Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Assignment 1
Task
Answer the following:
Question 1
"Economic models are false and so government should ignore their predictions." Explain, discuss and evaluate the accuracy of this statement.
Question 2
Using the economics or other literature (but not the textbook) to identify estimates of the price elasticity of demand for at least three different products. Provide full citations for the employed literature. Comment on the magnitudes of these estimates in relation to the standard economic determinants of the price elasticity of demand.
Rationale
The question addresses the following learning outcomes:
be able to apply demand and supply analysis to make a range of market related decisions
be able to identify and critically evaluate opportunities for specialisation and exchange. be able to make decisions that incorporate the relevant benefits and cost analysis
Presentation Answers should be typed and diagrams must be clear and neat and preferably drawn electronically. Hand-drawn diagrams are acceptable. Requirements APA referencing must be used when citing literature.
High Distinction (85%) Provides well-argued articulated statements with supporting evidence. Evidence of originality and independent thought. Has highly developed analytical skills and consistently demonstrates high levels of critical analysis. Demonstrates ability to reflect on conclusions and their policy implications. Distinction (75%-84%) Provides well-argued and articulated statements, but the use of supporting evidence is not very recent. Evidence of independent thought. Has good analytical skills and is capable of good levels of critical analysis. Able to justify conclusions. Able to synthesise and draw conclusions from multiple perspectives. Credit (65%-74%) Well-reasoned arguments based on broad evidence from theory and practice. Demonstrates some evidence of critical analysis and evaluation. Able to apply fundamental concepts and to draw and justify conclusions.
High Distinction(85%+) Highly developed skills in expression and presentation of ideas. Fluent writing style. No major grammatical and spelling errors. All references, including recent literature, cited and used accurately. Distinction (75%-84%) Well-developed skills in expression and presentation of ideas. Fluent writing style. No spelling errors, minor grammatical errors. Relevant references cited and used accurately. Credit (65%-74%) A satisfactory standard of expression. Relatively clear and concise in expression of ideas. Few spelling and/or grammar errors. Majority of references are presented and used accurately. Pass (50%-64%) Some inconsistency in sentence structure. Clarity of expression could be enhanced by some revision. Several spelling errors and/or poor grammar. Very limited references cited and used. Fail (Less than 50%) Poor communication of ideas due to careless writing and lack of proof-reading. Too many spelling and/or grammar errors. References not included or inappropriately applied
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd