Answer all questions:
Q1) Discuss the notion of market power? Why does market power depend on price elasticity of demand? Show using diagrams.
(5 marks)
Q2) Discuss the features of Great Start Grant < https://greatstartgrant.osr.qld.gov.au/> in Queensland. What impact does the scheme have on demand and supply of new homes in Queensland?
(5 marks)
Q3) Identify and justify the market structure of the domestic mobile phone industry. Explain using diagrams.
(5 marks)
Q4) Discuss the impact of applications such as WhatsApp Voice calling, Skype and Viber on mobile phone industry.
(5 marks)
Q5) The marginal cost facing a perfectly competitive firm is MC= 2q and the market price
is $6. Find the firm’s profit maximising output and show this on a diagram. What is the industry structure? Discuss the shape of the marginal cost curve.
(5 marks)
Q6) John and Sarah are neighbours. Sarah is an avid gardener. John is a professional writer who enjoys writing in his study while overlooking Sarah’s garden. What are the economic benefits derived by John from Sarah’s garden? Illustrate using a diagram.
(5 marks)
Q7) Analyse the effect of wage cuts in the agricultural sector on the Australian fruit production. How will the wage cuts change fruit production? Provide detailed explanation and diagram.
(5 marks)
Q8) Using demand and supply model, examine the effect of the following events on the price charged by domestic wing of Qantas airlines:
a) Increase in international visitors for tourism
b) Launch of a new domestic airlines
c) International terrorists attacks
The answer must contain clear diagrams and explanations.
(5 marks)
2
Q9) SKYCITY Darwin is the entertainment venue in Darwin that offers accommodation, gaming facilities and restaurants in one venue. Is SKCITY Darwin a monopoly and will it enjoy economic profits in the long-run. (5 marks)
Q10) Critically analyse the conceptualisation of firm in Economics.
(5 marks)
Preparation and submission
Due date: 0900 Saturday, Week 9
Length: 2000-2500 words (excluding graphs, appendices, references)
Preparation: Revise relevant material Session 1-8
Format the assignment with 1.5 line spacing and size 12 point Arial font.
Assignment must be submitted on Learnline using the provided submission point.
All assignments must be typed and submitted in Microsoft Word format.
Information related to each of the above questions can be found in the learning materials and set text. However, you are encouraged to research using library resources and online materials.
You must clearly label the answer to each question.
Please be aware of CDU policies on collusion and plagiarism. If any submission is found to have been copied from another student, from published or unpublished sources without proper acknowledgement, the matter will be escalated to the Head of School for appropriate action.
This assignment must be your own work.
Use CDU Harvard referencing style for citations
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Posted on May 1, 2016Author TutorCategories Question, Questions