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ECON 1008- Question and Answer on the Economic Concepts and Models at University of South Australia
Assignment Details:-
- Course Code: ECON 1008
- Course Title: principles of economics
- Referencing Styles: Harvard
- Words: 2750
- University: University of South Australia
- Country: AU
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Task:
Aim
The purpose of this task is to demonstrate your understanding of the economic concepts and models you have learned in the course in topics 2, 3, 8 and 9 by relating them to a real-world situation.
The assignment covers these course objectives.
- Describe and utilize the fundamental tools, methods and language of economics to analyse resource allocation issues
- Describe the impact of incentives and use economic models to illustrate how agents and economies respond to incentives
- Identify the limitations of the market mechanism and analyse the role of government in affecting markets and decision-making in the general economy
- Apply economic principles and concepts to analyse business cycles and monetary and fiscal policy in an open macroeconomy and demonstrate the significance of trade and globalisation.
Questions:
Q1. Using the demand and supply model, explain and illustrate graphically why ginger prices have increased compared to last year.
Hint:
Make sure you discuss the equilibrating process and clearly outline the assumptions in discussing the factors causing the change in price and quantity.
Q2. Assume ginger is sold in a Perfectly Competitive Market and firms are making zero economic profit. Explain and illustrate graphically the effect of the increase in market price on the short-run position of a single firm selling ginger.
(Hint: Make sure your graph includes the firm’s demand curve, marginal revenue curve, marginal cost curve and average total cost curve and also explain the profit Maximizing position)