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Econ 3057, 4438, 8038: Industrial

Organisation

Assignment 6 solution

Semester I 2020

Due: Friday May 29th at 5 pm

[30 points] Freezeme is the unique supplier of refrigerators in a market with two types

of consumers. Each consumer is interested in buying at most one unit. Refrigerators

might come in di¤erent qualities. From any given quality level S, a consumer of type

1 derives a utility of

U1 = S 􀀀 p;

and a consumer of type 2 gets utility

U2 = S 􀀀 p;

where p is the price, and > 1 is a constant. If a consumer does not buy, his/her

utility is 0. Freezeme found out that there are 100 consumers of type 1 and 70 of type

Freezeme has a marginal cost of production of 10 (regardless of quality) and the

(quantity-independent) cost of developing a product of quality S is S2

2 .

(a) Suppose Freezeme develop two refrigerators, one of quality S1, the other one of

quality S2, with S2 > S1. Freezeme.s product manager I.S. Cold claims that

their products can be considered as being vertically di¤erentiated. Is she right?

Explain your answer. [4 points]

(b) Suppose that Freezeme could distinguish between consumers of type 1 and con-

sumers of type 2. Freezeme wants to develop two di¤erent fridges to serve the two

di¤erent types of consumers. What would Freezeme.s optimal price and quality

for each group of consumers be? [For each given quality, the .rm uses uniform

pricing. That is, the .rm charges pi for product with quality Si, i = 1; 2.] Assume

that the .rm can prevent arbitrage. [8 points]

the quality for type 1 consumers? Explain why the .rm would ever want to o¤er

a product of lower quality to the higher valuation type consumers. [4 points]

Assume for the remainder of this problem that Freezeme is unable to distinguish

between consumers of type 1 and consumers of type 2. Also assume that the

condition you identi.ed in part (c) holds.

(d) Freezeme wants to serve the two types of consumers with two di¤erent qualities,

S1 and S2. The .rm wants to .nd the optimal pairs (S1; p1) and (S2; p2) that

maximize their pro.t. [(Si; pi) for type i of consumers.] In order to do so, they

need to separate the two types of consumers. Given a menu f(S1; p1); (S2; p2)g,

write down the two constraints such that both types of consumers purchase the

products. Write down the two constraints such that both types of consumers

prefer to purchase the quality price pair intended for them rather than the one

intended for the other type. [These constraints will be in terms (S1; p1) and

(S2; p2).] [4 points]

(e) Find the optimal pairs (S1; p1) and (S2; p2) that maximize Freezemen.s pro.t

assuming that the .rm wants to o¤er two di¤erent qualities S2 > S1. [Hint: Two

out of the four inequalities constraints will be binding.] [10 points]

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Start a new post with the following information and give it an appropriate subject, like “Patton
Ch 1”:
a) From the appropriate chapter, select a question from the Questions for
Review from the end of the appropriate chapter in the e-book, (copy) the question in your
initial post (1 point).
b) Using your own words, correctly answer the selected question (2 points).
c) Read and reply to another classmate’s post (1 point).
d) Provide a thoughtful and correct reply (1 point).

Use the data in HAPPINESS.RAW for this question. See also Computer Exercise C15 in Chapter 13.
1. (i) Estimate a probit probability model relatingvhappytooccattendandregattend, and include a full set of year dummies. Find the average partial effects foroccat- tendandregattend. How do these compare with those from estimating a linear probability model?
2. (ii) Define a variable,highinc, equal to one if family income is above $25,000. Includehighinc,unem10,educ, andteensto the probit estimation in part (ii). Is the APE ofregattendaffected much? What about its statistical significance?
3. (iii) Discuss the APEs and statistical significance of the four new variables in part (ii). Do the estimates make sense?
4. (iv) Controlling for the factors in part (ii), do there appear to be differences in happi- ness by gender or race? Justify your answer.

Attachments:

How does the DD schedule shift if there is a decline in investment demand? 2. Suppose there is a permanent fall in private aggregate demand for a country’s output (a downward shift of the entire aggregate demand schedule). What is the effect on output? What government policy response would you recommend? 3. A new government is elected and announces that once it is inaugurated, it will increase the money supply. Use the DD-AA model to study the economy’s response to this announcement.

During the current COVID-19 pandemic many countries have imposed quarantine on their
populations in order to limit/ stop the spread of the disease and avoid overload on the health
system. While these measures are justified from the health perspective, they have major economic
consequences. In this assignment you are asked to analyse different economic aspects related to the
COVID-19 pandemic.
Part 1 (20 marks)
GDP and unemployment
a) Analyse the effects of quarantine on GDP, employment and the unemployment rate. Which
industries are likely to be most affected and which industries are likely to be least affected
by quarantine measures?
b) Choose any country that introduced quarantine as an example. What was its GDP growth
rate in 2018, 2019? (Indicate the source of information.) Is this country likely to be in
recession this year? Refer to two definitions of recession.
c) Are your answers consistent with (general) Okun’s law?
Part 2 (20 marks)
Inflation
a) What do you think would happen to inflation in your chosen country in the coming year?
Explain.

manager of a nightclub realizes that demand for drinks is more elastic among students and is trying to determine the optimal pricing schedule. Specifically, he estimates the following average demand for his customer types: Under 25: q^r=18-5p Over 25: q=10-2p The two age groups visit the nightclub in equal numbers on average. Assume that drinks cost the club $2 to make. If the manager cannot identify to which group his customers belong, what is the uniform monopoly price? If the manager can identify to which group his customers belong, what price will he charge each group. Assume the manager can only charge a single price to each group. If the manager can charge a separate entry fee and a price per drink for each group, what two-part price will the manager set for reach group. Now suppose that once again it is impossible to identify which group the customers belong. Suppose the manager lowers the price of drinks to equal to marginal cost and still wanted to attract both customers, what entry fee would the manager set?

A student has to decide whether to go to a party on the night before an exam. If they go to the
party, then they have the probability ? of writing a good exam and the probability 1 ? of writing
a bad exam. If they do not go to the party, then they have the probability > ? of writing a good
exam.
The student has the utility u = x1/2 + H if they go to the party and get the mark x on the exam.
But, if they do not go to the party they have the utility u = x1/2. The professor gets to choose xb
(the mark she gives to bad exams) and xg the mark she gives to good exams. Students also have
the option of going to the party and then quitting the course. This gives them the utility U + H
where U > 0.
(a) What is the student’s expected utility from going to the party and her expected utility from
not going to the party?
(b) Assuming students do not quit the course, what marks (xg, xb) can the professor set to stop
students partying? Draw a picture of this set of marks with yg = pxg on one axis and
yb = pxb on the other. Explain how this set changes as H and ? change.
(c) What marks can the professor set so the students prefer partying and taking the exam to
quitting the course? What marks can the professor set so the students prefer not partying and
taking the exam to quitting the course? Show these sets on a new picture.
(d) Suppose that the professor wants to promote equity and thus aims to make the di?erence
xg xb as small as possible while still stopping students from going to the party, but she
ignores the possibility that students will quit the course. What marks (xg, xb) should she set
to achieve her objective? Will this result in the outcome she planned?
(e) Suppose now the professor wants to minimise xg xb while still getting students to not party
and attend the course. Plot the contours of her objective function on your (yg, yb) picture.
What marks (xg, xb) should she set to achieve her objective now?
(f) The professor has other variables that she can control: she can make the exam harder, which
decreases and ?, and she can make the party fail by calling the campus authorities, which
decreases H. How does each of these variables a?ect her ability to achieve the objectives
described above?

Part 1 (20 marks)
GDP and unemployment
a) Analyse the effects of quarantine on GDP, employment and the unemployment rate. Which
industries are likely to be most affected and which industries are likely to be least affected
by quarantine measures?
b) Choose any country that introduced quarantine as an example. What was its GDP growth
rate in 2018, 2019? (Indicate the source of information.) Is this country likely to be in
recession this year? Refer to two definitions of recession.
c) Are your answers consistent with (general) Okun’s law?
Part 2 (20 marks)
Inflation
a) What do you think would happen to inflation in your chosen country in the coming year?
Explain.
Demand components: Consumption
b) What factors usually determine individual consumption? In light of these factors analyse
how the situation with the COVID-19 pandemic is likely to affect aggregate consumption.
Use the theory studied in the course in your answer. You may want to provide some
examples for your chosen country.
Part 3 (20 marks)
Demand components: Investment and net exports
Analyse the effects of the COVID-19 pandemic on investment and trade (exports and imports, in
particular). Refer to the theories studied in the course. Provide some examples from your chosen
country. Do you think investment and trade will also be affected after the pandemic is over?
Explain.

The tabulation of the incremental cash ?ows between alternatives A and B is shown on the next page. Alternative A has a 3-year life and alternative B a 6-year life. If neither alternative has a salvage value, what is ( a ) the ?rst cost of alternative A and ( b ) the ? rst cost of alternative B? Year Incremental Cash Flow (B – A), $ 0 –20,000 1 5,000 2 5,000 3 12,000 4 5,000 5 5,000 6 5,000

Based on consulting economist’s report, th total and marginal cost functions for Advanced Electronics, Inc. are

TC = 200 + 5Q – 0.04Q² + 0.001Q³

MC = 5 – 0.08Q + 0.003Q²

The president of the company determines that knowing only these equations is inadequate for decision making. You have been directed to do the following:

Determine the level of fixed cost (if any) and equations for average total cost.
Determine the rate of output that results in minimum average variable cost

If fixed costs increase to $500, what output rate will result in minimum average variable cost

You are given the following model:

appr = b 0 + b1 loanprc + b 2atotinc +b 3 atotinc.^2sq. + b4obrat + b5pubrec + u,

4 5 2 b 0 b1 b 2 b 3 b b ,

in which:

– approve: =1 if loan is approved, and 0 if not.

– obrat: other obligations, % of total income

– pubrec: = 1 if filed for bankruptcy

– atotinc: Total monthly income

– loanprc: loan amount /purchase price

– atotinc.^2sq. = atotinc* atotinc

What sign would you expect from each partial slope coefficient in the model above? Justify your answers.

From the estimation of model above, one can obtain the following:

appr = 1.2-0.189loanprc +1.7e^-06atotinc-4.3e^-11atotinc^2-0.0054obrat-0.28 pubrec

(0.04) (0.038) (2.7e^ -06 ) (5.6e^ -11 ) (0.00088) (0.0358)

R^2= 0.1087 n =1989

Interpret the coefficients of pubrec, and of loanprc.
How do you explain the signs of atotinc and atotinc^2 ?

Assuming that global international trade sharply declines because of the “trade war” (in the forms
of increases in tariff and other trade barriers such as import quota and export subsidies on both
sides) between the U.S. and China, the U.S. and the European Union, and the U.S. and Japan.
Everything being equal, explain in 700-800 words the likely impact on the following:
• Global productivity, economic growth and inflation
• Australian consumers who buy goods imported from China, Japan and the United States.
• Australian producers who need to source from both China and the United States.
• Australian exporters such as a mining company who exports iron ore and coal to China and
Japan.

An economy produces three goods: houses, guns, and apples. The price of each is $1. For the purposes of this problem, assume that all exchange involving houses involves newly constructed houses.
(a) Households buy 10 houses and 90 apples, eating them. The government buys 10 guns. There is no other economic activity. What are the values of the different components of GDP (consumption, investment, government spending, exports/imports)?
(b) The next year, households buy 10 houses and 90 apples. The government buys 10 guns. Farmers take the seeds from 10 more apples and plant them. Households then sell 10 apples to France for $1 each and buy 10 bananas from Canada for $2 each, eating them too. What are the values of the components of GDP?
(c) Return to the economy in part 1a. The government notices that the two richest households consume 40 apples each, while the ten poorest consume one each. It levies a tax of 30 apples on each of the rich households, and gives 6 apples each to the 10 poorest households. All other purchases by households and the government are the same as in
(a). Calculate the components of GDP.

A company must purchase one reactor to be used in an overall operation. Four reactors have been designed, all of which are equally capable of giving the required service. The following data apply to the four designs:

Q1: Cost-saving proposals 600 words (max. 200 words per proposal)Recognising these cost elements of this business, or a typical business like this, propose ways it can cleverly save costs (be more cost-efficient) by: (i) reducing fixed cost (ii) reducing variable cost (iii) cost-shifting (passing on/sharing part of the costs onto customers, workers, the government, the public in general etc.) (iv) aiming to achieve better economies of scale ?Propose three cost-saving ideas using any of (i) to (iv). E.g.: two of (i) and one of (ii). ? Discuss them: why you proposed it, why it is a good idea, what challenges might there be to implement them (if any).
Q2: Competitive strategy proposals 600 words (max. 200 word per proposal) What competitive strategy can your chosen business use to gain an advantage in sales over its rivals? ? (i) the five generic competitive strategies (ii) the 4Cs (contrast, combination, constraint, context) (iii) the 4Qs (questions: 1. Is your business relevant? Can you make it more relevant/offer real or essential or higher consumer needs? 2. Are customers dependent on you or not? How to make them more dependent? 3. Do customers prefer us to our competitors? How to make them prefer us? 4. Are we excellent at something? How do we become excellent compared to rivals?)(iv) six ways to differentiate yourself (product, service, channel, relationship etc.) ?Propose three ideas using any of (i) to (iv). E.g.: (ii), (ii) again, and (iv). ? Discuss them: why you proposed it, why it is a good idea, what challenges might there be to implement them (if any)

In what follows, ignore the negative impact that social distancing has on household income. Assume that individuals’ income remains unchanged. The government would now like you to help them understand “hoarding” behaviour and its effect on the market. We will define

hoarding behaviour as the tendency to buy excessive amounts of a good, though individuals are not expected to usemore of the good. For example, the government sees that individuals are hoarding toilet paper—they are buying excessive amounts, though they are using a normal amount. (6 marks) a. You decide to describe individual hoarding behaviour using game theory. You model the behaviour using a simultaneous game between two players. Assume the actions that each player can choose are to “hoard” or “not hoard”. You are seeing that nearly everyone people in society is engaging in various types of hoarding behaviours, even though everyone would be better off without any hoarding. What type of game can best describe the decision to “hoard” versus “not hoard”? (1 marks)
Given your answer to part (a), assign a set of real payoffs to each action, drawthe normal form game and defineand describethe Nash Equilibrium. (3 marks)
Is the Nash Equilibrium socially efficient? If not, what types of policy might you recommend to encourage individuals to achieve an outcome that is efficient? (2 marks)

Find a real world example from 2019-2020 of a change in market conditions, for example an observed change in prices or the quantity of a good or service. Using theories of economics, such as the demand and supply model, explain the impact of changing market conditions on the price and quantity of goods or services traded. The real world example:

will be sourced from newspapers or other media.
be for a specific city, country or global and over some time period.
The assignment must, as a minimum, include:
- an introduction;
- a description of the relevant market, including the product or service, location and degree of competitiveness;
- an analysis (including appropriate diagrams) of how changing market conditions are influencing or have influenced or may influence prices/quantities, and
- a conclusion.

In what follows, ignore the negative impact that social distancing has on individuals’ income. Assume that individuals’ income remains unchanged with and without social distancing. Now that people are “social distancing” and are on home quarantine they are spending significantly more time at home and have more free time since they do not need to commute to work. In part (a), (b) and (c), you need to discuss how the market moves (what happens to supply and demand) and thus what happens to the equilibrium price and quantity. (5 marks) a. Ceteris paribus, describe with graph and words what happens in the market for online moving streaming, e.g. Netflix. Assume there is only oneonline moving streaming service. You do not need to consider the market for other goods. (2 marks)
Given you answer to part 2a above, now consider the impact on the market for books, which is a perfectly competitive market (consider both digital and print books as a single category). Your answer should consider two key “facts” of the case: (1) people have more time at home and (2) people are watching more movies. (2 marks)
Given your answer to part 2a above, now consider the impact on the market for popcorn. You should assume that even in the time of the pandemic, people enjoy eating popcorn while watching a movie. (1 mark)

Using the principles of economics covered in learning materials from week 1 to week 10 inclusive,
students should apply their understanding to analyse the macroeconomic issues and the policy
responses. Students are expected to conduct some basic research and to reference journal articles,
professional websites and other sources in the process.
Required:
The due date for this group assignment is Week 10.
Total marks: 80
Based on the article above, you are required to complete the following questions:
1. Using a diagram, illustrate and describe Australia’s rate of inflation since 2000. (10 marks)
2. Describe the measures undertaken by the Reserve Bank of Australia in combating inflation while
maintaining low unemployment. Discuss whether they have been successful. (20 marks)
3. Discuss the impacts (both positive and negative) of inflation which have influenced the
macroeconomic variables of the real Gross Domestic Product and total employment of Australia.
(20 marks)
4. Describe the type(s) of unemployment Australia is currently facing? Analyse how these types of
unemployment affect the Australian economy. (20 marks)
5. Using examples from the article, explain the following microeconomic concepts. (10 marks)
i. Diseconomies of scale
ii. Negative externalities
6. i. Overall presentation/formatting of the group report. (5 marks)
ii. Referencing (formatting and accuracy). (5 marks)

Explain the difference between monopoly and monopoly power. In reality, do monopolists always have more monopoly power than firms in oligopolistic sectors? Why or why not? With the aid of an example,

Question1

In 2017, Nepal’s production of rice and machinery was published by the Nepal Bureau of Statistics(NBS)as indicated by the table below:

Production in Nepal

Position	P	Q	R	S	T	U	V	W	X	Y	Z
Rice (1000 tons)	0	10	26	37	45	50	55	59	66	77	80
Machinery (units)	90	89	85	80	75	70	65	60	50	30	0

Based on the table above, a production possibility frontier(PPF)for Nepal can be plotted as below:

Use the NBS production table and production possibility frontier to answer the following questions:

A.Name positions B, V and D. Also,as indicated in thetable, supposing Nepal is operating at level T, what is the opportunity cost of producing 10,000 more tons of rice??????????(3marks)

B.Use the graph below to answer the questions that follow:

B1:Suppose Nepal begins to manufacture fertilizers.Explain the impact of the discovery of fertilizerson Nepal’s economy usingone of thePPF above.

(2marks)

B2:Also,supposing there is a discovery of steel in Nepal, explain the impact of steelon the economy of Nepal usingone of the PPF above. (2 marks)

B3:Finally, theMinister of Finance in Nepal advicesthe World Bank that in order to increase rice production and machinery, each sector requires USD 50 billion, or a total of 100 billion.This 100 billion is made available by the World Bank.Explain the impact ofthese 100 billion budgetary allocationsto the economy of Nepal. Use one of the PPF above.??(3 marks)

Assessment Question Week 3:

Markets in Action: Demand and Supply

Question 2

Suppose the graph below represents the demand and supply forriceat various prices, answer the questions that follow.

Thegraph above is represented in the table below. Please complete the tablebelowidentifying the shortage or surplus.

Price (10kg bag)	Demand (10 kg bags)	Supply (SS) (10 kg bags)	Surplus (+) Shortage (-)
10	89	29
20	70	40
30	55	55
40	39	67
50	25	80
60	11	95

A.Based on your findings in the table above, what is the market equilibrium price and quantity forrice? ???????(3 marks)

B.Also, please examine the factors thatcanmotivate the government to reduce the price of rice at $20 per 10 kg bag and theeffectsofthatgovernmentlegislation on the rice market.????? (7marks)

Assessment Question Week4:

Price Elasticity of demand and supply

Question 3

The price for cigarettessold by Big Tobacco Co Ltdwas6.00 per packet in March 2018. During the month of March, the consumption of cigarettes was1000 packets.However, the Board of Directors of Big Tobacco Co Ltddecided to increase the price by 25% during the monthofApril. As a manager you noted that price elasticity of demand was 0.8.As a manager Big Tobacco Co Ltd:

A.Advise yourmanagement ofthe strategy that could be adoptedby your firm to maintainsales.?(5 Marks)

B.Also,advise your government on recommendedinterventions in the cigarette market.?????????(5Marks)

Assessment Question Week5:

Production costs

Question 4

John was a high school teacher earning $ 80,000 per year. He quit his job to start his own business in pizza catering.In order to learn how to run the pizza catering business, John enrolled in a TAFE to acquire catering skills.John’s course was for 3 months. John had to pay $2,000 as tuition for the 3 months.

After the training, John withdrew $110,000 from his savings account. He had been earning 5 percent interest per year for this account. He also borrowed $50,000.00 from his friend whom he pays 6 percent interest per year. Further,to start the businessJohn used hisownpremises. He wasreceiving$12,000from rentper year. Finally, to start the business John uses $50,000 he had been given by his father to go on holiday to USA.

John’s first year of business can be summarised as follows:

Item	Amount $
Revenue- Pizza Section	400,000
Revenue- Beverages Section	190,000
2 Cashiers(wages per worker)	55,000
Pizza ingredients	50,000
Manager	75,000
3 Pizza bakers (wages per baker)	60,000
Equipment	10,000

Based on your calculated accounting profit and economic profit, would you advise John to return to his teaching job? Show your work???(10 marks)

Assessment Question Week6:

Market Structure: Perfect Competition and Monopoly

Question 5

The above diagram illustrates the short run cost curves for Sarah Mat, a rice farmer in Queensland.Calculate the profit or loss for Sarah Mat and, examine the key characteristics for perfect competition firm with reference to Sarah’s farm.(10 Marks)

Students select a real-world case study based on their own industry or workplace context, and submit a 2500-word report on an appropriate aspect of business economics. The assessment task is intended to simulate the composition of a formal report to senior management concerning a strategic initiative.

Following the problem solving and decision making approach discussed in Chapter 1 to solve the following issues relevant to the selected workplace industry and incorporate the following:

Does the company make decisions based on depreciation or overhead? If so, does this lead to bad decisions? What can be done to fix the problem? What was the profit consequences of the change [Refer to Chapter 3 of the prescribed textbook especially on Sunk Cost of Depreciation or Fixed Cost of Overhead].
Describe an extant decision made by the company. Discuss the marginal cost and marginal benefit of the decision. Was the right decision reached? If not, what should be done differently? What was the profit consequences of the change?[Chapter 3: Benefits, Costs, and Decisions].

c.Describe an investment decision the company has made. Discuss the opportunity costs and benefits of the decision. Did your company make the right decision? If not, what would you do differently? What was the NPV of the investment? [Refer to Chapter 5 of the prescribed textbook: Investment Decisions: Look Ahead and Reason Back].

Students are expected to demonstrate a sound theoretical and practical understanding of managerial economics in their analysis and discussions, as well as an awareness of the moral, ethical, and cultural aspects economics decision-making.

The composition of the formal report is staged across the first four weeks of the course, whereby students prepare a component of the report and share their research to receive informal peer feedback:

Week 2: Select Your Case Study and Describe

(a) Explain how GDP is measured in your country. Provide real life examples. (4 marks)
While your textbook is your first point of reference, you should consult other references in order to receive full marks. Use real life examples (with references) to support your discussion.
(b) Explain the macroeconomic effects of COVID-19 pandemic on your country using economic theory, real life data and illustrate them on appropriate diagrams. (10 marks)
This is your case study that you need to describe in details, provide relevant information, use table, diagrams where appropriate. You should use real data as much as possible. Refer to the textbook for the theoretical framework.
(b) Using your home country as a case study outline two main economic measures government applied to the national economy due to COVID-19 pandemic. Analyse the effect of such measures on inflation, output and employment using economic theory. What measures would you suggest and why? Explain using theory and real data. (12 marks)

Use the NBS production table and production possibility frontier to answer the following questions: A. Name positions B, V and D. Also, as indicated in the table, supposing Nepal is operating at level T, what is the opportunity cost of producing 10,000 more tons of rice? (3 marks) B. Use the graph below to answer the questions that follow: Economics Homework Help at HomeworkNest.com Point B is inside the PPF curve. It shows efficient utilization of resources, and the production can be increased by using the resources efficiently. Point V is on the PPF, which shows the full utilization of resources. Point D is outside the PPF curve, which shows production at this point is beyond the potential of Nepal due to limited resources. Thus, this would be the unattainable level of production given the available resources (Galles, Graves & Sexton, 2019). If Nepal produces 10,000 more rice, the point moves to V from T. Thus, the rice would increase by 10,000, and machinery production would reduce by ten units. Hence, the opportunity cost of producing 10,000 units of rice is ten units of rice. B) 1. Production of fertilizers means that rice

ATT&T and Time Warner (Spectrum) has been viewed a great deal since it may have great benefits for customers. But the critics of such merger claim that this deal will hurt customers. Should the Government approve this merger? Provide your arguments or against the deal.

Let the fixed price of good is Birr 72. If the cost function of perfect competitive market is given by C= Q3-12Q2+10Q+100, then find profit maximizing level of output

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.

In 1984 and 1985, the small Latin American country of Bolivia experienced hyperinflation. Below are some key macroeconomic data from those years: Macroeconomic Data for Bolivia, April 1984 – October 1985

Are rapid economic growth and equal distribution of personal income necessarily conflicting objectives?

Analyse and evaluate the market structure of the airline industry. In your analysis, determine
whether the current market is concentrated or not. In your discussion, use economic tools or models
to make this decision. You should also consider who owns Jetstar when making these calculations.
2. With the events of COVID-19, there is a possibility that Virgin Australia may fold. Assuming this
market share will be taken up by QANTAS, calculate the new HHI for the industry. What do you think
will happen to air ticket prices? Explain and justify with relevant economic concepts
3. A couple of States, including NSW, are expected to help bail out Virgin Australia. Do you think this
will be good for the industry? Do you think it will be good for Qantas?

Tutorial Submission Question 1

Assessment Question Week 2:

Production Possibility Frontier (PPF)

Question 1

In 2017, Nepal’s production of rice and machinery was published by the Nepal Bureau of Statistics (NBS) as indicated by the table below:

Production in Nepal

Position	P	Q	R	S	T	U	V	W	X	Y	Z
Rice (1000 tons)	0	10	26	37	45	50	55	59	66	77	80
Machinery (units)	90	89	85	80	75	70	65	60	50	30	0

Based on the table above, a production possibility frontier (PPF) for Nepal can be plotted as below:

Use the NBS production table and production possibility frontier to answer the following questions:

Name positions B, V and D. Also, as indicated in the table, supposing Nepal is operating at level T, what is the opportunity cost of producing 10,000 more tons of rice? (3 marks)
Use the graph below to answer the questions that follow:

B1: Suppose Nepal begins to manufacture fertilizers. Explain the impact of the discovery of fertilizers on Nepal’s economy using one of the PPF above.

(2 marks)

B2: Also, supposing there is a discovery of steel in Nepal, explain the impact of steel on the economy of Nepal using one of the PPF above. (2 marks)

B3: Finally, the Minister of Finance in Nepal advices the World Bank that in order to increase rice production and machinery, each sector requires USD 50 billion, or a total of 100 billion. This 100 billion is made available by the World Bank. Explain the impact of these 100 billion budgetary allocations to the economy of Nepal. Use one of the PPF above. (3 marks)

Assessment Question Week 3:

Markets in Action: Demand and Supply

Question 2

Suppose the graph below represents the demand and supply for rice at various prices, answer the questions that follow.

The graph above is represented in the table below. Please complete the table below identifying the shortage or surplus.

Price (10kg bag)	Demand (10 kg bags)	Supply (SS) (10 kg bags)	Surplus (+) Shortage (-)
10	89	29
20	70	40
30	55	55
40	39	67
50	25	80
60	11	95

Based on your findings in the table above, what is the market equilibrium price and quantity for rice? (3 marks)
Also, please examine the factors that can motivate the government to reduce the price of rice at $20 per 10 kg bag and the effects of that government legislation on the rice market. (7marks)

Assessment Question Week4:

Price Elasticity of demand and supply

Question 3

The price for cigarettes sold by Big Tobacco Co Ltd was 6.00 per packet in March 2018. During the month of March, the consumption of cigarettes was 1000 packets. However, the Board of Directors of Big Tobacco Co Ltd decided to increase the price by 25% during the month of April. As a manager you noted that price elasticity of demand was 0.8. As a manager Big Tobacco Co Ltd:

Advise your management of the strategy that could be adopted by your firm to maintain sales. (5 Marks)
Also, advise your government on recommended interventions in the cigarette market. (5 Marks)

Assessment Question Week 5:

Production costs

Question 4

John was a high school teacher earning $ 80,000 per year. He quit his job to start his own business in pizza catering. In order to learn how to run the pizza catering business, John enrolled in a TAFE to acquire catering skills. John’s course was for 3 months. John had to pay $2,000 as tuition for the 3 months.

After the training, John withdrew $110,000 from his savings account. He had been earning 5 percent interest per year for this account. He also borrowed $50,000.00 from his friend whom he pays 6 percent interest per year. Further, to start the business John used his own premises. He was receiving $12,000 from rent per year. Finally, to start the business John uses $50,000 he had been given by his father to go on holiday to USA.

John’s first year of business can be summarised as follows:

Item	Amount $
Revenue- Pizza Section	400,000
Revenue- Beverages Section	190,000
2 Cashiers (wages per worker)	55,000
Pizza ingredients	50,000
Manager	75,000
3 Pizza bakers (wages per baker)	60,000
Equipment	10,000

Based on your calculated accounting profit and economic profit, would you advise John to return to his teaching job? Show your work (10 marks)

Assessment Question Week6:

Market Structure: Perfect Competition and Monopoly

Question 5

The above diagram illustrates the short run cost curves for Sarah Mat, a rice farmer in Queensland. Calculate the profit or loss for Sarah Mat and, examine the key characteristics for perfect competition firm with reference to Sarah’s farm.(10 Marks)

Attachments:

Your goal: to advise them on how to be cost-efficient, be more competitive in the market, grow the business, and design their pricing and non-pricing strategies.
In essence: you will develop ideas to make that business more successful, and more resilient and long-lasting, even in fierce competitive situations or in very difficult economic conditions. You will present it in a report (see sample report in the ‘Questions: research report’ document.
(i) published data you find about the business on the Internet— their website, possibly with photographs of their premise, location, how many staff they employ (you can just judge this yourself, if that information is not available), online information about their products or services. See the ‘questions: research report’ document again, instruction no. 3.
You may not be able to get all of these but get as much information as you reasonably can. Use your judgement for the rest or rely on past visits to the shop or store (or what people told you about visits to the store). You do not need to be very precise.
(ii) the business should be a business in Sydney or Manly.

Instruction:

1) The answers of the assignment must be printed.

2) Make sure that the content of your answers is clear and understandable.

Question 1)

The Oslo Accords (including the Protocol on Economic Relations) signed in 1994 had set the stage for the National Palestinian Authority (NPA) to assume political and economic sovereignty in major WBG cities. Although, the skewed integration withOccupation state )Israel( economy (the dependence on) Israeli( economy) did not structurally change. The Palestinian Central Bureau of Statistics (PCBS) have published data for national accounts for this period:

http://www.pcbs.gov.ps/site/lang__ar/507/default.aspx

Use the data posted in this web-link to answer the following questions:

1) Use graph to describe changes in real GDP between 2004 and 2014.

2) Use pie graph to describe the share of GDP components in 2014.

Question 2)

The relative recovery of the Palestinian economy prevailed in the 90s was cut short by the breakout of the Second Intifada in September 2000. Following this date, Palestinians endured devastating measures including, relentless Israeli internal and external closures, loss of land and other natural resource, an astronomical rise in unemployment, mainly due to the termination of labor inflow to Israel, and the purposely destruction of physical infrastructure by Israel.

Based on the data posted on:

http://www.pcbs.gov.ps/site/lang__ar/507/default.aspx

a) Use graph to describe changes in real GDP between 2000 and 2008.
b) What is the GDP component that cause the change in read GDP between 2000 and 2008.

Question 3)

In short, talk about the most important provisions of Paris economic agreement ( Paris Protocol) signed in 1994, explain its effects on the Palestinian economy.

Analyze the baseline model of Schumpeterian growth in Section 14.1 assuming that (14.5) is not satisfied.

(a) Show that monopolists set a limit price.

(b) Characterize the BGP equilibrium growth rate.

(d) Now consider a hypothetical economy in which the previous highest quality producer disappears, so that the monopolist can charge a markup of 1/(1- ß) instead of the limit price. Show that the BGP growth rate in this hypothetical economy is strictly greater than the growth rate characterized in part b. Explain this result.

Students who successfully complete this subject will be able to:
1. demonstrate an advanced level of understanding of theories that propose exogenous drivers of economic
growth to explain economic growth differences;
2. demonstrate integrated knowledge of theories that propose endogenous drivers of economic growth to
explain economic growth differences and recognise that social and environmental issues are inextricably
linked to economic growth;
3. contrast real economic data on theory-informed drivers of economic growth in a rich and a poor country
to design advanced-level and integrated economic growth policy recommendations for the poor country.
These outcomes will contribute to your overall achievement of course learning outcomes. Your course learning
outcomes can be located in the entry for your course in the electronic JCU Course and Subject Handbook 2020 (click
on ‘Course Information’ bar/ select ‘Undergraduate Courses’ or ‘Postgraduate Courses’/ select relevant course/
scroll down to ‘Academic Requirements for Course Completion’, ‘Course learning outcomes’).

Case Study 1. Describe the destination with reference to location, size, demographics, governance and a brief history of tourism development. (20 marks) 2. Discuss the major impacts of Covid 19 on tourism for the destination, including social, cultural, political, economic and environmental. In this discussion, provide various examples & compare different states for each impact and the measures in place to minimise the negative and maximise any positive aspects of these impacts. (40 marks) 3. Analysis the communication between; global tourism networks, national and local tourism organisations, private business and the community, and its importance, for a destination, during the Covid 19 crisis. (20 marks) 4. Examine the role governmental leadership, in the destination, has taken in supporting the tourism industry during the Covid 19 crisis. (20 marks)

Consider the US quarterly real gross national product from the first quar-
ter of 1947 to the third quarter of 2011. The data are in the file q-GNPC96 txt,
seasonally adjusted, and in billions of chained 2005 dollars. Let xt be the
growth rate series of the real GDP.
The ar command identifies an AR(4) model for xt via the AIC cri-
terion. Fit the model. Is the model adequate? Why?
The sample PACF of xt specifies an AR(3) model. Fit the model. Is
it adequate? Why?
What is the model for xt if one uses in-sample model comparison?
Why?
Divide the data into estimation and forecasting subsamples using
the fourth quarter of 2000 as the initial forecast origin and apply the
backtesting procedure with MSFE as the criterion. Select a model
for xt. Justify the choice.
To answer questions in Problems 3, (a) use 5% significance level in
tests, and (b) use 10 lags of serial correlations for return series.

Pick one question to answer only.
1. How can states respond effectively to cyber-attacks originating beyond their own borders?
Compare and evaluate responses of two or three different governments.
2. How have the Internet and cyber-weapons
impacted on-going conflicts, and how will they
impact conflicts in the future? Respond using
multiple recent, ongoing, or potential future
conflict scenarios.

Write a MATLAB code (.m file) to compare the bit error rate of (15,11) Hamming code and ¼-convolutional code in addition to the performance of uncoded system. The simulation parameters are shown below:

Daily foreign exchange rates (spot rates) can be obtained from the Federal Reserve Bank of New York. The data are the noon buying rates in New York City certified by the Federal Reserve Bank of New York. Consider the exchange rates between the U.S. dollar and the British pound and Japanese yen from January 2, 2007 to November 30, 2011.

(i) Compute the daily log return of each exchange rate.

(ii) Compute the sample mean, standard deviation, skewness, excess kurtosis, minimum, and maximum of the log returns of each exchange rate.

(iii) Obtain a density plot of the daily log returns of Dollar-Yen exchange rate.

(iv) Test H0 : = 0 versus Ha : 6= 0, where denotes the mean of the daily log return of Dollar-Yen exchange rate. Use the 5% significance level to draw the conclusion. If not specifically specified, use 5% significance level to draw conclusions in the exercises.

Consider the US quarterly real gross national product from the first quarter of 1947 to the third quarter of 2011. The data are in the file q-GNPC96.txt, seasonally adjusted, and in billions of chained 2005 dollars. Let xt be the growth rate series of the real GDP.

(a) The ar command identifies an AR(4) model for xt via the AIC criterion. Fit the model. Is the model adequate? Why?

(b) The sample PACF of xt species an AR(3) model. Fit the model. Is it adequate? Why?

(d) Divide the data into estimation and forecasting subsamples using the fourth quarter of 2000 as the initial forecast origin and apply the backtesting procedure with MSFE as the criterion. Select a model for xt. Justify the choice.

To answer questions in Problems 3, (a) use 5% significance level in tests, and (b) use 10 lags of serial correlations for return series.

Consider the daily stock returns of Procter & Gamble from September 1, 2001, to September 30, 2011. The simple returns are available from CRSP and in the le d-pg-0111.txt. Transform the simple returns to log returns.

(a) Is there any serial correlation in the log returns?

(b) Fit an MA model, where the maximum order is Q = 20, to the log returns to remove serial correlations. Write down the fitted model. Is the model adequate?

(d) Fit an EGARCH model to xt. Perform model checking and write down the fitted model.

Case Study 1. Describe the destination with reference to location, size, demographics, governance and a brief history of tourism development. (20 marks) 2. Discuss the major impacts of Covid 19 on tourism for the destination, including social, cultural, political, economic and environmental. In this discussion, provide examples of each impact and the measures in place to minimise the negative and maximise any positive aspects of these impacts. (40 marks) 3. Analysis the communication between; global tourism networks, national and local tourism organisations, private business and the community, and its importance, for a destination, during the Covid 19 crisis. (20 marks) 4. Examine the role governmental leadership, in the destination, has taken in supporting the tourism industry during the Covid 19 crisis. (20 marks)

What does the name of the IS curve stand for? Note the following identity might give you some hint:
My to break the left-hand side of the above equation into three kinds of savings. We have discussed under the consumption model the idea of precautionary savings. Does the idea of precautionary saving apply to the government level and/or the country level? Be creative and please give some concrete examples.

Brazil’s Economic Structure’s Critical Overview.
America’s Economic Structure’s Critical Overview.
Evaluation of China’s Trade Policies and Economy.

Who wrote this article, when, how did they gather this information? Did they provide Apple with this information and ask them to comment on their data?

Profile Apple:

How many products and what kind does it produce

What year did Apple move to global supply chains and why? What do they claim about foreign workers and factories

What is Apple’s strategy for production? Which other industries follow this model?

What is the rationale for this? How does Apple relate this to innovation?

How many workers are employed by foreign contractors in producing Apple products?

How many workers are employed in US by Apple? Overseas?

What is Apple’s profit per employee?

At the time of this article, what is the current value of the stock? What has been the increase in value since 2005? Before the impact of the Coronavirus?

What is an example of a manager’s salary package? What is Tim Cook’s package?

Analytical Study of the supply and demand
Economics as a science.
Consumerism Impact and Evolution.
Interest rate as a political factor in an organization.
Impact of Unemployment in today’s economy.
Illegal Immigration affecting a country’s Economy.
Impact of Supply and Demand on Pricing.

(a) Is there a difference between the price of oil in the market for oil and the price of reserves in the market for reserves? Explain. (b) What is the Hotelling Rule? (c) Does it assume profit maximization by owners of oil deposits? (d) What does it imply about the price at which oil is sold over time? (e) How would you expect non-renewable resource by a monopolist to differ from extraction by a price-taking firm? (f) With a pollution externality, Pigou demonstrated that the presence of a harmful real externality leads private decision making by a profit-maximizing firm to generate an outcome that is not socially optimal. Is that also the case with the inter-temporal externality associated with extraction of this non-renewable resource – is the profit maximizing extraction also not socially optimal? Explain. (g) Is socially optimal extraction of a non-renewable resource sustainable? Lecture: Non-Renewable Resources – Economics of oil 2 (a) A non-renewable resource firms owns two deposits of copper, where the potential amount of copper in the deposits are the same but one is located at a shallower depth and has a lower cost of extraction. How should it exploit those two resources? Should it extract some copper from each deposit every year, or should it do something different? Describe the extraction strategy it should employ, and the underlying economic rationale. (b) Has the world price of oil risen, from 2000 to now, approximately at the interest rate, as a simple version of the Hotelling rule would suggest? (e) If not, why not? What factors could explain this?

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