ECO105 Principle of Economics Assignment Help

Assessment Description

Unit Code: ECO105


Unit Title: Principles of Economics


Assessment Title: Assessment Task 3

Type of Assessment: Written

Due date: 16th September, 2016

Length/Size/Amount: As required but no more than 2000 words (excluding graphs)

Value: 20%

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Answer all of the following questions. Each question is worth equal marks:

1) Suppose a number of Australian Universities, except Charles Darwin University, open a campus

in several Asian countries. How will this impact the enrolments at CDU? Explain using demand and

supply diagram.

(5 marks)

2) How will student enrolments be impacted at CDU if the government doubled the interest rate

charged on student loans for all tertiary students in Australia? Explain using demand and supply

diagram.

(5 marks)

3) Why is marginal cost curve upward sloping? Is marginal cost curve always going to be upward

sloping for all firms?

(5 marks)

4) What are the main determinants of economic growth? How is growth related to Production

Possibility Frontier?

(5 marks)

5) What is the market structure faced by Australia Post? Are there any substitutes available for

Australia Post’s services? What was Australia Post’s profitability in the year 2015? Show using a

diagram.

(5 marks)

6) The cost function for a firm is given as TC=200+20Q. Find the total cost, total fixed cost, total

variable cost, average variable cost, average total cost and marginal cost for output level of up to

fifteen units. Draw average total cost, marginal cost and average variable cost on a diagram. Explain

the shape of marginal cost and average variable cost curve.

7) Compare the level of competition facing the only petrol station in a small regional town in Northern Territory as opposed to multiple petrol stations in Darwin. Identify the market structure in each case based on market characteristics. (5 marks)

8) Suppose you are considering opening a 24 hour fitness facility in Sydney. What will be the level of competition and potential profit in this market? Represent your short run and long run profit levels on a diagram. (5 marks)

9) Analyse the table below for a firm operating under perfect competition: Quantity Marginal Cost 1 0.2 2 0.4 3 0.6 4 0.8 5 1 6 1.2 7 1.4 8 1.6 9 1.8 10 2 11 2.2 12 2.4 13 2.6 14 2.8 15 3 16 3.2 17 3.4 18 3.6 19 3.8 20 4 If the price is $2, what is the profit maximising level of output? Is the firm making an economic profit or loss? Discuss. (5 marks)

10) How will the increase in ageing population impact the GDP of Australia in the future? (5 marks)

 

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