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The Australian government recently announced its proposed Carbon Price Mechanism. The operation of this scheme is likely to raise the cost of traditional sources of energy, which is likely to adversely impact household budgets. However, the government has also proposed to compensate low-income households for higher energy costs via changes in the tax and payments systems. Your assignment task is to apply relevant concepts from consumer choice theory to the analysis of these policies. Specifically you are required to use relevant concepts and diagrams to address:
(i) the effect of rising energy prices for the economic wellbeing of households;
(ii) the likely effect of increases in the cost of traditional sources of energy for the energy consumption patterns of Australian households; and
(iii) the effect of increased government cash payments (such as increased pension payments) on household budgets, energy consumption patterns and economic wellbeing.
Suppose a firm has a constant marginal cost of $10. The current price of the product is $25, and at that price, it is estimated that the price elasticity of demand is -3.0.
SUPPOSE SOUTH kOREA CAN PRODUCE 100 COMPUTER CHIPS WITH 10 HOURS OF LABOR INPUT AND 50 BED LINENS WITH 6 HOURS OF LABOR INPUT. THE US CAN PRODUCE 100 COMPUTER CHIPS IN 8 HOURS OF LABOR INPUT AND 50 BED LINENS WITH 4 HOURS OF LABOR INPUT. 1. WHAT I..
A number of companies exist that specialize in "payday loans." Payday loans are small loans often for a few hundred dollars or less that are made to low-income borrowers. Often these borrowers have poor credit histories and few assets and would ha..
Contrast the market demand/supply curves and the individual firm's labor supply/demand curve in a perfectly competitive labor market. How does the law of diminishing marginal returns affect a firm's demand for labor
Illustrate what other information would you want before you decided where to establish a new production facitily.
Construct a production possibilities curve for a hypothetical country. Put public capital goods per year on the bertical axis and consumer goods per year on the horizontal axis.
your richrelative died and left you 100000 which you decided to use for your own internet business.what will be your
Describe when economists with different political views do cost/benefit comparisons, they often reach different conclusions. If their analysis is based on objective costs and valid techniques, why wouldn't they reach similar conclusions, even if t..
In providing assistance to the states like Washington has in the past attached strings which have dictated state legislation.
If the Marginal Revenue is constant (the same) at $10 for all levels of output, how many units of output will a profit-maximizing producer make if the Marginal Cost schedule is as shown?
the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs. What would you do--shut down or continue to operate? Use hypothetical numbers to explain. Information you..
In recent years, consumption spending by households has accounted for about 70% of the total spending (aggregate demand) in the U.S. economy.
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