{"id":7113,"date":"2021-04-10T00:23:55","date_gmt":"2021-04-09T14:23:55","guid":{"rendered":"https:\/\/casestudyhelp.com\/sample-questions\/?p=7113"},"modified":"2021-04-10T00:23:55","modified_gmt":"2021-04-09T14:23:55","slug":"econ-1008-principles-of-economics-assignment-question-to-answers","status":"publish","type":"post","link":"https:\/\/casestudyhelp.com\/sample-questions\/econ-1008-principles-of-economics-assignment-question-to-answers\/","title":{"rendered":"ECON 1008 Principles of Economics Assignment Question to Answers"},"content":{"rendered":"<h2><strong>ECON 1008- Question and Answer on the Economic Concepts and Models at University of South Australia<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p><strong>Assignment Details:-<\/strong><\/p>\n<ul>\n<li>Course Code:\u00a0ECON 1008<\/li>\n<li>Course Title:\u00a0principles of economics<\/li>\n<li>Referencing Styles: \u00a0<strong>Harvard<\/strong><\/li>\n<li><strong>Words: 2750<\/strong><\/li>\n<li>University:\u00a0University of South Australia<\/li>\n<li>Country:\u00a0AU<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">To avail of assignment service from us, visit our website Casestudyhelp.com for ECON 1008 Principles of Economics Assignment. We provide <a title=\"online assignment help\" href=\"https:\/\/casestudyhelp.com\/assignment-help\/\" target=\"_blank\"><strong>online assignment help<\/strong><\/a> for 100+ subjects. Casestudyhelp have a special team of writing experts. our premium <a title=\"assignment writing services\" href=\"https:\/\/casestudyhelp.com\/assignment-writing-services.html\" target=\"_blank\"><strong>assignment writing services<\/strong><\/a> at the cheapest rate. 100% Plagiarism Free Work.<\/p>\n<\/blockquote>\n<p style=\"text-align: center;\"><strong>\u00a0<a title=\"Order Now!\" href=\"https:\/\/casestudyhelp.com\/MyOrder.php\" target=\"_blank\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-7064\" src=\"https:\/\/casestudyhelp.com\/sample-questions\/wp-content\/uploads\/2021\/03\/order-now.jpg\" alt=\"order-now\" width=\"700\" height=\"87\" srcset=\"https:\/\/casestudyhelp.com\/sample-questions\/wp-content\/uploads\/2021\/03\/order-now.jpg 700w, https:\/\/casestudyhelp.com\/sample-questions\/wp-content\/uploads\/2021\/03\/order-now-300x37.jpg 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/strong><\/p>\n<p><strong>Task:<\/strong><\/p>\n<p><strong>Aim<\/strong><\/p>\n<p>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.<\/p>\n<p>The assignment covers these course objectives.<\/p>\n<ol>\n<li>Describe and utilize the fundamental tools, methods and language of economics to analyse resource allocation issues<\/li>\n<\/ol>\n<ol start=\"2\">\n<li>Describe the impact of incentives and use economic models to illustrate how agents and economies respond to incentives<\/li>\n<\/ol>\n<ol start=\"3\">\n<li>Identify the limitations of the market mechanism and analyse the role of government in affecting markets and decision-making in the general economy<\/li>\n<\/ol>\n<ol start=\"4\">\n<li>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.<\/li>\n<\/ol>\n<p><strong>Questions:<\/strong><\/p>\n<p><strong>Q1.<\/strong> Using the demand and supply model, explain and illustrate graphically why ginger prices have increased compared to last year.<\/p>\n<p><strong>Hint:<\/strong><\/p>\n<p>Make sure you discuss the equilibrating process and clearly outline the assumptions in discussing the factors causing the change in price and quantity.<\/p>\n<p><strong>Q2<\/strong>. \u00a0Assume ginger is sold in a Perfectly\u00a0<span style=\"text-decoration: underline;\">Competitive Market<\/span> 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.<\/p>\n<p>(<strong>Hint<\/strong>: Make sure your graph includes the firm\u2019s demand curve, marginal revenue curve, marginal cost curve and average total cost curve and also explain the profit Maximizing position)<\/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 1008- Question and Answer on the Economic Concepts and Models at University of South Australia &nbsp; Assignment Details:- Course Code:\u00a0ECON 1008 Course Title:\u00a0principles of economics Referencing Styles: \u00a0Harvard Words: 2750 University:\u00a0University of South Australia Country:\u00a0AU &nbsp; To avail of assignment service from us, visit our website Casestudyhelp.com for ECON 1008 Principles of Economics Assignment. [&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":[5919,5913,5916,5920,5914,5917,5921,5915,5918],"_links":{"self":[{"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/posts\/7113"}],"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=7113"}],"version-history":[{"count":1,"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/posts\/7113\/revisions"}],"predecessor-version":[{"id":7114,"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/posts\/7113\/revisions\/7114"}],"wp:attachment":[{"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/media?parent=7113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/categories?post=7113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casestudyhelp.com\/sample-questions\/wp-json\/wp\/v2\/tags?post=7113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}