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CX552001 Economics

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Question:

Red T-shirts is a small business manufacturing custom-made t-shirt. The cost structure of the firm is presented in the table below:

[i] Calculate the short-run costs by completing the above table.

[ii] From the above table, draw AC, MC, AVC, AFC curves.

[iii] Analyze the relationship between MC and AC curves. 

Question 2

[i]   There is a convenience store located in the same building as OPAIC. Your classmate wants to classify this type of business in economic terms. Go there and help your friend identify the market structure to which this business may belong.Justify your answer with any four reasons.

[ii] ASB Bank is located at 138-142 Queen Street. Your classmate wants to classify this type of business in economic terms. Go there and help your friend identify the market structure to which this business may belong.Justify your answer with any four reasons.

[iii] Your classmate asked for your help to identify the market structure to which Auckland Airport may belong. Help your friend identify the market structure to which this business may belong. Justify your answer with any four reasons. 

[iv] Economics books mention that certain requirements must be met for a market to be perfectly competitive. Identify any four essential features of the perfectly competitive market. Why do you think it is difficult to find a real life example of the perfectly competitive market? 

Question 3  

Your friend Chris is a sole trader running a small lawn mowing business. He knows that you study economics at OPAIC and he asked for your help. The following table provides information on his business costs:As Chris’s operation is very similar to perfect competition, he is a price taker.  You are required to advise Chris on business strategies at different price levels in the market.

[i] Assume that the price in the market is $60. Use the data in the above table to show the resulting situation in the graph. Analyze this situation and give advice to Chris

[ii] Assume that the price in the market is $30. Use the data in the above table to show the resulting situation in the graph. Analyze this situation and give advice to Chris. 

[iii] Assume that the price in the market is $20. Use the data in the above table to show the resulting situation in the graph. Analyze this situation and give advice to Chris. 

Question 4

Go to the Air NZ and Jetstar website, compare fare prices from Auckland to Wellington and Christchurch for a return trip during labour weekend (departing Friday and coming back on Monday anytime) Record your results in a table. Also visit the Air NZ website and check prices for a return ticket flying from Auckland to Blenheim and Gisborne for the same weekend.

Required:

When is Air NZ more competitive? Discuss your results you recorded in relation to what we know about market structures.

The Role of Government

Question 1                                                          

a)State five conditions that must be fulfilled in order to bring about allocative efficiency.

(2.5 marks)

  1. b) Write an essay (200-250 words) discussing the broader objective of free tertiary education for first year tertiary students in NZ and the recent NZ political debates. In your answer mention the concepts of market failure, positive externalities, public, and private good 

Question 2                                                          

The diagram below shows the production of steel in a steel mill that spills steel dust over the neighbouring farmlands causing a negative externality or spill-over costs.  The private marginal cost is indicated by the MC curve. The spill over costs added to the marginal cost results in the marginal social cost (MSC. The marginal benefit is indicated by the MB curve.

Study the graph and answer the following questions:

  • Show in the graph the output of steel in an unregulated market where there is no government intervention. Use Q1 to show the output. 
  • Show in the graph the marginal cost of steel in an unregulated market where there is no government intervention. Use MC1 to show the marginal cost. 
  • Show in the graph the output of steel in a regulated market where there is government intervention. Use Q2 to show the output.
  • Show in the graph the marginal social cost of steel in a regulated market where there is government intervention. Use MSC2 to show the marginal social cost.
  • Briefly explain how the government has intervened and why the MSC is above the MC                                                                                                                    
  • Question 3

Do some research and answer the question below

Discuss the conflicts between market being allocative efficient and equitable given the decision by the new government this year to ban foreign buyers from certain countries to purchase NZ property. Increase the minimum wage to $20 by 2020  

Section c 

Macroeconomic Concepts and Models

Q1) Using the Circular Flow Diagram provided below, identify what parts of the Circular Flow Diagram correspond to the flowing scenarios in Table A. 

Table A:

Scenario

Part of the circular flow model (a – l)

Garry pays $250 for a new jacket

 

Mary decides to save $150 from her wages

 

The government provides a $50,000 subsidy for doctor’s visits

 

A New Zealand kiwifruit grower developed a new variety of kiwifruit. This specific type of kiwifruit becomes very popular in Australia.

 

The Smith family takes out a mortgage to purchase a new family home

 

Stuart earns $10,000 from his 10% ownership of Acme industrial

 

Wendy pay $ 290 personal income every week

 

Each financial year, ABC Ltd pay around $ 220,000  to the government for taxation

 

Q2)

Using the circular flow model illustrate and explain the following effects on national income if:

  1. Injections > leakages
  2. Injections = leakages
  3. Injections < leakages
  1. Explain what the Consumer Price Index (CPI) measures. Using the information in the table below, calculate the consumer price index for 2017 if the base year is 2000. 

Year

Quantity of Milk

Price of Milk

Quantity of Wheat

Price of Wheat

2016

1000 bottles

$3 per bottle

9,000 kilos

$2 per kilo

2017

5,000 bottles

$7 per bottle

15,000 kilos

$5 per kilo

Information for New Zealand’s national income for 2017 is presented below (hypothetical figures). Use this information to answer the following questions.

National accounting information

$ (million)

Consumption spending

400

Receipts from exported goods

200

Government purchases

100

Total investments

50

Payments for imported goods

95

  1. Calculate New Zealand’s GDP for 2017 using the expenditure method.
  2. New Zealand’s GDP for 2017 was equal to $640 million. Using this information as well as your answer from Question 4 (a) to calculate the rate of economic growth equal for the   period of 2016-201
  3. Why is nominal GDP not a good measure of the strength or weakness of the economy What would be a better measure
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