Total Marks: 20 marks Weight: 15% of final marks Length: up to 1400 words Minimum price on alcohol Governments in Australia and around the world are considering implementing a minimum price (aka price floor) on alcohol. Your task is to use the Economic way of thinking learnt in class to formally explain the effect of [...]
Assessment item 5: Problem Question Task Assignment 5 consists of one problem question worth 10 marks. Before attempting this assignment you are expected to have read Text chapters 12, 13 and 14. You are encouraged to make use of additional sources. Sources used in your answer should be fully referenced in APA 6th style. Answer the following question ensuring [...]
Assessment item 4: Essay Question Task Assignment 4 consists of one essay question (worth 10 marks) based on text material. Before attempting this assignment you are expected to have read Text chapters 1 to 10. You are encouraged to make use of additional sources. Sources used in your answer should be fully referenced in APA 6th [...]
Assessment item 3: Short Answer Questions Assignment 3 consists of two short answer questions (worth 5 marks each) based on Text material. Before attempting this assignment you are expected to have read Text chapters 1, 2, 3 and 4. Sources used in your answer should be fully referenced in APA 6th style. Answer the following questions ensuring that you apply economic [...]
Thailand’s economic performance since 2011 In 2011, the country witnessed two major crucial events that destabilized Thailand’s economic growth-general elections, and flooding in most parts of the country. 2011 politics was partly divisive and inhibited the growth of the country’s economy. In these elections, the Pheu Thai Party had worn against the Democratic Party. Yingluck Shinawatra, [...]
A monopolistic model and a perfectly competitive model are economic presentation of two different market structure that can be differentiated on the basis of market share, control over the price and barriers to entry in the market. In a perfectly competitive market model, there are a huge number of firms and no single firm has a [...]
Market is a place where buyers & sellers meet for some kind of transaction. There are three different types of market structure perfect competition, monopoly and imperfect competition. Perfectly Competitive - In perfect competition the product sold by different firms is identical. It’s a market structure where there are various sellers who offer similar products or services which are [...]
Elasticity is also an important concept that plays a vital role in every day activity. Elasticity as a concept is defined as the extent to which the demand or even the supply of a particular product changes at a given time to the change in price. A product is considered [...]
Economics is definitely the way of life as it deals with the important concepts of equity and efficiency. While optimum production as well as allocation of resources is important for the advancement of any economy, ensuring that the resources are being equally distributed amongst the all is equally important. By [...]
Economics is definitely the way of life as it helps in ensuring the proper allocation of resources and ensures that these resources do not become scarce in the face of heavy demand. The concept of demand and supply have always been found to be extremely integral to any sort of economic activity performed daily by humans. [...]