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Question 1:
The following is a set of hypothetical production possibilities for a nation A.
Combination
Bicycles
(thousands)
Wheat
(thousands of tonnes)
A
0
10
B
2
9
C
4
7
D
6
E
8
Question 2:
a. The Australian wine industry has prospered over the last two decades, expanding rapidly into overseas markets. However, in recent years it has faced some problems. Use demand and supply analysis to explain how these two factors (problems) stated below would affect the price and quantity of Australian wine.
i) There has been a rapid increase in the Australian production of wine grapes.
ii) New wine producers in China and India are producing good quality low cost wine.
Question 3:
Workers
Output
Marginal Product
Total Cost
Average variable cost
Marginal cost
1
20
50
3
90
120
5
140
150
155
Question 4:
Use graphs to explain and illustrate the profit-maximising price and output for firms in the perfect market and for those in the monopoly market. Explain why monopoly firms are able to earn supernormal profits in the long run.
Question 5:
Explain why pollution is an example of market failure and why the free market will not provide an efficient solution to the problem. Provide a critique of a carbon tax as opposed to the Australian government's 'Direct Action' as a solution to this problem.
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