Subject Code : BUECO5903
Country : Australia
Assignment Task:

Question 1 
Using a production possibilities frontier (PPF) diagram, determine how does the PPF change in response to the following events: 
a) Reducing skilled migration into the country 
b) Imposing import taxes (tariffs) on intermediate inputs 
c) Increasing the expenditure on research and development 
d) An increase in the retirement age 
e) The effects of natural disaster
 
Question 2 
Identify what sort of effect the following events have: 
a) A decrease in oil prices as a consequence of a price dispute in the world oil markets 
b) The onset and prevalence of a pandemic 
c) The implementation of subsidies to manufacturing of cars in Australia 
d) The implementation of a Carbon tax in the economy. A Carbon tax is charged according to the level of emissions of greenhouse gases in an economy. 
e) The implementation of a new loan program to university students in the education sector 
You are required to explain whether the event acts on the demand or supply side, and whether the event leads to a quantity or price change, or leads to a shift in demand and/or supply. Make sure to explain what sort of assumptions you are making on the elasticities of demand and supply.
 
Question 3 
Compare the impact of a recession that reduces consumer income by 10 percent on the consumption of technology goods and house rentals. Suppose that the income elasticity of demand for technology goods is 3 and the income elasticity of demand for house rentals is 0.3. Based on your response, make a policy argument to support through government funding either businesses or house rentals. 

Question 4 
Using a supply and demand analysis show first the labour market in equilibrium, and then show 
a) the effect of a reduction in the demand for labour as a consequence of a pandemic. 
b) The effect of a government subsidy to producers to restore the employment of labour. 
Provide a diagram with clear axis details. Make sure to explain what sort of assumptions you are making on the elasticities of demand and supply. 

Question 5 
Using the following table 
a) construct the cost schedule for a firm operating in the short run 
b) Graph the average variable cost, average total cost and marginal cost curves. 
 

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  • Posted on : April 23rd, 2019
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