fb
$20 Bonus + 25% OFF
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
Add File

Error goes here

1393AFE Economics For Decision Making 1

tag 0 Download7 Pages / 1,671 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Questions:

Note that when you are answering questions that require mathematical calculations, you should provide details as to how the answers were derived. In completing your answers, you should use graphs wherever possible. Always provide a brief explanation of each graph, including how it relates to your overall answer/argument.

1.

  1. Explain why a production possibility curve is usually bowed outward rather than being a straight line.
  2. Jane has been unemployed for nearly a year but finds a high-paying job with an international hotel firm. Does this mean that Jane will no longer experience the problem of ‘scarcity’? Explain the reasons for your answer.
  3. Every country has an economic system that has been established to address the problem of scarcity. Describe the economic system of a country other than Australia. Justify your assessment of the system by considering the major factors that determine an economic system within a country

2.

  1. The table below shows the demand and supply for ice creams.

Price of an ice cream

($)

Quantity demanded

(‘000)

Quantity supplied

(‘000)

0.00

19

0

0.50

16

0

1.00

13

1

1.50

10

4

2.00

7

7

2.50

4

10

3.00

1

13

  1. Graph the following demand and supply schedules.
  2. What is the equilibrium price and quantity in this market for ice creams?
  3. Calculate the consumer surplus and producer surplus at the equilibrium in this market.
  4. Assume that the demand schedule for ice creams outlined above is for summer. What do you think will happen to equilibrium price and quantity for ice creams during winter? Explain the reason for your answer.
  5. What do you think will happen to consumer and producer surplus as a consequence of the change in equilibrium price and quantity for ice creams during winter? Explain the reason for your answer.

3.

The government has decided that the free-market price for milk is too low.

  1. In an attempt to help dairy farmers increase their income the government imposes a price floor in the milk market. Use demand and supply diagrams to illustrate the impact of this policy on the price of milk and the quantity sold as well as the state of the market.
  2. Can dairy farmers be assured of an increased income? Explain your answer.
  3. Would it be a good decision for the government to purchase all the surplus product? Explain your answer.

4.

  1. Complete the table below. In your calculations use the midpoint methodto calculate the price elasticities.

Price

($)

Quantity demanded

Total revenue

($)

Percent change in price

Percentage change in quantity demanded

Elasticity

Assessment of Elasticity

2

10

20

 

 

 

 

3

8

24

 

 

 

 

4

6

24

 

 

 

 

5

4

20

 

 

 

 

 

  1. During a holiday period do you think the price elasticity of demand for airline tickets would be the same as in the off-season or would it become more elastic or more inelastic? Explain your answer.

5.

  1. a) Complete the cost schedule below for a gardening company:

Quantity of gardens

Total Fixed Cost (TFC)

 

$

Total Variable Cost (TVC)

$

Total Cost (TC)

 

$

Marginal Cost (MC)

 

$

Average fixed cost

(AFC)

$

Average variable cost

(AVC)

$

Average total cost

(ATC)

$

0

10

 

10

 

 

 

 

1

 

 

14

 

 

 

 

2

 

 

22

 

 

 

 

3

 

 

34

 

 

 

 

4

 

 

50

 

 

 

 

5

 

 

70

 

 

 

 

6

 

 

94

 

 

 

 

7

 

 

122

 

 

 

 

8

 

 

154

 

 

 

 

 
  1. If the firm is operating in a perfect market where the price for gardening at one house is $20 dollars, how many gardens should this company do in order to maximise profit? Explain your answer.
  2. Graph the average variable cost, average total cost and marginal cost and marginal revenue curves.
Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

Upload
Unique Document

Document
Under Evaluation

Get Money
into Your Wallet

Total 7 pages, 1 USD Per Page

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2021). Economics For Decision Making 1. Retrieved from https://myassignmenthelp.com/free-samples/1393afe-economics-for-decision-making-1/production-possibility-curve.html.

My Assignment Help (2021) Economics For Decision Making 1 [Online]. Available from: https://myassignmenthelp.com/free-samples/1393afe-economics-for-decision-making-1/production-possibility-curve.html
[Accessed 17 October 2021].

My Assignment Help. 'Economics For Decision Making 1' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/1393afe-economics-for-decision-making-1/production-possibility-curve.html> accessed 17 October 2021.

My Assignment Help. Economics For Decision Making 1 [Internet]. My Assignment Help. 2021 [cited 17 October 2021]. Available from: https://myassignmenthelp.com/free-samples/1393afe-economics-for-decision-making-1/production-possibility-curve.html.


MyAssignmenthelp.com strives towards providing exceptional essay help at an affordable price. Students, from various parts of Australia, prefer our servicers because we provide high-quality essay assistance at a pocket-friendly price. We receive numerous requests 'help me do my essay' or 'can someone write my essay' from students every day. We efficiently fulfill those requests and provide students needed essay writing help art an affordable price.

Latest Economics Samples

MPE 781 Economics For Managers

Download : 0 | Pages : 16

Answers: Introduction:  Over the last few decades one of the most bothering and disturbing issues in a global level have been the drastic climatic changes and the phenomenon of global warming. Global warming in simple words means an increase in the overall average temperature of the earth, at a pace, which is faster than normal. This phenomenon, though not accepted by a few, is mostly perceived to be occurring in the recent times and has...

Read More arrow Tags: Australia Box Hill South Economics MPE 781- Economics for Managers University of Queensland MBA 

ECO511 Economics For Business

Download : 0 | Pages : 5

Answer: Introduction The governments often employ both monetary and fiscal instruments to stabilize the economy. During seasons of depressed demand, expansionary policies such as reduction in the interest rates, tax cuts and increase in government expenditure are employed. On the other hand, when the economy is overheating, the governments deploy contractionary policies (Sloman, Wride, & Garratt, 2015). Therefore, this article examin...

Read More arrow

ECON600 Managerial Economics

Download : 0 | Pages : 10

Answer: Introduction: Two of the world famous aerospace manufacturer in terms of huge market share is Boeing and Airbus. While Boeing is based in United States of America, Airbus is an European Multinational company focuses on building designing and selling civil and military aeronautical products worldwide. Boeing is much older company having been founded in 1917 and has been operating for almost 100 years. Airbus has come into operation fro...

Read More arrow Tags: Australia Cameron Management management University of New South Wales Humanities 

HI5003 Economics For Business

Download : 0 | Pages : 14

Answers: Introduction A country’s economy is measured based on its gross domestic product (GDP). Ten years prior to the great recession that took place around 1999-2008, Australia registered a growth of 3.4 percent averagely every year. The global financial turmoil that occurred in 2009 resulted to a decrease to 1.6 percent of economic growth. 2009 proved to be the toughest economic year in Australia following the recession (Kelly 2014)...

Read More arrow Tags: Australia Spotswood Management Business & corporate finance University of New South Wales Masters in Business Administration 

YSS1203 Principles Of Economic

Download : 0 | Pages : 10

Answer: Introduction Singapore has a well developed and flourishing free-market economy. The country has an extraordinarily corruption-free and open environment, stable prices, as well as higher GDP per capita. As a result of the free market economy, Singapore has drawn significant investments in pharmaceuticals, advanced manufacturing, and medical technology production. The services play a vital role in the development of this country’...

Read More arrow Tags: Singapore Management UNCC100 Our World: Community and Vulnerability University of Singapore 
Next

5% Cashback

On APP - grab it while it lasts!

Download app now

*Offer eligible for first 3 orders ordered through app!

ribbon
callback request mobile
Have any Query?