$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

BEO1105 : Economic Principle

tag 0 Download6 Pages / 1,496 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Question:

1). The price of beef rises and yet it is observed that the sales of beef increase. Does this mean that the demand curve for beef is sloping upward? Explain. 
 
2). Suppose a news article reports, “Poor wine-grape harvests in France have brought financial gains to Australian winemakers. Sales of Australian wines in France are booming and wine prices are the best ever”
a) How has the market for French wines been affected by the poor harvest?
b) How has the change in the French wine market affect the market for Australian wines?
 
3. What is the effect on the equilibrium price and equilibrium quantity of orange juice if the price of apple juice decreases and the wage rate paid to orange grove workers increases? (Hint: Look at all possible outcomes. There is more than one) 
 
4. In Australia, governments set the fares that taxi owners/drivers can charge. At various times, taxi owners/drivers stage protests asking to be allowed to increase their taxi fares so that their total revenue will increase.
a) What are taxi owners/drivers assuming about the price elasticity of demand for taxi rides, given their confidence that an increase in price will increase their revenue?
b) Why do they have such an assumption? Is it a realistic assumption?
 
5. A monopolistically competitive firm is producing 50 units of output in the short run where marginal cost is $3.00, average total costs are $5.00, price is $4.50, average variable cost is $4.00 and marginal revenue is $3.00.
a) Represent the above in a graph and calculate how much profit is the firm making?
b) What output recommendation would you make for the firm?

Cite This Work

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

My Assignment Help (2020) Economic Principle [Online]. Available from: https://myassignmenthelp.com/free-samples/beo1105-economic-principle/revenue-for-the-australian-firm.html
[Accessed 02 August 2021].

My Assignment Help. 'Economic Principle' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/beo1105-economic-principle/revenue-for-the-australian-firm.html> accessed 02 August 2021.

My Assignment Help. Economic Principle [Internet]. My Assignment Help. 2020 [cited 02 August 2021]. Available from: https://myassignmenthelp.com/free-samples/beo1105-economic-principle/revenue-for-the-australian-firm.html.


MyAssignmenthelp.com has the best team of dissertation writer. The specialised thesis writing team has made MyAssignmenthelp.com the leading thesis writing help service in Canada. Expert thesis writers deliver top quality thesis paper help to thousands of students in Canada. Because of wide ranges of cheap services, it is also regarded as a cheap thesis writing service.

Latest Economics Samples

ECON 21 Principles Of Microeconomics

Download : 1 | Pages : 4

Answer: In Atlanta districts, 80% of the elementary and middle schools have well documented cheating report. Surprisingly, cheatings are caught not in part of students but in part of teachers and administrators. Educators or administrators are under pressure that students must secure a certain score goal. There is unreasonable pressure at the Atlanta Public School target leading to employment cheating on tests. There are points where achieveme...

Read More arrow

MAE101 Economic Principles

Download : 0 | Pages : 10

Answers: 1.a Figure 1: Effect of mining boom in mineral ore market In a market price and quantities are determined by the twin forces of demand and supply. Demand is the desire of people to purchase something based on their purchasing power. Supply on the other hand shows sellers’ willingness to supply at different pricing point (Frank 2014). Figure 1 shows the demand and supply condition in the mineral market. The demand curve is DD...

Read More arrow Tags: Japan Tokyo Economics Economics Assignment Deakin university 

ECO101 Principles Of Microeconomics

Download : 1 | Pages : 5

Answers: 1.From the given scenario these following information can be gathered: The price of the ticket is $30 if it is purchased from the Ticketmaster outlet I have bought the ticket from the Ticketmaster outlet to an AFL game. The venue of the game to be played is Launceston & the place is 200 km from my home in Hobart. If the ticket is purchased at the game then the price of the ticket would be $25. The reason behind the less ticket p...

Read More arrow Tags: Australia Canberra Economics University of Canberra 

ECO 204 Principles Of Microeconomics

Download : 1 | Pages : 4

Answer: Introduction It is known that economy has taken a greater hit the past few decades and times are getting tougher for each of the residents. As per the case study, it can be stated that a college student and the young and adults in college have observed that how the economy would affect the financial aid for last few years. It is said that tuition has become a bigger issue for the private colleges, universities within the country. Dis...

Read More arrow Tags: United States Houston Economics Economics Assignment University of Texas 

MOD003327 Economics For Business

Download : 1 | Pages : 13

Answer: Growth, in terms of economics, is the monetary and overall productive progress of an economy with time, which is, most of the time, captured by the most widely used economic indicators, that is the Gross Domestic Product of a country. The increase in the GDP of a country, in general indicates towards the increase in the productive capacity of the country, in terms of goods and services produced within the domestic boundaries of the sam...

Read More arrow
Next

Still in Two Minds? The Proof is in Numbers!

33845 Genuine Reviews With a Rating of 4.9/5.

student rating student rating student rating student rating student rating
19 Jul 2021

Mechanical Engineering

Assignment: 8 Pages, Deadline: 8 days

Passed my subject because of you. Thank you........................................................................

flag User ID: 2***76 Sydney, Australia

student rating student rating student rating student rating student rating
19 Jul 2021

Healthcare

Essay: 1 Page, Deadline: 17 days

Instructors comments on marking :



The depression rate has been increased by 31% among teenagers in America as a consequence of the excessive us ...

flag User ID: 6***41 Campbell River, Canada

student rating student rating student rating student rating student rating
19 Jul 2021

English

Assignment: 0 Pages, Deadline: 4 days

Grate job on my assignment. I got a 100 on it. thank you. I have two questions? 1)Whats The distance from Clarksville,TN to Dayton, Ohio? What's the ...

flag User ID: 7***74 United States

student rating student rating student rating student rating student rating
19 Jul 2021

Assignment

Essay: 5 Pages, Deadline: 6 days

Great job by an incredible organization that truly goes above and beyond to assist in any matter. I truly thank you again for your help.

flag User ID: 5***89 Hillsborough, United States

student rating student rating student rating student rating student rating
19 Jul 2021

Networking

Programming: 4 Pages, Deadline: 30 days

Very Good Team and they attend to you whenever u need them and make all the changes required as soon as possible.

flag User ID: 6***7 Brisbane, Australia

student rating student rating student rating student rating student rating
19 Jul 2021

It Write Up

Assignment: 4 Pages, Deadline: 16 days

This was short assignment but i was satisfied with the work. I got good grades and passed the assignment. The assignment was overall good. I ordered i ...

flag User ID: 6***34 Canada

student rating student rating student rating student rating student rating
18 Jul 2021

Healthcare

Essay: 4 Pages, Deadline: 6 days

the revised version of the assignment was ok, based on the feedback for all the parts.

flag User ID: 5***77 Australia

student rating student rating student rating student rating student rating
18 Jul 2021

Nursing

Home Work: 4 Pages, Deadline: 4 days

My assignment always done on time sometime before the given time. MY ASSIGNMENT team is very responsive.

flag User ID: 4***34 United States

student rating student rating student rating student rating student rating
18 Jul 2021

Nursing

Assignment: 4.8 Pages, Deadline: 5 days

My Assignment was done very good. Good work and it was delivered on time. Very responsive.

flag User ID: 4***34 United States

student rating student rating student rating student rating student rating
18 Jul 2021

HRM

Thesis: 6 Pages, Deadline: 9 days

YOU WORKED HARD ON THIS ASSIGNMENT AND DID EXACTLY WHAT WAS ASKED. THANKS, AND I CAN'T WAIT FOR YOU TO DO WELL ON THE NEXT WORK.

flag User ID: 4***64 United States

student rating student rating student rating student rating student rating
19 Jul 2021

Mechanical Engineering

Assignment: 8 Pages, Deadline: 8 days

Passed my subject because of you. Thank you........................................................................

flag User ID: 2***76 Sydney, Australia

student rating student rating student rating student rating student rating
19 Jul 2021

Healthcare

Essay: 1 Page, Deadline: 17 days

Instructors comments on marking :



The depression rate has been increased by 31% among teenagers in America as a consequence of the excessive us ...

flag User ID: 6***41 Campbell River, Canada

student rating student rating student rating student rating student rating
19 Jul 2021

English

Assignment: 0 Pages, Deadline: 4 days

Grate job on my assignment. I got a 100 on it. thank you. I have two questions? 1)Whats The distance from Clarksville,TN to Dayton, Ohio? What's the ...

flag User ID: 7***74 United States

student rating student rating student rating student rating student rating
19 Jul 2021

Assignment

Essay: 5 Pages, Deadline: 6 days

Great job by an incredible organization that truly goes above and beyond to assist in any matter. I truly thank you again for your help.

flag User ID: 5***89 Hillsborough, United States

student rating student rating student rating student rating student rating
19 Jul 2021

Networking

Programming: 4 Pages, Deadline: 30 days

Very Good Team and they attend to you whenever u need them and make all the changes required as soon as possible.

flag User ID: 6***7 Brisbane, Australia

student rating student rating student rating student rating student rating
19 Jul 2021

It Write Up

Assignment: 4 Pages, Deadline: 16 days

This was short assignment but i was satisfied with the work. I got good grades and passed the assignment. The assignment was overall good. I ordered i ...

flag User ID: 6***34 Canada

student rating student rating student rating student rating student rating
18 Jul 2021

Healthcare

Essay: 4 Pages, Deadline: 6 days

the revised version of the assignment was ok, based on the feedback for all the parts.

flag User ID: 5***77 Australia

student rating student rating student rating student rating student rating
18 Jul 2021

Nursing

Home Work: 4 Pages, Deadline: 4 days

My assignment always done on time sometime before the given time. MY ASSIGNMENT team is very responsive.

flag User ID: 4***34 United States

student rating student rating student rating student rating student rating
18 Jul 2021

Nursing

Assignment: 4.8 Pages, Deadline: 5 days

My Assignment was done very good. Good work and it was delivered on time. Very responsive.

flag User ID: 4***34 United States

student rating student rating student rating student rating student rating
18 Jul 2021

HRM

Thesis: 6 Pages, Deadline: 9 days

YOU WORKED HARD ON THIS ASSIGNMENT AND DID EXACTLY WHAT WAS ASKED. THANKS, AND I CAN'T WAIT FOR YOU TO DO WELL ON THE NEXT WORK.

flag User ID: 4***64 United States

Order on the go!

Say hello to our new app

callback request mobile
Have any Query?