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ECO100 Introduction To Economics

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  • Course Code: ECO100
  • University: Kings Own Institute
  • Country: Australia

Questions:

1.Most cities and towns in Australia and many other places around the world are facing severe water shortages. One demand management approach that has been popular among policy makers over the years is pricing the water. Using the price mechanism can help ensure that the water is allocated to its best uses and the price of water reflects its full cost.

The table below sets out hypothetical data on total demand and supply of water for residential consumption in a typical city:

Price ($ per 1000 litres)

 

Quantity demanded (Million litres per day)

 

Quantity supplied (Million litres per day)

 

0.50

24.00

22.00

0.55

23.50

22.25

0.60

23.25

22.50

0.65

23.00

22.70

0.70

22.00

23.00

0.75

18.50

23.50

0.80

17.00

24.50


Based on the above data, answer the following questions:

(a) If the residential demand for water increases, but the water supply authority in the city is capable of supplying only 22.50 million litres of water per day, describe the situation in the market for water.

(b) What are the key influences on the elasticity of demand for residential water use that you think make its demand elastic at certain price ranges?

(c) If the government imposed a $0.05 per 1000 litres ‘excise tax’ on producers for their water supplies over all price ranges, explain, with the help of a graph, how you would expect this to affect the water market and tax incidence.

2.(a) Complete the following table of costs for the Pizza Company.

(b) Draw the total cost curve on one graph. On another graph, draw the marginal cost, average total cost and average variable cost curves.

(c) Are there output levels that exhibit increasing returns to scale?

(d) Are there output levels that display decreasing returns to scale?

Pizzas

Fixed costs

Variable costs

Total costs

Marginal costs

Average total costs

Average variable costs

0

$1000

$-----

 

 

 

 

200

$1000

$360

 

 

 

 

400

$1000

$840

 

 

 

 

600

$1000

$1440

 

 

 

 

800

$1000

$2160

 

 

 

 

1000

$1000

$3000

 

 

 

 

1200

$1000

$3960

 

 

 

 

1400

$1000

$5040

 

 

 

 

1600

$1000

$6240

 

 

 

 

1800

$1000

$7560

 

 

 

 

2000

$1000

$9000

 

 

 

 


3.
Many governments around the world have implemented heavy taxes on soft drinks and other sugary products in order to reduce the level of obesity among people. You are required to write an essay to critically evaluate the effectiveness of this policy. Make sure that you clearly address the following questions in your analysis.

(a) Using the supply and demand model explain how a sugar tax could reduce the sales of soft drinks

(b) Explain whether the demand for soft drinks is elastic or inelastic

(c) Compare the tax to alternative policies such as awareness creation programs and education campaigns

(d) Critically evaluate the effectiveness of the sugar tax as a policy in reducing obesity levels 

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