{"id":4873,"date":"2019-10-11T20:00:41","date_gmt":"2019-10-11T09:00:41","guid":{"rendered":"https:\/\/casestudyhelp.com\/sample-questions\/?p=4873"},"modified":"2019-10-11T20:46:08","modified_gmt":"2019-10-11T09:46:08","slug":"econ-649-economics-analysis-worksheet-2-for-economic-models","status":"publish","type":"post","link":"https:\/\/casestudyhelp.com\/sample-questions\/econ-649-economics-analysis-worksheet-2-for-economic-models\/","title":{"rendered":"ECON 649 Economics Analysis Worksheet 2 For Economic Models"},"content":{"rendered":"<blockquote>\n<p style=\"text-align: justify;\">ECON 649 Economics Analysis &#8211; Worksheet 2 &#8211; Scarcity &amp; Work Choice questions with answers. Get\u00a0<a title=\"case study answers\" href=\"https:\/\/casestudyhelp.com\/sample-questions\/\" target=\"_blank\"><strong>case study answers<\/strong><\/a>\u00a0to questions in ECON 649 from\u00a0<a title=\"Economic Assignment Experts Online\" href=\"https:\/\/casestudyhelp.com\/assignment-expert-help-in-australia-uk-us.html\" target=\"_blank\"><strong>Economics Assignment Experts Online<\/strong><\/a>\u00a0for\u00a0<a title=\"Economics Assignment Research Paper\" href=\"https:\/\/casestudyhelp.com\/economics-assignment-help-and-writing-service-for-all-australia-uk-students.html\" target=\"_blank\"><strong>Economics Assignment Research Paper<\/strong><\/a>\u00a0courses topics and Assignment Writing Services in Australia, UK and USA.<\/p>\n<\/blockquote>\n<p style=\"text-align: center;\"><a title=\"Order Now!\" href=\"https:\/\/casestudyhelp.com\/MyOrder.php\" target=\"_blank\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-4808\" src=\"https:\/\/casestudyhelp.com\/sample-questions\/wp-content\/uploads\/2019\/10\/Order-now.png\" alt=\"Order-now\" width=\"552\" height=\"87\" srcset=\"https:\/\/casestudyhelp.com\/sample-questions\/wp-content\/uploads\/2019\/10\/Order-now.png 552w, https:\/\/casestudyhelp.com\/sample-questions\/wp-content\/uploads\/2019\/10\/Order-now-300x47.png 300w\" sizes=\"(max-width: 552px) 100vw, 552px\" \/><\/a><\/p>\n<h3 style=\"text-align: center;\"><strong>A: ECONOMIC MODELS (12MARKS)<\/strong><\/h3>\n<p><strong>1).<\/strong>\u00a0 The following is a map of Macquarie University.<\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/casestudyhelp.com\/sample-questions\/wp-content\/uploads\/2019\/10\/ECONOMIC-MODELS.png\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-4870\" src=\"https:\/\/casestudyhelp.com\/sample-questions\/wp-content\/uploads\/2019\/10\/ECONOMIC-MODELS.png\" alt=\"ECONOMIC MODELS \" width=\"603\" height=\"270\" srcset=\"https:\/\/casestudyhelp.com\/sample-questions\/wp-content\/uploads\/2019\/10\/ECONOMIC-MODELS.png 603w, https:\/\/casestudyhelp.com\/sample-questions\/wp-content\/uploads\/2019\/10\/ECONOMIC-MODELS-300x134.png 300w\" sizes=\"(max-width: 603px) 100vw, 603px\" \/><\/a><\/p>\n<ul>\n<li style=\"text-align: justify;\">Models omit unimportant details. Maps also ignore many aspects of reality (or details). State two details in the map of Macquarie University thatare omitted.<strong>\u00a0 (1 mark)\u00a0<\/strong>Why have these details been ignored?\u00a0<strong>(1 mark)<\/strong><\/li>\n<li style=\"text-align: justify;\">Models include essential features relevant to its purpose. State two essential features of realitythat are included in the map of Macquarie University.<strong>(1 mark)<\/strong>Why are these features important?\u00a0<strong>(1 mark)<\/strong><\/li>\n<li style=\"text-align: justify;\">What is the basic feature that maps and economic models have in common?<strong>\u00a0(1 mark)<\/strong><\/li>\n<li style=\"text-align: justify;\">State a basic difference between the map of Macquarie University and economic models. Refer to the basic features of an economic model.<strong>\u00a0 (1 mark)<\/strong><\/li>\n<\/ul>\n<p><strong>2).<\/strong>\u00a0 \u00a0The following is a very simple economic model<\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/casestudyhelp.com\/sample-questions\/wp-content\/uploads\/2019\/10\/very-simple-economic-model.png\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-4871\" src=\"https:\/\/casestudyhelp.com\/sample-questions\/wp-content\/uploads\/2019\/10\/very-simple-economic-model.png\" alt=\"very simple economic model \" width=\"604\" height=\"163\" srcset=\"https:\/\/casestudyhelp.com\/sample-questions\/wp-content\/uploads\/2019\/10\/very-simple-economic-model.png 604w, https:\/\/casestudyhelp.com\/sample-questions\/wp-content\/uploads\/2019\/10\/very-simple-economic-model-300x81.png 300w\" sizes=\"(max-width: 604px) 100vw, 604px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">a)\u00a0 \u00a0State the purpose of this economic model.\u00a0<strong>(1 mark)<\/strong><\/p>\n<p style=\"text-align: justify;\">b)\u00a0 \u00a0State two unimportant details that have been omitted from this model.<strong>(1 mark)<\/strong><\/p>\n<p style=\"text-align: justify;\">c)\u00a0 \u00a0How do the economic agents in the model interact with each other?(You don\u2019t need to describe all the interactions)<strong>(1 mark)<\/strong><\/p>\n<p style=\"text-align: justify;\">d)\u00a0 \u00a0Let\u2019s take a simple example. Pick a good.<\/p>\n<ul>\n<li style=\"text-align: justify;\">How does the model explain the relationships between households, firms and the environment? (1mark)<\/li>\n<li style=\"text-align: justify;\">What doesn\u2019t the model include in this relationship that is of economic importance? Why are these relationships ignored? (1 mark)<\/li>\n<\/ul>\n<h3 style=\"text-align: center;\"><strong>B:\u00a0 Relative Costs and the Industrial Revolution (2 Marks)<\/strong><\/h3>\n<ol>\n<li style=\"text-align: justify;\">One (partial) argument for the Industrial Revolution occurring in England was the incentives created by relative prices.<\/li>\n<\/ol>\n<ul>\n<li style=\"text-align: justify;\">What relative prices were important in creating an incentive for technological innovation to occur in England in the 1700s?<strong>\u00a0(1 mark)<\/strong><\/li>\n<li style=\"text-align: justify;\">How did these relative prices provide an incentive for technological innovation? (1 mark)<\/li>\n<\/ul>\n<h3 style=\"text-align: center;\"><strong>C:\u00a0 A Model of the Industrial Revolution (11 Marks)<\/strong><\/h3>\n<p><strong>1).\u00a0<\/strong>\u00a0\u00a0The following shows different technologies for producing 100 metres of cloth.<\/p>\n<table style=\"height: 70px;\" width=\"424\">\n<tbody>\n<tr>\n<td width=\"78\">Technology<\/td>\n<td width=\"129\">Number of workers<\/td>\n<td width=\"150\">Coal required (tonnes)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">A<\/td>\n<td style=\"text-align: center;\">4<\/td>\n<td style=\"text-align: center;\">2<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">B<\/td>\n<td style=\"text-align: center;\">1<\/td>\n<td style=\"text-align: center;\">6<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">C<\/td>\n<td style=\"text-align: center;\">3<\/td>\n<td style=\"text-align: center;\">7<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">D<\/td>\n<td style=\"text-align: center;\">5<\/td>\n<td style=\"text-align: center;\">5<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\">Which technologies would not be chosen by firms?\u00a0 Explain.<strong>(1 mark)<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>2).<\/strong>\u00a0 \u00a0Isocost Lines: Introducing the relative price of inputs (labour and coal)<\/p>\n<p style=\"text-align: justify;\"><strong>a).<\/strong>\u00a0 \u00a0Use the information in the following table, which shows the costs of different technologies for producing 100 metres of cloth. Calculate the total cost of each technology given the cost of the inputs.\u00a0 (Show the calculation in the table). Highlight the least cost technology.\u00a0<strong>(1 mark)<\/strong><\/p>\n<table style=\"height: 19px;\" width=\"607\">\n<tbody>\n<tr>\n<td width=\"108\">Technology<\/td>\n<td width=\"120\">Number of workers<\/td>\n<td width=\"120\">Coal required (tonnes)<\/td>\n<td width=\"204\">Total cost (\u00a3)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" width=\"552\"><em>Wage \u00a35, cost of coal \u00a310 per tonne<\/em><\/td>\n<\/tr>\n<tr>\n<td width=\"108\"><em>A<\/em><\/td>\n<td width=\"120\">4<\/td>\n<td width=\"120\">2<\/td>\n<td width=\"204\"><\/td>\n<\/tr>\n<tr>\n<td width=\"108\"><em>B<\/em><\/td>\n<td width=\"120\">1<\/td>\n<td width=\"120\">6<\/td>\n<td width=\"204\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\"><strong>b).<\/strong>\u00a0 \u00a0Explain theconcept captured by the isocost line in this particular scenario.\u00a0<strong>(1 mark)<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>c).\u00a0<\/strong>\u00a0\u00a0Graph the isocost lines for Technology A and B.On the horizontal axis place the number of workers and the vertical axis, tonnes of coal.(You only need to include the quantities of the inputs for the two Don\u2019t fuss over your graph).\u00a0<strong>(1 mark)<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>3).\u00a0<\/strong>\u00a0\u00a0See the following table. Let\u2019s assume there is an increase in the price of labour as occurred in England before the Industrial Revolution.<\/p>\n<p style=\"text-align: justify;\"><strong>a).<\/strong>\u00a0 \u00a0Use the information in the following table. Calculate the total cost of each technology given the cost of the inputs.\u00a0 (Show the calculation in the table). Highlight the least cost technology.\u00a0<strong>(1 mark)<\/strong><\/p>\n<table style=\"height: 75px;\" width=\"614\">\n<tbody>\n<tr>\n<td width=\"132\">Technology<\/td>\n<td width=\"96\">Number of workers<\/td>\n<td width=\"120\">Coal required (tonnes)<\/td>\n<td width=\"216\">Total cost (\u00a3)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" width=\"564\"><em>Wage \u00a315, cost of coal \u00a310 per tonne<\/em><\/td>\n<\/tr>\n<tr>\n<td width=\"132\">A<\/td>\n<td width=\"96\">4<\/td>\n<td width=\"120\">2<\/td>\n<td width=\"216\"><\/td>\n<\/tr>\n<tr>\n<td width=\"132\">B<\/td>\n<td width=\"96\">1<\/td>\n<td width=\"120\">6<\/td>\n<td width=\"216\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\"><strong>b).\u00a0<\/strong>\u00a0\u00a0Redraw on a new graph the isocost lines for the two technologies using the original input prices. Now include the isocost lines for the new input prices.<strong>(1 mark)<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>c).<\/strong>\u00a0 \u00a0What is the economic rent (or benefits to firms) from adopting the new technology? Include the definition of economic rent in your answer.\u00a0<strong>(2 marks)<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>d).<\/strong>\u00a0 \u00a0What will happen to firms continuing to use Technology A? How does this relate to the idea of creative destruction?<strong>\u00a0(1 mark)<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>4).<\/strong>\u00a0 \u00a0The use of isocost lines to explain the adoption of particular technologies is a model. \u00a0\u00a0<strong>(2 marks)<\/strong><\/p>\n<script type=\"text\/javascript\" charset=\"utf-8\" src=\"http:\/\/w.sharethis.com\/widget\/?wp=6.2.9\"><\/script>","protected":false},"excerpt":{"rendered":"<p>ECON 649 Economics Analysis &#8211; Worksheet 2 &#8211; Scarcity &amp; Work Choice questions with answers. Get\u00a0case study answers\u00a0to questions in ECON 649 from\u00a0Economics Assignment Experts Online\u00a0for\u00a0Economics Assignment Research Paper\u00a0courses topics and Assignment Writing Services in Australia, UK and USA. A: ECONOMIC MODELS (12MARKS) 1).\u00a0 The following is a map of Macquarie University. Models omit unimportant [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[91],"tags":[1524,2553,2564,2561,2566,2563,2568,2567,2569,2572,2573],"_links":{"self":[{"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/posts\/4873"}],"collection":[{"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/comments?post=4873"}],"version-history":[{"count":1,"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/posts\/4873\/revisions"}],"predecessor-version":[{"id":4890,"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/posts\/4873\/revisions\/4890"}],"wp:attachment":[{"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/media?parent=4873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/categories?post=4873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/tags?post=4873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}