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Students are required to write an essay on a significant, recent economic event or activity.
Discuss an economic activity or event of interest and apply it to theoretical models and economic laws introduced during your study of topics.
The purpose of this essay is to encourage students to carefully consider lecture content and relate this to economic events, issues or activity. Students should access multiple reference sources to support their findings. This would include journal, text, news article and web based resources.
Students may want to refer to historic economic activity that caused the event. Students may also consider comparing and contrasting with other economies around the world.
This essay encourages students to research deeper therefore students are required to pay particular attention to a specific topic and research in depth rather than treat a broad range of topics generally. This will require students to focus on one particular area of economics and identify the specific elements.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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