Economic custom essay

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Individual Assignment An individual assignment, which must be entirely written in your own words and which contains diagrams that you have drawn yourself, must be lodged as a typewritten hard copy in your tutor’s mail box by the due date. The due date is 5.00 PM, Thursday, 19

ANSWER ALL QUESTIONS AND USE DIAGRAMS WHEREVER POSSIBLE TO ILLUSTRATE YOUR ANSWERS
1. A consultant estimates the price elasticity of demand for cinema seats in Melbourne to be 0.7. As a result one cinema complex decides to raise the price of tickets. Its revenue falls by 20percent. Is this outcome consistent with the consultant’s estimates? Can you explain the reason for the revenue fall experienced by the cinema complex?
2. Show the effect of placing an excise tax on cigarettes (an excise tax is a tax on producers). Mark clearly the price paid by consumers as Pc and the price received by producers as Pp. Show the amount of tax revenue raised by the government and what proportion of this is paid by consumers and what proportion is paid by producers. Be careful to show any effects that elasticity may play in the distribution of the tax.
3. What is the difference between diminishing marginal returns and diseconomies of scale? Include diagrams in your answer.
4. How do perfect competition and monopoly differ in terms of economic efficiency? Remember to define all your terms and use appropriate diagrams to illustrate your answer.
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5. Show the effect that a deterioration in the working conditions of plasterers will have in the market for plasterers.

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