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.
Page 9 of 74
5. Show the effect that a deterioration in the working conditions of plasterers will have in the market for plasterers.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more