ECO100 - Introduction to Economics - Report Writing - Economics Assignment Help

Assignment Task

Assessment purpose:

This assessment is designed to allow students to demonstrate their understanding of fundamental economic principles and tools and apply them to the solution of problems in business, government, and individual behaviour. This assessment contributes to Learning Outcomes a, b, and d.

Assessment topic: Problem-solving exercises and short report writing in Economics
Task details: QUESTION 1:

1. Suppose that a market is described by the following supply and demand equations:

QS = 2p (1)
QD = 300 – P (2)

a) Solve for the equilibrium price and the equilibrium quantity.
b) Suppose that a tax of $3 is imposed on sellers. Solve for the new equilibrium.
c) Determine the incidence of the tax (i.e. what happens to the price received by sellers, the price paid by buyers and the quantity sold?).

QUESTION 2:
The Chinese government has banned the importation of coal from Australia and, as a result, Chinese power plants have run short of coal and the price of energy has increased by 20%. The government has mandated price control to shield the public from rising global energy costs.
a. Briefly explain the type of price control has China mandated.
b. Explain the impact of China’s price controls policy on the markets for coal, petrol, and diesel. Illustrate your answer with the supply and demand model.
c. Explain how China’s price controls have changed consumer surplus, producer surplus, total surplus, and the deadweight loss in the markets for coal, petrol, and diesel.
d. Is the outcome of China’s price control policy fair? Critically discuss. Your discussion should reflect the fair rules and fair results notions of fairness.

QUESTION 3:
The Cycling Promotion Fund (CPF), Australia’s peak bicycle promotion group, said because of the COVID-19 pandemic use of bicycles increased by 10% last year, 4% more than expected. As a result, CPF is requesting the government to provide more incentives to encourage cycling as a means of transport.
a. Write a persuasive economic report to support CPF’s request. Your report should include discussions of the role of the following:
i. the income elasticity of demand for bicycles.
ii. the cross-elasticity of demand between bicycles and motor vehicles.
iii. factors other than the price of petrol that might have influenced or influence demand for bicycles.
Illustrate your report with demand and supply diagrams.
b. Suppose upon reading your report the government decides to pay a subsidy to bicycle producers. Use the demand and supply diagram to explain the impact of the subsidy on the equilibrium quantity and price of bicycles, and the efficiency of the bicycle market.

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