BUS102 - Economics for Business - Economics Assignment Help

Assignment Task

1. Consider the market for soft drinks. Starting off from the equilibrium price and quantity, illustrate and explain what is happening to price and quantity if:

(a) there is a fall in the price of sugar

(b) the government introduces a sugar tax on soft drinks

2. In order to combat the housing affordability crisis, the Sunshine Coast Council decides to impose a price ceiling on rent (rent control).

(a) Complete the diagram below to explain and illustrate the effect on equilibrium price and quantity following this policy decision.

(b) Discuss the changes in economic welfare (consumer and producer surplus and DWL) due to the imposition of the price ceiling.

(c) Discuss another solution that the Council/Government could implement to solve the housing affordability crisis.

3. Greece and Italy both produce olive oil and cheese. With the same amount of labour Greece produces 15,000 tonnes of cheese per year and 12,000 barrels of olive oil and Italy produces 25,000 tonnes of cheese and 15,000 barrels of olive oil.

a) Explain which country has an absolute advantage in both goods and why.

b) Determine and explain the comparative advantage for each country. (Show your working)

4. Discuss to what extent each of the following satisfies the definition of public good: Noosa National Park, streetlights and Suncorp Stadium.

5. The following table shows the before-tax and after-tax Gini coefficients for Mexico and Canada.

Discuss the figures in the table in terms of income distribution and compare the taxation policies in the two countries.

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