Acknowledge & report for the market for education, Business Economics

Assignment Help:

Task

You work for a government of a European country that is considering making admission to museums of your country free to make them available to everybody.

You have decided to do better than just a general layman's explanation. Your report will be written simply, but using the language of economics. Before you commit to this policy, you study examples of other countries, including the UK.

Overall your report will be between 1200 and 1600 words long (this page contains 429 words), covering the following points but in a coherent report. Do not answer the questions in the style of an examination.

(i)   Write a short, meaningful introduction into the topic.

(ii)   Explain, using the example of museum visits, the economic functioning of the market, using terms including demand and supply, price mechanism, incentives, market equilibrium, equilibrium price and quantity.

(iii)  Explain the demographic demand pattern for museum visits: Are certain groups of the population visiting museums more often than others?

(iv)  Explain possible causes for and effects of shifts in demand and supply in this market.

(v)  Explain, using the example of museum visits, own price, cross-price and income elasticity of demand; consider own price elasticity for various demographic groups. Use diagrams where applicable.

(vi)  Explain all possible market failures in relation to museum visits.

(vii) Explain possible options for government intervention to correct such market failures. One of these options should be free admission.

(viii) Describe how such government intervention could affect demand for museum visits; discuss limitations, costs and benefits of the options for government intervention.

(ix) Based on above analysis, make recommendations to the government.

(x)  Use appropriate sources for your analysis, including government, business and academic reports and journal articles, reliable news services, and excluding internet sources of uncertain or questionable origin.

(xi) Acknowledge all your sources fully and according to Harvard style.

(xii) Format your report appropriately and professionally with a title page, contents, page numbers, and clear tables and diagrams with titles, numbers and sources.


Related Discussions:- Acknowledge & report for the market for education

Calculate the new money multiplier, The reserve requirement is 20%. Assumin...

The reserve requirement is 20%. Assuming banks have no desire to hold excess reserves, calculate the money multiplier. Now assume the banks want to hold 20% of their reserves in ad

Libralisation, what is increaase libralisation?

what is increaase libralisation?

T-value associated with 25 degrees of freedom, What is the t-value associat...

What is the t-value associated with 25 degrees of freedom and 20% in the tail? (Please round your answer to 3 decimal places)

How can the population controlled, How can the population controlled? G...

How can the population controlled? Governments can take some steps to controlled populations: • Enhance the education of women and their employment opportunities raises and

Explain foreign direct investment, Explain foreign direct investment: ...

Explain foreign direct investment: 1.  Identify and briefly explain three costs of foreign direct investment (FDI) for a country such as China (the home country) and two benef

Compute internal rate of return, You are evaluating two (mutually exclusive...

You are evaluating two (mutually exclusive) methods of strip-mining a resource-rich area. The alternatives are very similar, though one important difference is in the scale of the

Price elasticity of demand, QUESTION 1 (a) Explain the relationship bet...

QUESTION 1 (a) Explain the relationship between scarcity, choice and opportunity cost. (b) How is choice about the use of scarce resources made in a market economy? QUES

Effective private sector involvement, Problem 1: (a) The Mauritian gove...

Problem 1: (a) The Mauritian government is now increasingly involving the private sector in the development of the economy. How can government support effective private sector

What are the implications of environment in economic growth, What are the i...

What are the implications of Environment in Economic Growth? Implications of Environment in Economic Growth: Only government can suppose liability for protecting natural res

Economic systems, the markert is said to be an invisible hand in the econom...

the markert is said to be an invisible hand in the economic system , how

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd