Perfect competition and monopolistic competition

Assignment Help Microeconomics

Reference no: EM133748163

Economics - case study and individual test

Assessment Description

Assessment 1 covers Topics 1 to 5 of the subject. All material discussed in class (up to Topic 5) is assessable. So make sure you know all about:
The production possibilities frontier.
Demand and supply, including changes in demand and supply, market equilibrium and disequilibrium and elasticities.
Production, revenue and costs.
Perfect competition and monopolistic competition.
And all the introductory economic concepts covered in Topic 1.

Assessment Instructions
Assessment 1 consists of two activities: Activity 1 is a group case study and Activity 2 is an individual test.

Activity 1: Group Case Study

You must form groups of 4 to 5 members before Week 6.
You will then complete the case study questions in your group, but only one group member needs to submit the final answers (for the entire group).
All group members will get the same mark.
All questions for the group case study are based on the article on the following page.
The group case study will be marked out of 10 and is worth 5% of your final mark for the subject.
The group case study is an open book, but AI prohibited assessment. That means you can only use the learning materials from MyKBS.

Activity 2: Individual Test

The individual test will take place after the group case study. The test consists of short answer questions and multiple choice questions.
One of the short answer questions is based on the article on the following page.
The individual test will be marked out of 50 and is worth 25% of your final mark for the subject.

If you're not a fan of watching race cars go around in circles, you may have gotten a shock if you needed to book a flight from Sydney to Melbourne this week.
With Formula 1 grand prix events kicking off at Melbourne's Albert Park on Thursday, it was rare to spot a one-way fare for less than $400 from Monday.
By Wednesday, across Jetstar, Rex, Virgin and Qantas, flights were a minimum of about $500 to upwards of $900.
In some instances, it was cheaper to book a seat in business class than economy.
While it's not uncommon for airlines to hike up prices around sporting events, holidays and concerts, Chris Ford from Compare the Market said with Easter approaching this was a "double whammy".
"It's sort of a double hit that can extend over a period of time," he told the ABC. Experts have called it "supply and demand on steroids" during peak periods.
...
Concerts and events generally only lead to fluctuations over a few days, Mr Ford said.

But when Taylor Swift mania took hold last month, airfares to Sydney and Melbourne spiked over a sustained period, even across regional airports.
In the lead-up to Easter, Compare the Market analysed which days were best to travel and how long it would take for prices to start to drop.
It found consistent patterns in its reviews over Christmas, showing fares inevitably "skyrocket" before public holiday days.
Comparing where prices were at about two weeks out from Easter, there was a difference of hundreds of dollars between the cheapest and most expensive days to fly.

Rico Merkert, professor of operations and supply chain management at the University of Sydney, said there have always been increases during peak seasons, but it has become more excessive since the COVID pandemic.
"Supply and demand on steroids," he told the ABC.
"What happened is that we didn't have enough capacity or [there was] reduced capacity."
Now, there are chances to "capture an audience" when there are holidays and events like a Taylor Swift concert.
"Sydney to Melbourne is one of the busiest routes on the planet, so it's difficult for airlines to add more capacity - more flights," Professor Merkert said.
"But they see that suddenly everyone wants to fly so that means they can easily increase the fares and know people will still fly."

Reference no: EM133748163

Questions Cloud

What are barriers to implementing justice-based leadership : What are some of the barriers to implementing Justice-Based Leadership? How can we measure the effectiveness of Justice-Based Leadership?

What metrics for success could you apply to your initiatives : What metrics for success could you apply to your initiatives that strive to include the perspective of everyone that they impact?

What is the most important role in the pretrial process : In your opinion, what is the most important role in the pretrial process - the prosecutor or defense attorney?

Who sees his role as administering a form of treatment : In Klockars's typology of probation officer work styles, the officer who sees his role as administering a form of treatment is the law enforcer time-server.

Perfect competition and monopolistic competition : ECOM4000 Perfect competition and monopolistic competition - Demand and supply, including changes in demand and supply, market equilibrium and disequilibrium

Type of mental illness response team : What challenges would both larger and smaller police departments face should they decide to implement some type of mental illness response team?

How critical race theory provides insights into the events : Documentary 13TH | FULL FEATURE | Netflix and then discuss how critical race theory provides insights into the events portrayed in the documentary.

Identify potential drug traffickers : The drug courier profile is a specific type of profiling used in law enforcement to identify potential drug traffickers.

What role does ethics play in the criminal justice system : What role does ethics play in the criminal justice system? How will you use the information learned in this class to further yourself professionally?

User Account

All Pages