Recent orders

Economics Questions Solved. Economics Homework Help. Economics Essays. Graduate Economics Papers. Economics Assignments Help. Economics Tutors Online.

Question 

  1. Do you think that the Australian Banking industry is closer to a Monopoly or Perfect Competition market structure? Give reasons for your answer and explain with the aid of a diagram the difference between the two market structures. Also explain which market structure serves the public better?
  1. The Australian government is considering different methods for pricing carbon emissions.
  2. i) What is the general rationale behind introducing a price for carbon emissions?
  3. ii) Explain three methods for addressing the external cost of carbon emissions.

iii)   Demonstrate graphically carbon tax pricing to address the external cost of carbon emissions.

  1. iv) Discuss who you think would carry the cost of a carbon tax for elastic vs inelastic goods and services.

Economics Questions Solved. Economics Homework Help. Economics Essays. Graduate Economics Papers. Economics Assignments Help. Economics Tutors Online.

Question 

a.

Output TFC TVC Total Cost Average Fixed Cost Average variable Cost Average cost Marginal Cost
0              
               
1   8   10      
               
2   12          
               
3     25        
               
4     27        
               
5         4    
               
6         4    
               
7              
              7
8           5.75  
               
9   48       6.44  
               
10   70          
  1. Fill in the columns above
  2. At what point do diminishing returns set in? Explain your answer.

4b. Assume that you have taken 12 months’ leave without pay from your full-time job as a dressmaker and set up a business ironing and repairing clothes. You have taken out a 12-month lease on a small shopfront in a suburban shopping centre. You have bought all the equipment you need for your business and arranged the fit-out of your premises to accommodate your work requirements. You have paid for these set-up costs out of your previous savings. You will not be able to buy any more equipment during the next 12 months. For the year, your total explicit costs are $25 500 and your implicit costs are $45 000.

  1. Give some examples of your explicit costs.
  2. Give some examples of your implicit costs.
  • In your short-run period, how would the law of diminishing returns be likely to apply if the business was doing so well that you started taking on extra staff members?
  1. If your total revenue is $80 000, what is your economic profit?

Economics Questions Solved. Economics Homework Help. Economics Essays. Graduate Economics Papers. Economics Assignments Help. Economics Tutors Online.

Question 

  1. The following information shows price ($) and quantity demanded (thousands per week) for entrance fees for a local attraction:
Price 0 1 2 3 4 5 6 7 8 9 10
Demand 10 9 8 7 6 5 4 3 2 1 0  
  1. Calculate the elasticity of demand at each price level change using the midpoint method.
  2. Describe how the elasticity of demand changes with respect to price.
  • Calculate the change in revenue for each price change.
  1. Are the changes in revenue from part iii) consistent with the values of elasticity of demand that you calculated in part i)?

 

  1. Your minister for housing wants to increase the number of privately owned low – rental housing units available by 7 percent.
  2. If the elasticity of supply of this type of housing has been estimated to be equal to 0.3 over the relevant period, how much is the percentage increase in rent required?
  3. If the rent for these units is currently $70 a week what is the increase in rent required?