ECO10250 - Report on the Australian Economy - School of Business and Tourism Extension Policy - Economics Assignment Help

Assignment Task:

Question 1:

1. The following is a set of hypothetical production possibilities for a nation A.

a. Plot the production possibility for nation A. 
b. What is the opportunity cost of the first 2000 bicycles produced? 
c. Determine which point the opportunity cost per thousand bicycles is highest.
d. Show what would happen to the production possibility frontier if nation A introduced an improved fertiliser that is used by its wheat farmers.
e. Explain how the production possibilities frontier reflects the law of increasing opportunity costs.
    
2. Compare the disadvantages between a planned economy and a free-market economy.

Question 2: 

1. Continual research into solar power generation has seen a breakthrough in the manufacturing of solar-powered motor vehicles which will substantially reduce their costs of production. Use demand and supply curves to illustrate what will happen to:
a. the equilibrium price and quantity of solar-powered motor vehicles.
b. the equilibrium price and quantity of conventional motor vehicles.

2. In an attempt to support the solar-powered motor vehicle industry the government sets a minimum price for solar-powered vehicles. Do you think this is a good idea? Explain your decision using graphs.

Question 3 :
 
1. Complete the table below. In your calculations use the midpoint method to calculate the price elasticities.

2. During a holiday period do you think the price elasticity for airline tickets would become more price elastic or inelastic? Explain your answer.

Question 4: 

1. Complete the cost schedule below for a company operating in a free-market. Fixed costs are $2,000. The output is sold for $150 per item. Highlight the profit maximising output.

2. Explain why a firm can make a loss and continue operating in the short run and under what circumstances it will shut down.

Question 5:

What market structure do you think the Australian Banking industry is in? Give reasons and critically discuss your choice. In your answer also discuss whether you think your choice of market structure benefits or harms the public interest or both. Can you think of any other industry structures that are similar to the banking industry?

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