{"id":926,"date":"2016-04-08T18:24:41","date_gmt":"2016-04-08T08:24:41","guid":{"rendered":"http:\/\/casestudyhelp.com\/sample-questions\/?p=926"},"modified":"2018-01-24T18:00:47","modified_gmt":"2018-01-24T07:00:47","slug":"econ-111-microeconomics-principles-case-study-assignment-help","status":"publish","type":"post","link":"https:\/\/casestudyhelp.com\/sample-questions\/econ-111-microeconomics-principles-case-study-assignment-help\/","title":{"rendered":"ECON 111 Microeconomics Principles Case Study & Assignment Help"},"content":{"rendered":"
<\/div>\n
E-CAP&REMIND<\/div>\n
Question 01\u2013(12marks)\u2013200-300 Words<\/div>\n
a)The taxi industry in NSW used to\u00a0have a mono\u00a0poly before the arrival of Uber.Explain with reference<\/div>\n
to the characteristics of a monopoly why this was so. How much did a taxi license cost?<\/div>\n
b)Assuming that the industry was making economic profits, illustrate the situation of the taxi industry<\/div>\n
monopoly in a diagram.Your diagram must be half an A4 page.<\/div>\n
c)If this was the situation in the\u00a0short\u00a0run, what would happen in the long run and why?<\/div>\n
d)Explain with reference to the characteristics of a monopoly, how Uber was able to enter the market\u00a0in NSW.<\/div>\n
Question\u00a002<\/div>\n
START A NEW PAGE<\/div>\n
\n
a)\u00a0Now that Uber has entered the\u00a0NSW taxi services market\u00a0, explain why the industry has changed from<\/div>\n
a monopoly to one that is closer to monopolistic competition.<\/div>\n
b)Re-draw your diagram in 1.b and explain the transition from the short run to the long run after the<\/div>\n
entry of Uber.Your diagram must be half an A4 page.<\/div>\n
c)Compare and contrast your answer in 2.b to the long run situation in\u00a0a perfectly competitive market<\/div>\n
and\u00a0the long run situation in a monopoly.<\/div>\n
d)Assuming that the market has become monopolistically competitive, w<\/div>\n
hat are some strategies that taxi<\/div>\n
drivers could implement to help retain some of their profits, even in the long run?<\/div>\n
e)1 mark\u2013take a photograph\u00a0of an example of\u00a0a firm\u00a0(\/s)\u00a0in monopolistic competition. Share your<\/div>\n
example on social media (Twitter, Facebook, Instagram, Weibo, QQ, etc.) using the hashtags:<\/div>\n
#mqecon111\u00a0and\u00a0#mq\u00a0moncomp). Include a screenshot of your social media posting\u2013your screenshot<\/div>\n
should be just half an A4 page).<\/div>\n
ECONOMICS\u00a0EVERYDAY<\/div>\n
\n
a)Re-draw your\u00a0final\u00a0diagram in 2.b\u2013where you are re-drawing\u00a0only\u00a0the long run situation\u00a0under<\/div>\n
monopolistic competition. Suppose that there is an increase in the price of petrol, show the\u00a0short run<\/div>\n
impact on your diagram.\u00a0Your diagram should be half an A4 page.<\/div>\n
b)Explain your answer\u00a0to\u00a03.a.<\/div>\n
c)Re-draw your\u00a0final\u00a0diagram in 2.b\u2013where you are re-drawing\u00a0only\u00a0the long run situation\u00a0under<\/div>\n
monopolistic competition. Suppose that there is an increase in the price of car number plate\u00a0registration, show the<\/div>\n
short run\u00a0impact on your diagram.<\/div>\n
Your diagram should be half an A4 page.<\/div>\n
d)Explain your answer\u00a0to\u00a03.c<\/div>\n
Question\u00a004a)\u00a0Research question\u2013Fortraditional taxis,fares are regulated and not determined by the market. Draw<\/div>\n
\n
a diagram of a taxi market where fares are capped with an enforced\u2018price ceiling\u2019that is set at $2.50\u00a0per kilometre whereas the\u00a0free\u00a0market equilibrium price would be $3.00 per kilometre.Your diagram\u00a0should be half an A4 page.<\/div>\n
Clearly label the quantity traded (exchanged between buyers and sellers).<\/div>\n
b)Using your diagramin 4.a,critically\u00a0comment on whether\u00a0all\u00a0consumers are actually better off under<\/div>\n
this price ceiling compared to a free market equilibrium.<\/div>\n
c)Under Uber,where there is no price ceiling,there is \u2018surge pricing\u2019 where drivers can increase their\u00a0fares based on unusual increases\u00a0in demand, based on what consumers are willing and able to pay.\u00a0Use\u00a0a graph of the market to depict such\u00a0a\u00a0situation of surge pricing\u00a0(that takes the price beyond $3.00 per\u00a0kilometre).<\/div>\n
Your diagram should be half an A4 page.Compare the two free market equilibrium points.<\/div>\n
d)Using your diagram in 4.c,criticallycomment on whether all\u00a0consumers are actually better\u00a0off under<\/div>\n
surge pricing compared to a price ceiling.<\/div>\n
e)1 mark\u2013take a photograph of an example of a firm\u2019s costs. Share your example on social media\u00a0(Twitter, Facebook, Instagram, Weibo, QQ, etc.) using the hashtags: #mqecon111\u00a0and\u00a0#mq\u00a0costs).<\/div>\n
Include a screenshot of your social media posting\u2013your screenshot should be just half an A4 page)<\/div>\n
\n
Question\u00a005<\/div>\n
\n
a)For the purposes of this question,assume\u00a0that the\u00a0newly formed taxi services market that includes<\/div>\n
traditional taxis and Uber cars,is\u00a0perfectly competitive (perfect competition)\u00a0. Draw a situation of\u00a0this<\/div>\n
industry\u00a0in long run conditions. The market is to be on the left and an individual firm is to be on the\u00a0right.<\/div>\n
Your entire diagram should take up one full landscaped A4 page.<\/div>\n
b)Explain,in detail,the long run conditions\u00a0in<\/div>\n
5.a.c)Re-draw your diagram in 5.a. Assume that due\u00a0to an extreme weather event\u00a0, the general population is<\/div>\n
suddenly\u00a0halved\u00a0overnight. The\u00a0population of taxi drivers is unaffected as the\u00a0ywere all protected while<\/div>\n
in their taxis during the\u00a0extreme weather event\u00a0. Show the impact of this on this new diagram.<\/div>\n
d)Explain your answer\u00a0to\u00a05.c<\/div>\n

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

Question 06<\/strong><\/div>\n<\/div>\n
\n
a)Assume\u00a0now\u00a0that the extreme weather event\u00a0(in Question 5)\u00a0has\u00a0completely disappeared\u00a0(of course,<\/div>\n
remember that the population is still halved)\u00a0.Now, why would some taxi drivers be unable to leave\u00a0or exit the industry in the short run? What is their short run decision making rule when experiencing\u00a0losses and why?<\/div>\n
b)Draw two diagrams for two separate firms in a perfectly competitive market: one which is better off<\/div>\n
shutting down in the short run and one which is better off continuing to operate in the short run.\u00a0Each diagram should be quarter of an A4 page.<\/div>\n
c)Re-draw your diagram\u00a0of your final answer \u00a0in 5.c. Show the long run impact on this diagram<\/div>\n
. Your\u00a0diagram should be half an A4 page.<\/div>\n
d)Explain your answer to\u00a06.c.<\/div>\n
e)1 mark\u2013take a photograph of an example of a\u00a0firm(\/s)\u00a0in\u00a0perfect\u00a0competition. Share your example\u00a0on social media (Twitter, Facebook, Instagram, Weibo, QQ, etc.) using the hashtags: #mqecon111\u00a0and\u00a0#mq\u00a0perfectc\u00a0omp). Include a screenshot of your social media posting\u00a0\u2013your screenshot should\u00a0be just half\u00a0an A4 page)<\/div>\n
\n

Please CHAT WITH LIVE Assignment Advisor to\u00a0get assignment help at low price<\/strong><\/em><\/p>\n

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

Ask Your\u00a0Case Study Question<\/a><\/strong>?<\/strong><\/strong>
\nCheck out our\u00a0Assignment Help Services<\/a><\/strong>
\nFind Your\u00a0Assignment Experts<\/a><\/strong><\/p>\n<\/div>\n

<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n