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Calculate the rate of inflation based on the cpi

Assignment Help Microeconomics
Reference no: EM131471682 , Length: word count:1000

Task -

Assignment consists of two problems.

Question 1 -

Using data from the Australian Bureau of Statistics (ABS) collect information on the consumer price index (CPI) and average weekly earnings for the period 2005 to 2015 inclusive. Employ annual figures.  Define and provide sources for the data obtained including the ABS catalogue number.

Calculate the rate of inflation based on the CPI and the rate of average weekly earnings growth and plot the inflation rate and weekly earnings growth on a single diagram using time on the horizontal axis.  Provide an economic interpretation of these time series plots.

Question 2 -

Employ the aggregate demand and supply model for the Australian economy, to analyse the consequences for real GDP and the general price level of the following scenarios. Confine your analysis to the short-run. In your response clearly state your assumptions and illustrate your answers with diagrams.

(a) the price of iron ore, a major export product, increases substantially,

(b) a favourable set of weather conditions leads to a substantial rise in Australian agricultural output,

(c) the government spends significant money in developing a broadband internet network across the country,

(d) the price of oil, a product Australia primarily imports, fall substantially.

Rationale -

The question addresses the following learning outcome:

  • be able to examine critically the health of the economy as a whole through the analysis of major economic variables and advise on likely policy alternatives.

Reference no: EM131471682

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Reviews

len1471682

4/24/2017 2:21:43 AM

Australian student, 1000 words, need it as per the guidelines. Assignment 3 consists of two problems worth 5 marks each. Text material which may be relevant to the question may be drawn from any of text chapters 12, 13 and 14. Highly developed skills in expression and presentation of ideas. Fluent writing style. No major grammatical and spelling errors. All references, including recent literature, cited and used accurately. Skilful use of data, theoretical knowledge and ongoing debate on the issue, and they are well integrated Contains insights and awareness of deeper and more subtle aspects of the relevant theory. There is clear evidence of researched/read more widely beyond the core materials.

len1471682

4/24/2017 2:21:32 AM

Provides well-argued articulated statements with supporting evidence. Evidence of originality and independent thought. Has highly developed analytical skills and consistently demonstrates high levels of critical analysis. Demonstrates ability to reflect on conclusions and their policy implications. Answers should be typed and diagrams must be clear and neat and preferably drawn electronically. Hand-drawn diagrams are acceptable. APA referencing must be used when citing literature.

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