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ECON8069 Business Economics

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Answers: Introduction The assignment has described about the merits and demerits of two alternatives for reducing the consumption of alcoholic products. The government has two alternatives to reduce the consumption that is, either the government can introduce minimum price, or by increasing the amount of excise duty on alcohol. For this, the assignment has made an elasticity of demand of alcoholic products (Wallop, 2010). Question 1 Price e...

Read More arrow Tags: Australia Narwee Management International Law of the Sea University of New South Wales 

BUECO5903 Business Economics

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Answer: The increase in income may lead to an increase in the consumption of pizzas which leads to an increase in the demand curve, the equilibrium price increases as well as the equilibrium quantity. in pizza prices leads to an increase in the quantity demanded for pizza that shifts the demand curve outwards. This leads to an increase in the equilibrium price as well as the equilibrium quantity.  Hamburgers are substitutes to Pizzas, in...

Read More arrow Tags: Australia Merrylands Management International Law of the Sea University of New South Wales 

ECON545 Business Economics

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Answer: Introduction Cousin Edgar’s business idea is an inventive initiative given the profitability the venture promises to deliver, and considering the USA’s market. To make an informed decision on the venture, Edgar should carefully analyze the demand and supply conditions in the gasoline sector. He should also acquire important information on the convenience of setting up convenience stores alongside the gasoline business. A l...

Read More arrow Tags: Australia Perris Management International Law of the Sea University of New South Wales Humanities 

ECON8069 Business Economics

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Answer: 1) Consumer price index is defined as a measure of the changes in the price level in an economy based on a representative basket of commodities, that is, goods and services which form the primary consumption expenditure in an economy. It reflects the rate of change in prices over the years and hence estimates changes in the cost of living of individuals over time (Dornbusch, Fischer and Startz, 2013). The rate of change in the price l...

Read More arrow Tags: Australia City Of Sydney Management International Law of the Sea University of New South Wales Masters in Business Administration 

BECO107 Business Economics

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Answer: Introduction The aim of this report is to recognize the economic cost as well as benefit of Gold Coast hosting the Commonwealth Game in 2018.  The Goal Coast Commonwealth Games in 2018 (GC2018) is asserted to be one of the biggest sporting event in Australia in the year 2018. This study elucidates on how the microeconomic and macroeconomic environment influences on various business activities in the Australian economy. These two ...

Read More arrow Tags: Australia Deepdene Management International Law of the Sea University of New South Wales Humanities 

NJW10 Business Economics For The Gross Domestic Product

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Introduction The study focuses on the nature and characteristics of the UK economy. It also highlights on how the economic system of this nation affects on the business organization of this nation. The UK economy is highly developed economy and is the fifth biggest in the globe as accounted by GDP (Gross Domestic Product). This nation has been ranked ninth biggest in terms of PPP( purchasing power parity). The service industry mainly dominates t...

Read More arrow Tags: Australia Hackney Humanities International Law of the Sea University of New South Wales Management 

External Constraints On Monetary Financial

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Question: What Is The External Constraints On Monetary Financial?   Answer: Introduction The market price of a commodity (good or service) is its current price at which it can be purchased or sold. In accordance to economic theory, it is the price at which the forces of demand and supply converge. Any shocks on either the demand or supply side makes the market prices to be re-evaluated. To understand how the market price is a...

Read More arrow Tags: Australia Melbourne Management International Law of the Sea University of Melbourne 

Evolutionary Macroeconomic Explanation System

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Question: Discuss about the Evolutionary Macroeconomic Explanation System.     Answer: Introduction Through the implementation of macroeconomic policy framework the government setup broad objectives for the betterment of the entire economy as well as the policy frameworks are used in order to achieve the desired objectives of the government. The macroeconomic objectives which are generally set by the government through the polic...

Read More arrow Tags: Australia Melbourne Management International Law of the Sea University of Melbourne 

Demand And Supply Shocks On Global Economy

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Question: Discuss about the Demand and Supply Shocks on Global Economy.     Answer: Introduction: The supply of products and services depend on several exogenous and endogenous factors like price of the product, cost of production, taste and preferences, government policies and others. When other things remaining same, the price of a normal commodity increases, the supply of the same tends to increase and vice versa (Baumol and ...

Read More arrow Tags: Australia Wayville Management International Law of the Sea University of New South Wales 

Analysis Of Australia Property Prices

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Question: Discuss about the Analysis Of Australia Property Prices.     Answer: In Australia, property prices have become a serious issue for various economists along with policymakers. The country has possessed five biggest cities, which have unaffordable housing markets. This situation has occurred due to huge demand for houses while supply has remained insufficient. In some capital cities of this country, like Sydney and Melbou...

Read More arrow Tags: Australia Melbourne Management International Law of the Sea University of Melbourne 

Intermediate Microeconomics It Application

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Question: Discuss About The Intermediate Microeconomics It Application?   Answer: Introduction A market is said to attain equilibrium at the time when demand as well as conditions of supply in the market aligns properly. Again, the equilibrium can also be considered to be a stable equilibrium in case if any alterations from the state of equilibrium automatically reinstate state of equilibrium. There are different forces that adjus...

Read More arrow Tags: Australia Kensington Management International Law of the Sea University of New South Wales 

Effect Of Price Elasticity On Demand

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Questions: 1.Discuss how Price of a Product directly affects its Demand.   2.Discuss about the Absolute advantage and Comparative advantage theories.     Answers: 1.Price of a product directly affects its demand. The extent of this effect is captured by price elasticity of demand. Change in demand proportion due to change in price is defined as price elasticity of demand.  Therefore, the information of demand elastici...

Read More arrow Tags: Australia Kurraba Point Management International Law of the Sea University of New South Wales 

Pricing Strategies & Specialization

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Questions: 1.As a producer, why is it important to consider the Price Elasticity of Demand of your Product when setting the price you are going to charge?   2.Explain the difference between Comparative Advantage an Absolute Advantage.   Answers: 1.Introduction In most cases, producers are faced with the challenge of deciding the right price to sell their products or services. Generally, the role of producers is to maximize re...

Read More arrow Tags: Australia Macquarie Park Management International Law of the Sea James Cook University 

Economics Applied In Business: Townsville

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Question: Discuss about the Economics Applied in Business for Townsville.   Answer: The commonwealth games of the year 2018, officially introduced to us as XXI Commonwealth games refers to an international combined sports event for the member states of the common wealth, and the event is expected to take place in Gold Coast, Queensland, Australia between 4th and 15th of April 2018.The gold coast 2018 Commonwealth games is the big...

Read More arrow Tags: Australia Peakhurst Economics International Law of the Sea University of New South Wales Management 

Natural Monopolies Price Regulation

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Questions: Explain how and why Governments may want to regulate the Price setting of a Natural Monopoly.     Answers: Introduction There are different types of market structures; perfect competition, monopolistic competition, oligopolies and monopoly markets. It is argued by most economists that competition is present in the perfect competitive markets because the number of sellers are many, small in size and price takers. Howev...

Read More arrow Tags: Australia Picton Management International Law of the Sea University of New South Wales 
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