Non-Price Determinant of Supply - Effect on the Woolmarket - Economics Assignment Help

Assignment Task :

Question 1

Stated below are 3 Economic Principles. Pick any 2 and explain the application of the principle by providing real life examples.

Principle 1: People face trade-offs.

Principle 2: The cost of something is what you give up to get it.

Principle 3: Rational people think at the margin.

Question 2  

There are 4 Non-Price Determinants of Supply. Choose any 2 and discuss how each determinantinfluences Supply. Draw the Supply Curve and explain how an increase of supply will look like if thechange was brought about by a Non-Price Determinant of Supply.

Question 3 

Some countries use price floors for their domestic farmers to guarantee them a high return on their production. Suppose there is a price floor on wool that is binding. What will be the effect on the woolmarket? Identify who benefits from this policy and who bears the cost.

Question 4

State and explain the Law of Diminishing Returns. Provide an example of the Law of DiminishingReturns. What can businesses learn from this law?

Question 5

Describe how government is involved in creating a monopoly. Why might the government create amonopoly? State at least 2 reasons. Give an example of a government created monopoly.

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