This assignment is marked out of 50 marks and contributes towards 15% of your total marks for the subject.
Complete all the questions below based on your reading of the relevant sections of Chapters 5 and 7-9 of the recommended text book (see below).
Your assignment must be submitted as a word document AND to be later advised whether through Turnitin. Turnitin is a software that will indicate the extent that your assignment has been copied from elsewhere. It is okay if Turnitin indicates a percentage copied, provided you have proper in-text referencing and it is not excessive (e.g. more than 50%).
Diagrams if included must be hand drawn and then, scanned or photographed and pasted onto the word document. You will be able to source what you need to complete the assignment from the recommended text book but avoid simply copying and pasting large sections from the text book or using Thesaurus or other software to blindly substitute words because some key words are unique Economics terms.
Due Date: 27 MAY 2018 (Sunday) just before midnight. Marks will be deducted on a daily basis for late submissions.
Resource: The prescribed text book A, Robinson. T, and Tucker I. (2015) Economics for Today Chapters 5 and 7 – 9.
Compare the market structures of Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly under the following headings (About 250 words).
- number of firms in the market
- similarity of the products sold barriers to entry (12 marks)
- Explain with three (3) examples, what “barriers to entry” mean. (About 80 words) (9 marks)
Explain the term “Non-price competition” and which two market structures experience it the most. (About 50 words) (6 marks)
State which market structure each of the following businesses belong to. Explain your choice.
- Coles Supermarket in your city
- McDonalds Restaurant in your cityMetro Trains in Melbourne or Sydney Trains in Sydney
- National Australia Bank
- Academies Australasia Polytechnic
- A small stall in one of Melbourne/Sydney’s Sunday markets that sells souvenirs such as wallets, caps, tee-shirts, key chains
- A car workshop or hair salon in your city
- Iphone and Samsung in the mobile phone industry (8 marks)
Question 5The above are diagrams of demand curves facing two firms.
Consider the reasons why Price Elasticities differ in different situations and explain which demand curve applies to the Perfect Competition firm and the other to the Monopoly firm? (10 marks)
Required: Proper intext referencing for all questions. (5 marks)