ECO500 Economics for Managers Assignment

Reference no: EM133163250 , Length: word count:6000

ECO500 Economics for Managers - Polytechnic Institute Australia

Answer two (2) of the three (3) questions below.

If you attempt more than two (2) only the first two (2) attempts, even if not completed, will be marked.

Question 1 - Explain how the CPI is constructed and discuss any weaknesses with this measurement technique. (Approximately 300-400 words)

Question 2 - Answer all four (4) parts of this question

a) Describe the four types of unemployment, providing examples of each. (Approximately 80 words)
b) Which kind of unemployment is unavoidable, and why is that so? (Approximately 40 words)
c) What is the natural rate of unemployment, and what types of unemployment constitute the natural rate of unemployment? (Approximately 60 words)
d) Explain how the types of unemployment were affected and may have played out during the grip of the Covid-19 pandemic for the Australian economy. (Approximately 60 - 70 words)

Question 3 - Answer all three (3) parts of this questions

Free trade would allow Australian producers to access China's large and growing demand for imported food, including cereals, beef, and dairy products such as milk.

a) Draw a graph showing the supply and demand for milk in China, along with the world price and price level of China's milk market with a tariff-imposition. Assume that China can import as much as it wants at the world price of milk. Make sure you indicate on your diagram the quantity of milk imported.
b) Explain in detail what would happen if China removed the tariff on imported milk. Discuss any changes in the net benefits derived from this decision. Make reference to your labelled diagram. (Approximately 120 - 140 words)
c) Discuss who benefits and who loses when China removes a tariff on milk. (Approximately 60 words)

Part B - Microeconomics

Answer two (2) of the three (3) questions below.

If you attempt more than two (2) only the first two (2) attempts, even if not completed, will be marked.

Q1 - Answer all three (3) parts of this question

IF ONLINE - A DIAGRAM IS SUPPLIED

a) Suppose that large numbers of people in Vietnam switch to Starbucks coffee. Referring to Figure 1, identify the market structure and explain the effects for Highlands Coffee from Starbucks' entry to the Vietnamese coffee market. How might the existing competitor, Highlands Coffee, respond to this change with regards to demand, supply and other effects? (Approximately 100 words)

b) Explain what Highlands Coffee might choose to do in response to this. (Approximately 60 words)

c) Explain in detail what strategies Highlands Coffee could employ to compete with Starbucks, to change customer sensitivity response. (Approximately 50 words)

Q2 - Describe and explain determinants that affect market demand, as played out in the blue sweater sequence of "The Devil Wears Prada." DO NOT SIMPLY WRITE A LIST. (Approximately 300-400 words)

Q3 - Answer all two (2) parts of this questions

a) High barriers to entry would prevent new firms from joining a monopoly market. Discuss four factors that act as barriers to entry. (Approximately 200 - 250 words)

b) Using examples, how may a monopoly firm use barriers to entry to its advantage? (Approximately 100-150 words)

Attachment:- Economics for Managers.rar

Reference no: EM133163250

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