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Your Tasks Assume that you have been employed as a consultant to write a report on fuel subsidies. It should follow a normal report structure.The main body of the report should answer the following questions:1/ Using a supply and demand diagram illustrate the impact of Asian fuel subsidies.Indicate the equilibrium quantity and price without a subsidy and with a subsidy. (10% of marks). 2/ Explain which people gain from the subsidy and which people lose. (10%).3/ Say the income elasticity of demand for fuel for China is 2.0 and the price elasticity of demand is -0.2. If incomes grow by 10% over the next year calculate the impact on equilibrium fuel prices if quantity supplied remains fixed. (10% of marks). 4/ Explain why the long run price elasticity of demand for fuel is likely to differ from the short run elasticity.(10% of marks). 5/ Discuss the externalities involved in the fuel market. (20% of marks). 7/. Discuss the arguments for and against lowering the fuel subsidy. (20% of marks). Assessment Outcomes At the end of this assessment you should be able to :Understand the basic microeconomic principles of: supply and demand, elasticity, externalities.Apply these principles to analyse a particular marketUse the Harvard Referencing scheme correctlyWrite a well structured and presented report.
Identify at least four policies from the textbook that the government has created to impact economic growth and productivity. Evaluate whether each item has enhanced or diminished your quality of life, and make any appropriate recommendations that mi..
What will be the possible concequences if a large scale like Toyota place its new product in Indian market without having forecast the demand for its product
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question 1a firm with market power has estimated the following demand function for its productq 12000 - 4000 pwhere p
Assume two countries, West and East, want to decide whether to abate (control) their pollution or not. For simplicity assume each country have only two strategies, abate or do not abate.
Solve this assignment problem using Solver to determine the one-to-one assignment of the nine workers to the nine jobs in a way that minimizes the total time to complete all tasks.
Write a 2000 word essay analysing the conditions under which the manager of a profit-maximising firm must decide to shut down its operation. Consider oligopolies, monopolies and perfectly competitive firms.
Inverse monthly market demand curve
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The state lottery sells 10 million tickets, one of which is a winner. The winning ticket pays the holder $5 million; all other lottery tickets are losers and pay $0. The price of each ticket is $1. Analyze the decision whether to buy a lottery ticket..
1. roshima is researching universities where she could study for her mba degree. she is considering 3 major attributes
Automobile manufacturers produce a range of automobiles such as sports utility vehicles, luxury sedans, pickup trucks and compact cars. What fundamental econom- ic question are they addressing by making this range of products
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