{"id":1236,"date":"2016-09-05T21:05:03","date_gmt":"2016-09-05T11:05:03","guid":{"rendered":"http:\/\/casestudyhelp.com\/sample-questions\/?p=1236"},"modified":"2018-01-22T20:42:50","modified_gmt":"2018-01-22T09:42:50","slug":"beo1105-economic-principles-assignment-help","status":"publish","type":"post","link":"https:\/\/casestudyhelp.com\/sample-questions\/beo1105-economic-principles-assignment-help\/","title":{"rendered":"BEO1105 Economic Principles Assignment Help"},"content":{"rendered":"

QUESTION 1<\/p>\n

Together with the use of supply-and-demand diagrams, explain the effect of the following events on the market for woollen jumpers in Australia.\u00a0 (Assume ceteris paribus for each of the event).<\/p>\n

\"Economics<\/a><\/center><\/p>\n

(a)\u00a0\u00a0 \u00a0The price of leather jackets falls
\n(b)\u00a0\u00a0 \u00a0Hugh Jackman, a much admired Australian movie star, appears in a woollen jumper in his latest video
\n(c)\u00a0\u00a0 \u00a0New knitting machines are invented
\n(d)\u00a0\u00a0 \u00a0A rise in income, assuming woollen jumpers are a normal good.\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4 * 2 = 8 MARKS<\/p>\n

QUESTION 2<\/p>\n

Find the flaws in the reasoning in the following statements, paying particular attention to the distinction between shifts of and movements along the demand and supply curves.\u00a0 Draw a diagram to illustrate what actually happens.
\n(a)\u00a0\u00a0 \u00a0\u201cA technological revolution that lowers the cost of producing a good might at first result in a reduction in the price of the good to consumers.\u00a0 But a fall in price will increase demand for the good, and higher demand will send the price up again.\u00a0 It is not certain, therefore, that an innovation will really reduce price in the end.\u201d<\/p>\n

(b)\u00a0\u00a0 \u00a0\u201cA study shows that eating a clove of garlic a day can help prevent heart disease, causing consumers to demand more garlic.\u00a0 This increase in demand results in a rise in the price of garlic.\u00a0 Consumers, seeing that the price of garlic has gone up, reduce their demand for garlic resulting in a fall in the price of garlic.\u00a0 Therefore, the ultimate effect of the study on the price of garlic is uncertain.\u201d\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2 * 3 = 6 MARKS<\/p>\n

\"Chat<\/a> \"Order<\/a><\/p>\n

QUESTION 3<\/p>\n

The demand for new houses in Melbourne and Sydney have held up relatively well, compared to the other states in Australia.\u00a0 However, in Melbourne, it is expected that by the end of this year the increase of new apartments into the market will far outstripped any increase in the demand for new apartments.\u00a0 Explain, with demand and supply diagrams, the impact on price and quantity for new apartments.\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4 MARKS<\/p>\n

QUESTION 4
\nAssume the price of a good decrease from $10 to $8, leading to a rise in quantity demanded from 475 to 500 units.\u00a0 Using the midpoint elasticity formula, calculate the price elasticity of demand for the good at this price range.\u00a0 Explain why it is important for a business to estimate the price elasticity of demand for its product.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0 4MARKS<\/p>\n

\"Order<\/a><\/center><\/p>\n

\nQUESTION 5
\na) It is assumed that all firms are profit maximisers.\u00a0 Explain, with diagrams, the 2 approaches used to explain profit maximising behaviour of a perfectly competitive firm.
\nb) If a profit maximising perfectly competitive firm is making an economic loss, explain, with diagrams, the options available to the firm in the short run.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2 * 3 = 6 MARKS<\/p>\n

\n
\n
\n

Please CHAT WITH LIVE Assignment Advisor to know more about Referencing styles and Citations.<\/strong><\/em><\/p>\n

\"CLICK <\/a><\/p>\n

Chat with our 24 x 7 Online Agents CLICK CHAT NOW<\/strong><\/a><\/p>\n

Ask Your Assignment Question?<\/strong>
\nCheck out our\u00a0Economic Assignment Help<\/a><\/strong>
\nFind Your Assignment Experts<\/strong><\/p>\n

We Are Provide Best Economic Principles Assignment Help<\/h3>\n

The\u00a0Economic Principles Assignment Help<\/strong><\/a> Australia experts in Economics Assignment Help Australia, Casestudyhelp.com ensure to provide the students with top High-quality papers made following the university accepted instruction. Our writers boast years of professional experience in teaching and lead the students.<\/p>\n<\/div>\n<\/div>\n<\/div>\n