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ECO105 Principles Of Economics

tag 0 Download 8 Pages / 1,824 Words tag 04-02-2021

Question:

Compare and contrast the rate of beer consumption in Australia with any other advanced country of your choice. What would be the best measure to use to make effective comparisons?
2. What explains the differences in beer consumption in Australia vs. the advanced country that you picked in Q1?
3. Explain the price elasticity of beer demand in Australia.
4. Draw and label fully a supply and demand curve diagram to explain how an excise tax affects the market of beer.
 
5. Explain the idea of cost versus benefit when making decisions. Use this idea to analyse why: the government wishes to reduce the rate of beer consumption.
6. Describe and evaluate the various policies over the years (other than a tax) that the Australian governments have enacted in order to reduce alcohol consumption.
Use a combination of material from text book and online sources to answer the above questions. 
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