ECO5000 - Economics for Manager - Production Technology - Australian Financial Institutions - Economics Assignment Help

ECO5000: Economics for Manager Assignment Help

Assignment Task:

Question 1
Suppose a manufacturing firm acquired a production technology that can be characterized by a learning curve. Every time the firm increase production by one unit, their costs decrease by 10%. The first unit costs them $284 to produce. Prepare a manufacturing cost table up to 15 units and calculate the total cost, marginal cost and average cost. If they receive a proposal to produce and sell 10 units, what is the break-even price? Now, what is the new break-even price for 12 units?

Question 2
Assume that the ‘marker pen’ market is competitive and includes no transaction costs. Twelve suppliers are willing to sell each pen at the following prices: $30, $29, $27, $26, $25, $23, $22, $20, $16, $15, $13 and $12. Twelve buyers are willing to buy one pen at the following prices: 6$, $8, $10, $12, $16, $18, $19, $20, $23, $26, $28 and $29. Draw the market equilibrium graph. What are the equilibrium price and quantity? If the price is $29, explain whether the market has excess demand or supply? [Hint: apply the law of demand and supply.]

Question 3
On Valentine’s Day, the price of roses increases by more than the price of chocolates and greeting cards. Why? [Hint: Consider what makes roses, chocolates and cards different and how that difference might affect supply’s responsiveness to price.]

Question 4
Discuss the basic differences between a competitive and a monopoly market. Which market has higher elastic demand in the long run and why?

Question 5
Explain the three basic strategies that the mining industry of Australia should implement to stay one step ahead of the forces of competition, internationally.

Question 6
Explain the effects of the AUD appreciation on:
(1) Exports of Australian goods, the price level of imported goods in Australia and tourism to Australia;

(2) Revenues of Australian financial institutions with South-east Asian trading subsidiaries in Japan (which earn profit in Yen).

Question 7
“People perceive how attractive the price of a consumer good is based on its distance from a reference price”- do you agree with the statement? Explain why or why not.

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