country
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
Add File

Error goes here

ECON11026 Principles Of Economics

tag 0 Download10 Pages / 2,365 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT
  • Course Code: ECON11026
  • University: Central Queensland University
  • Country: Australia

Question

Q1. Market structures 

a. Why are perfectly competitive firms’ price takers?
b. Why do perfectly competitive firms’ always make normal profits in the longrun? Illustrate and explain with an example of a firm under perfect competition.
c. Why do firms under prefect completion have short-run supply curves that slopes upwards? Illustrate and explain. 

Q2. Market structures

(a) Explain with reasoning as to why the governments all over the world allow monopoly firms to continue the supply of water and transmission of electricity. 
(b) What are the legal, technical and economic sources of barriers to entry? In each case, give examples and explain how each of these barriers protects the established producer.

Q3. Market structures 

(a) What conditions allow a monopolistic firm to price discriminate? Give example and illustrate first and third degree price discrimination.
(b) In Table-1 below, an oligopolistic firm faces two demand schedules. The current price is $185. Study the table and answer the following questions:

(i) Plot the marginal revenue curve corresponding to the kinked demand curve and explain.
(ii) Given that, Marginal Cost is $150 at every level of output. Copy the table and calculate TR and MR.
(iii) Determine the profit- maximizing level of output and plot on the graph.  

Table 1

1

2

3

4

5

6

7

Competitors Quantity Demanded

Price ($)

Total Revenue Column

1x2

Competitors follow:

Quantity Demanded

Total Revenue Column

(follower)

Marginal Revenue (MR)

Marginal Cost (MC)

20

200

4000

35

 

 

150

30

195

5850

40

 

 

150

40

190

7600

45

 

 

150

50

185

9250

50

 

 

150

60

180

10,800

55

 

 

150

70

175

12,250

60

 

 

150

Q4. Market Failure and Externalities  

This question covers the market failures and government policy topic presented in Chapter 7 of the prescribed text.

a. Assume that a firm discharges waste into a river. As a result, the marginal social costs (MSC) are greater than the firm’s marginal (private) costs (MC). The table below shows how MC, MSC, AR and MR vary with output. Assume that the marginal private benefit (MB) is given by the price (AR). Also assume that there are no externalities on the consumption side, and that therefore MSB = MB. Study the table and answer the following
 

Output

1

2

3

4

5

6

7

8

MC

23

21

23

25

27

30

35

42

MSC

35

34

38

42

46

52

60

72

TR

60

102

138

168

195

219

238

252

AR

60

51

46

42

39

36.5

34

31.5

MR

60

42

36

30

27

24

19

14

 
i) How much will the firm produce if it seeks to maximise profits?
ii) What is the socially efficient level of output? 
iii) How much is the marginal external cost at this level of output? 
iv) What size of tax would be necessary for the firm to reduce its output to the socially efficient level? 
 
b. Consider the following externalities, and explain if there would be external effects associated with any of the following activities, and if so, what would be the nature of the externality in each case?
 
i. Population is vaccinated for polio, influenza or swine flu. 
ii. Single use plastic bags litter our environment, rivers and seas. 
iii. Can you think of government policies that might deal with each of the above two external effects of negative externality?
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 10 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). Principles Of Economics. Retrieved from https://myassignmenthelp.com/free-samples/econ11026-principles-of-economics/legal-barriers.html.

My Assignment Help (2021) Principles Of Economics [Online]. Available from: https://myassignmenthelp.com/free-samples/econ11026-principles-of-economics/legal-barriers.html
[Accessed 26 February 2021].

My Assignment Help. 'Principles Of Economics' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/econ11026-principles-of-economics/legal-barriers.html> accessed 26 February 2021.

My Assignment Help. Principles Of Economics [Internet]. My Assignment Help. 2021 [cited 26 February 2021]. Available from: https://myassignmenthelp.com/free-samples/econ11026-principles-of-economics/legal-barriers.html.


Top-quality sample financial assignment solutions from the very best in the business are available for you right here. Crafted by close-knit teams of brilliant writers, we have an array of high quality of samples, readily available absolutely for free. Our native writers also provide excellent finance assignment help with tailor-made solutions for every order. MyAssignmenthelp.com attends to numerous finance assignment help requests regularly from students all over the world.

Latest Economics Samples

ECON90015 Managerial Economics

Download : 0 | Pages : 3
  • Course Code: ECON90015
  • University: The University Of Melbourne
  • Country: Australia

Answer: Introduction: Following the occurrence of severe storms, demand for Uber service increase as people willing to get out from storm hit areas. Supply of Uber service however fails to match the increased demand (Moulin, 2014) This leads to a shortage in the market. This is explained with the aid of the following figure. Demand and supply function for Uber service is given by D0D0 and S0S0 respectively. Difficulty in accessing ...

Read More arrow

ACBE100 Academic Communication In Business And Economics

Download : 0 | Pages : 3
  • Course Code: ACBE100
  • University: Macquarie University
  • Country: Australia

Answer: Konica Minolta will continue to generate new value that helps businesses and community while contributing to the achievement of the Sustainable Development Goals. It is pursuing sustainable growth while contributing to the development of customers businesses and social progress (Jablinski, Popova and Kuznetsov, 2016) Sustainable Development Goals Ensure healthy lives and promote well-being- Konica Minolta should promote universal ...

Read More arrow Tags: Australia Rozelle Management University of New South Wales Humanities 

C04257 Local Government

Download : 0 | Pages : 15
  • Course Code: C04257
  • University: University Of Technology Sydney
  • Country: Australia

Answer: Introduction Purpose of the report proposal The report proposal aims at drawing a necessary framework that is useful in formulating and analyzing how privatization of enterprises that are owned by the state can be useful in combating corruption. Background Privatization of state owned companies refers to the transfer of ownership of the identified companies to private investors or sectors (Hoppe & Schmitz 2010). It can also be ...

Read More arrow

BEA683 Economics For Managers

Download : 0 | Pages : 10
  • Course Code: BEA683
  • University: University Of Tasmania
  • Country: Australia

Answer: Introduction The essay discusses the role of Reserve Bank of Australia in the country. The essay discusses the tools and measures used by the RBA to control and regulate the financial market in the country. The tools used by the Reserve Bank of Australia at disposal to carry out the function in the economy. The Reserve Bank of Australia performs the function in order to maintain the stability in the country, which can contribute, to t...

Read More arrow

PACC6007 Economics

Download : 0 | Pages : 9
  • Course Code: PACC6007
  • University: The University Of Newcastle
  • Country: Australia

Answer: Introduction The essay tries to give examples relating to the monopoly and monopolistic competition that are prevailing in the Australian industry and why government intervention is necessary in the monopoly markets and not in case of the monopolistic market. In order to have a complete understanding of the topic a detailed theoretical analysis of the monopoly and monopolistic competition is provided in the analysis section. Further, ...

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

1,583,133

Orders

4.9/5

Overall Rating

5,114

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

755 Order Completed

95% Response Time

Douglas Cowley

Masters in Finance with Specialization in Audit

Wellington, New Zealand

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

2830 Order Completed

97% Response Time

Leroy Bicknell

MBA in Marketing

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 4/5

1309 Order Completed

100% Response Time

Gemmie Chen

MSc in Nursing

Singapore, Singapore

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

752 Order Completed

100% Response Time

Hugh Cleave

Masters in Human Resource Management (MMgt, HRM)

Wellington, New Zealand

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

I am very satisfied with the service. I would recommend for my friends to try it out.

flag

User Id: 616872 - 26 Feb 2021

Australia

student rating student rating student rating student rating student rating

The assignment of my knowledge has been done and submitted to the school and it was great

flag

User Id: 162153 - 26 Feb 2021

Australia

student rating student rating student rating student rating student rating

I got a great score on my assignment. thank you guys, been using your service for quite some time now and never have regretted my decision.

flag

User Id: 475203 - 26 Feb 2021

Australia

student rating student rating student rating student rating student rating

I had a great expert to help me! They helped me get a good grade instead of getting a F.

flag

User Id: 612422 - 26 Feb 2021

Australia

student rating student rating student rating student rating student rating
callback request mobile
Have any Query?