$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

ECO10250 Economics For Decision Making

tag 0 Download5 Pages / 1,186 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Questions:

1.

  1. Joan, who has been a university student for a year, has just started a new job. She realises that if she works more hours there will be an impact on her grades.  The following is Joan’s production possibility table for work and her average grades:

 

Choices

Production possibilities

Grade (%)

Work

(hours per week)

A

B

C

D

E

0

20

40

60

80

60

55

45

30

0


From the figures in the table above:

  1. Plot the production possibility curve for Joan.

  2. Explain the concept of increasing opportunity cost using the production possibility table and curve plotted in Q1ai above.

  3. If the opportunity cost of Joan increasing her grade was constant regardless of how many hours she worked, what would be the shape of her production possibility curve?  Draw this graph.  Which of the two shapes would be more likely, and why?

  4. What would be happening if Joan’s combination of her grades and hours of work per week were below the curve as plotted above in Q1ai?

  5. How could Joan push her combination of her grades and hours of work per week past the current curve?
2. After a period of good growing weather Australia produced a plentiful wheat crop - does this mean that it will not have a scarcity problem in regards to wheat?

2.

In February 2018, it was reported that Australia’s solar power capacity could almost double in a year.

  1. Use demand and supply curves to show the doubling of capacity.

  2. Use demand and supply curves to show what is likely to happen to demand over time in response to the capacity increases (see Q2a above). 

  3. Use demand and supply curves of the solar powered industry and coal-fired power electricity industry to show what is likely to happen to demand and supply of solar power if the government introduces a tax on coal-fired power electricity.

3.

  1. Explain in your own words, using demand and supply curves, the concepts of consumer and producer surplus.

  2. Using demand and supply curves describe and illustrate what would happen to consumer and producer surplus if solar power capacity is increased. 

  3. The treasurer, Scott Morrison, has stated that business tax cuts will be good for business and workers. Is this a positive or a normative statement?

4.

  1. Complete the table below outlining the demand for hot doughnuts in winter. 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 value

Assessment of Elasticity

0.50

16

 

 

 

 

 

1

13

 

 

 

 

 

1.50

10

 

 

 

 

 

2.00

7

 

 

 

 

 

2.50

4

 

 

 

 

 

3.00

1

 

 

 

 

 

 

  1. Do you think the price elasticity of demand for hot doughnuts in summer would be the same as in winter or would it become more elastic or more inelastic? Explain your answer. 

  2. What would you expect the price elasticity of demand for cigarettes to be? Explain your answer.

5.

a i. Complete the cost schedule below for a company operating in a free-market (remember that MC and MR values are placed midway between the output figures):

Output

Total Fixed Cost (TFC)

$

Total Variable Cost (TVC)

$

Total Cost (TC)

 

$

Average total cost

(ATC)

$

Marginal Cost (MC)

 

$

Total Revenue

(TR)

$

Average Revenue

(AR)

$

Marginal Revenue

(MR)

$

Profit

$

0

100.00

 

100.00

 

 

 

 

 

 

1

 

 

220.00

 

 

 

 

 

 

2

 

 

300.00

 

 

 

 

 

 

3

 

 

390.00

 

 

 

 

 

 

4

 

 

530.00

 

 

 

 

 

 

5

 

 

690.00

 

 

 

 

 

 

 
  1. If the firm is operating in a perfect market where the market price for the good the company produces is $150, how many items should this company produce in order to maximise profit? Explain your answer.
  • Graph the average total cost, marginal cost, average revenue and marginal revenue curves.
  1. In your own words explain the concept of diminishing returns and describe what will happen to marginal product, total output and marginal cost when diminishing returns start to occur. 
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 5 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 [Online]. Available from: https://myassignmenthelp.com/free-samples/eco10250-economics-for-decision-making/concept-of-increasing-opportunity-cost.html
[Accessed 14 April 2021].

My Assignment Help. 'Economics For Decision Making' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/eco10250-economics-for-decision-making/concept-of-increasing-opportunity-cost.html> accessed 14 April 2021.

My Assignment Help. Economics For Decision Making [Internet]. My Assignment Help. 2021 [cited 14 April 2021]. Available from: https://myassignmenthelp.com/free-samples/eco10250-economics-for-decision-making/concept-of-increasing-opportunity-cost.html.


Look no further if you are worried about the plagiarism issues in your assignments. Get 100% plagiarism free assignment help Melbourne from MyAssignmenthelp.com. Our 5000+ PhD-qualified, in-house writers develop each assignment from scratch. They understand that assignments should be informative, updated, and relevant to the current circumstances. The writing process involves looking for a essay topics, citing recent sources to keep the write-up relevant, and scan using the university-approved plagiarism checking tool.

Latest Economics Samples

MBA8000 Applied Business Research And Ethics

Download : 0 | Pages : 6

Answer: Introduction Technology in the 21st-century world of business has become the tool for development not only to the commercial organisations but also to individual lives. There have been advancements which can be traced back since the innovation of computing devices which has greatly influenced the way business operations are conducted. The changes have transformed the thinking capacity as applied to the real-life activities (Gold and A...

Read More arrow

HI5003 Economics For Business

Download : 0 | Pages : 8

Answer:  1. In economics, demand and supply use as a basic tool to determine the market price of a product. Demand concept also influences by the concept of elasticity (Coglianese, Davis, Kilian & Stock, 2017). With the help of this concept, a firm can understand that whether it can charge comparatively higher price or not. Comparative advantage on the side helps a company to export and import products based on this theory. The price...

Read More arrow

HS717 Health Economics

Download : 0 | Pages : 15

Answer: Introduction This essay is an expression of opinion that offers an explanation based on the health transformation from traditional based health care to value-based healthcare specifically that took place in the country of Turkey. The report also discusses the challenges in the leadership and all that is related to this transformation. Currently, a great large number of countries have had the desire to do the transformation on their he...

Read More arrow

ECON 649 Economic Analysis

Download : 0 | Pages : 3

Answer: As a worker, given the freedom to choose the number of hours to work, I would select the number of hours considering my target income with the constraints of time, and the opportunity costs such as leisure. In this scenario, I assume that I my target income was $2400 which I had achieved working for $ 50 per working 8 hours a day 6 days a week totalling  48 hours of  work per week.  The increase in income by $ 10 causes ...

Read More arrow Tags: Australia Dee Why Management Education Assignment University of New South Wales 

ECO511 Economics For Business

Download : 0 | Pages : 11

Answer: Price elasticity of demand (PED) refers to a measure that shows the receptiveness of the amount of a good that is necessitated to the change in the price of the same commodity when nothing but the price changes. Precisely it is the percentage change in the quantity of a product necessitated as a result of a change in its price. There are different types of elasticity of demand as shown below: Perfectly elastic demand   &nbs...

Read More arrow
Next

Save Time & improve Grade

Just share requirement and get customized Solution.

watch
question
We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits

Add File

Error goes here

1,646,083

Orders

4.9/5

Overall Rating

5,121

Experts

Our Amazing Features

delivery

On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.

work

Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.

time

24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat. If you are unable to calculate word count online, ask our customer executives.

subject

Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.

price

Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 5/5

798 Order Completed

97% Response Time

Benjamin Blakeman

MSc in Medical Technology

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

1692 Order Completed

98% Response Time

Alfred Dodd

PhD in Computer and Information Science with specialization in Database

Wellington, New Zealand

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

1758 Order Completed

99% Response Time

William Martinez

MS in Biology

Washington, United States

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

610 Order Completed

100% Response Time

Cheryl Zhao

PhD in Statistics

Singapore, Singapore

Hire Me

FREE Tools

plagiarism

Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.

essay

Essay Typer

Get different kinds of essays typed in minutes with clicks.

edit

GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.

referencing

Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.

calculator

Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability

1

1

1

Your Approx Earning

Live Review

Our Mission Client Satisfaction

HE DID AN AMAZING JOB, here\'s my teacher\'s feedback: Nice work on a tough assignment. You are able to define important economic terms and put them to use with the conflict at Lake Smiley. Nice work defending your position with evidence from the re...

flag

User Id: 662761 - 14 Apr 2021

Australia

student rating student rating student rating student rating student rating

This assignment was delivered before the anticipated due date and exceeded my exptations. Very well written Thank you so much!!

flag

User Id: 355350 - 14 Apr 2021

Australia

student rating student rating student rating student rating student rating

Thank you for an excellent assignment, it only needed minor adjustments. The reference sources was absolutely magnificently done.

flag

User Id: 615514 - 14 Apr 2021

Australia

student rating student rating student rating student rating student rating

they did a good job I got an 81 precent which I am happy just wished it could\'ve been higher

flag

User Id: 544968 - 14 Apr 2021

Australia

student rating student rating student rating student rating student rating

Order on the go!

Say hello to our new app

callback request mobile
Have any Query?