ECON1020: Principles Of Economics - Firm with the Most Market Power - Economics Assignment Help

Assignment Task:

Task:

Compare Figures 1-3. Answer the following with your reasoning.
? Which figure represents a firm with the most market power?
? Which figure(s) represents a price-setting firm’s profit maximisation?
 

QUESTION 2 [Max 100 words, 2 marks]
Consider the market of strawberries in Australia. Which figure among Figures 1-3 represents the best the situation of an individual strawberry farmer? Explain within 100 words. Your answer must refer to the concepts of markup and the price elasticity of demand. (2 marks)
 

QUESTION 3 [Max 50 words, 3 marks]
During the early stage of the COVID-19 pandemic, the demand for strawberries increased as consumers were reminded of the importance of consuming fresh fruit and vegetables. Illustrate in a diagram the effect of this demand boost on the equilibrium price and quantity in the strawberry market. Fully label your diagram. Briefly explain your diagram.
 

QUESTION 4 [Max 100 words, 2 marks]
Compare Points A and B in Figure 1. Which point is the firm’s optimal decision to maximise its
profit? Explain by referring to the feasibility and the profit level represented by Points A and B.

SECTION 2 (10 MARKS)
QUESTION 5 [Max 150 words, 5 marks]
Figure 4 shows gross domestic product per capita in five countries over the years of 1000- 2015.
Figure 4 | Gross domestic product per capita in five countries (1000–2015)
Discuss the following:
? What does Figure 4 tell us about within-country and between-country inequality over time?
? What is the reason behind the trend of inequality you observe in Figure 4?
 

QUESTION 6 [Max 200 words, 5 marks]
Automation, broadly referring to the adoption of machines and computers in the production process, has become increasingly more popular across many sectors and countries. Discuss how the increasing trend of automation contributes to the within- country inequality. Your discussion must refer to the phenomenon of the missing middle observed in many developed countries, e.g. the US as shown in Figure 5 below.
 

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