO1105 Economic Principles

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