ECO10004: Economic Foundations & Market Forces- Economic Principles Assignment

By
Responsive Centered Red Button

Need Help with this Question or something similar to this? We got you! Just fill out the order form (follow the link below), and your paper will be assigned to an expert to help you ASAP.

Order Form

Internal Code: TV28
Economic Principles Assignment:
Task:
Each task has PASS QUESTIONS and CREDIT QUESTIONS. In PASS QUESTIONS you have to choose any  4  questions. In CREDIT QUESTIONS you have to choose any 2 questions. Thats what basically the assignment is about, and the answers of each questions mostly needs to be big answers and sometimes it depends.
Task 1: Economic Foundations and Market Forces
tvmicroeconomics
1. Answer the following questions from Table 1-1 – must show workings
1a. Which country has an absolute advantage in the production of motorcycles?
1b. Which country has an absolute advantage in the production of guitars?
1c. What is Ireland’s opportunity cost of producing one motorcycle?
1d. What is Scotland’s opportunity cost of producing one motorcycle?
1e. What is Ireland’s opportunity cost of producing one guitar?
1f. What is Scotland’s opportunity cost of producing one guitar?
1g. If each country specialises in the production of the product in which it has a comparative advantage, who should produce motorcycles?
1h. If each country specialises in the production of the product in which it has a comparative advantage, who should produce guitars?
2. Define the concept of efficiency. Define the concept of equity. Using the tax system as an example to explain how a trade-off exists between economic efficiency and equity.
3. Describe the law of demand. What are the two effects that explain the law of demand? Briefly explain each effect.
4. Answer the following questions from Table 1-2
tvmicroeconomics1
4a. Draw the demand and supply curves for the “The Theatre Company”
4b. What are the equilibrium price and quantity of entry tickets?
4c. Explain using the graph above what would happen if the price was initially $20? Identify any surplus or shortage on the graph above.
5. Consider the market for 4WD cars. For each of the following events listed here, identify which of the determinants of demand or supply are affected. Also, indicate whether demand or supply is increased or decreased.
5a. People decide to have more children.
5b. The price of fuel rising by 40%.
5c. Development of new technology for producing 4WDs
5d. A fall in the price of station wagons
Credit Questions:
6. What is a production possibility frontier? What do points along the frontier represent? What do points inside and outside the frontier represent? Why does the curve have a bow shape (concave) rather than a straight line?
7. Watch the following video clip (Comparative Advantage, Opportunity Cost, and Housework) and answer the following questions. link to video
7a. In more detail than provide in the video explain how the opportunity cost of household chores has changed for men and for women.
7b. In more detail than provide in the video explain how the change in the opportunity cost of household chores has led to change in split in the chores between men and women. What is one explanation for men’s share of the
chores still being less than women’s share?
7c. If more women are completing higher education qualifications what are the implications for the split in household chores?
8. Read the following excerpt and answer the following questions
The Federal Department of Industry and Science has cut its price forecast for iron ore in 2015 by 10 per cent to $US54.40 a tonne, citing a weak outlook for China’s steel sector. The commodity – which climbed as high as $US65.61 a tonne on June 11, the peak in its recent rebound from April lows – was bringing $US61.29 on Monday night and many analysts predicted further falls. The department’s forecast for 2016 was $US52.10 a tonne. “China’s steel production is forecast to contract in 2015 and 2016 as the seaborne supply of iron ore increases,” the department said in its latest quarterly update. Iron ore is a key ingredient of steel. Read more: http://www.smh.com.au/business/mining-and-resources/australia-cuts-2015-iron-ore-forecast-by-10-20150630-gi18dp.html#ixzz3tb8IbFdw
Author: Stephen Cauchi; Sydney Morning Herald – June 30, 2015.
8a. Using demand and supply analysis explain the impact of the change in commodity price on the market for iron ore mine workers.
8b. Using demand and supply analysis explain the impact of the change in commodity price on the market for rental properties in mining towns.

How to create Testimonial Carousel using Bootstrap5

Clients' Reviews about Our Services