User Account

All Pages

Assignment, Microeconomics

Assignment Help:
Individual Assignment
ECO101 - PRINCIPLES OF ECONOMICS
electronic submission via Moodle
6 Questions
100 marks (15% of total course)
All questions should be attempted. 30-50 words per mark recommended. General marking criteria apply. The marks of each question will be awarded based on your understanding of each key concept. Show working.
1. Create a market demand schedule from the following data:
At a price of 80 cents per kilogram, the demand for apples is 14,000 kilogram At 60 cents per kilogram, the demand is 20,000 kilograms
At 40 cents per kilogram, the demand is 26,000 kilograms
At 20 cents per kilogram, the demand is 32,000 kilograms
Graph the demand curve from the given data. Explain why the demand curve slopes downward and to the right, calculate the elasticity of demand and explain. (10 marks)
2. Explain the significance of the co-efficient of the PED calculated in question 1. What exactly does it tell you? (10 marks)
3. If a 6% decrease in the price of peanut butter causes total revenue to increase, what do you know about the demand for peanut butter? (10 marks)
4. If the price of French fries increase from $2.50 dollar to $3.00 dollar and we see that the demand for mayonnaise decreases from 4 units a month to 2 units a month. What do we know about these two goods? Justify your answer. (10 marks)
5. Explain, using demand and supply curves how demand and supply would change for the introduction of a new supermarket into Australia. What might change due to income fluctuations, population trends, consumer expectations and tastes, and advertising. Write your speculations down in an essay format and illustrate with graphs. Include:
1. a) Market structure
2. b) Demand/Supply curve of supermarkets and the industry
3. c) Effects on demand and supply
4. d) Elasticity of demand and supply
See: https://www.smh.com.au/business/retail/move-over-aldi-more-discount- supermarkets-could-be-on-the-way-20140716-ztoiz.html
(30 marks)


6.
The above game repsesents the interaction between a businessman and a politician. The businessman maximizes profits, and the politician maximizes the probability that he will be re-elected to office.
Give Don''t give
BUSINESS Bribe * , 0.5 *,1
Don''t bribe *,0 0 ,0.5
The businessman wants to persuade the politician to give him a monopoly in a certain industry. If he gets the monopoly, the businessman makes $10 million in profits. He is considering contributing $1 million to the re-election campaign of the politician, to try to persuade her to give him the monopoly. However, this kind of transaction is illegal, so they cannot write a contract on it. Assume that his opportunity cost is zero.
As for the politician, the probability that she is reelected if she does nothing is 0.5. If she gives the monopoly to the businessman, this reduces her probability of reelection by 0.5, as she is perceived by the public as being corrupt. If she gets a campaign contribution of $1,000,000, her probability of being re-elected increases by 0.5.
Fill in the payoff matrix, and find any Nash equilibria. Explain what each party should do. (30 marks)

Related Discussions:- Assignment

Calculate price elasticity of demand, 1. Consider the consumption decisions...

1. Consider the consumption decisions of R.B. Turbo, a new student at Teachers College, Columbia University. Ms. Turbo has only available $1,000 in monthly income to spend on food

Tech, impact of computer technology on nigerian economy

impact of computer technology on nigerian economy

Design process, The outer shape of a football can be described via the foll...

The outer shape of a football can be described via the following equation               Using Matlab, plot the outer shape of a football in  red or orange using a line widt

Homework, There are six potential customers of computer games, each willing...

There are six potential customers of computer games, each willing to buy only one game Consumer 1 is willing to pay $40, Consumer 2 is willing to pay $35, consumer 3 is willing to

Why is it considered well to bring all bop to zero, Why is it considered we...

Why is it considered well to bring all BOP's to zero?   If BOP of any country is zero, it reflects that the present account of that country has sufficient balance to meet the n

Need Homework help, If I submit an economics problem(Home work), How soon i...

If I submit an economics problem(Home work), How soon it will be answered?

Income elasticity of demand, what are the practical importance of income el...

what are the practical importance of income elasticity of demand?

Combined ppc, How do I draw and interpret a combined ppc curve?

How do I draw and interpret a combined ppc curve?

Effectively increases command over goods, Normal 0 false fals...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Define Gibb''s Energy, Gibb''s energy In every chemical system, the substa...

Gibb''s energy In every chemical system, the substance moves in a direction in which there is a decrease in free energy, for example i.e. ?G is negative. G = H - TS where, G is

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd