Question 1
Compare the market structures of Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly under the following headings (about 250 words).
a. number of firms in the market
b. similarity of the products sold
c. barriers to entry
(12 marks)
Question 2
Explain the term “game theory” and state which market structure experiences it the most.
Use one example of how you practise it in your own life. (About 50 words)
(6 marks)
Question 3
Explain the term “kinked demand curve” by using an example and a diagram. State which market structure it is found. (About 50 words)
(6 marks)
Question 4
Explain the term “price discrimination” and give three (3) examples of how firms practice it. (About 50 words)
(5 marks)
Question 5
State which market structure you think each of the following businesses belong to. Explain your choice.
a. Woolworth supermarket chain in your city (Melbourne/Sydney)
b. A Woolworth supermarket in a small town in country Victoria or NSW
c. A small café in Melbourne/Sydney CBD
d. Yarra Tram in Melbourne or Sydney Trains in Sydney
e. Australia New Zealand Bank
f. Academies Australasia Polytechnic
g. A small store that sells souvenirs such wallets, caps, tee-shirts, key chains in your city’s Sunday market that has many such stores
h. Iphone and Samsung in the mobile phone industry
(8 marks)
Question 6
Diagram A Diagram B
The above are diagrams of demand curves facing two firms.
2017 Semester 2 (2017.2) MGE1108 ECONOMICS FOR BUSINESS Assessment 3: Individual Assignment Complete all the questions below. This assignment is marked out of 45 marks and contributes towards 15% of your total marks for the subject. Your assignment must be submitted as a word document AND through Turnitin. Any diagrams if included must be hand drawn, scanned or photographed and pasted onto the word document. The assignment is 45 marks and constitutes 15% of your overall marks. Due Date: 1 OCTOBER 2017 (Sunday) just before midnight. All assignments must be submitted electronically through Turnitin and the online Assignment Submission Drop Box. No assignment will be accepted in either hard copy or via email. Resource: The prescribed text book A, Robinson. T, and Tucker I. (2012) Economics for Today would be sufficient resource to complete this assignment. The relevant chapters are Chapters 7 – 9. Answer each question with proper intext referencing. Question 1 Compare the market structures of Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly under the following headings (about 250 words). a. number of firms in the market b. similarity of the products sold c. barriers to entry (12 marks) Question 2 Explain the term “game theory” and state which market structure experiences it the most. Use one example of how you practise it in your own life. (About 50 words) (6 marks) Question 3 Explain the term “kinked demand curve” by using an example and a diagram. State which market structure it is found. (About 50 words) (6 marks) Question 4 Explain the term “price discrimination” and give three (3) examples of how firms practice it. (About 50 words) (5 marks) Question 5 State which market structure you think each of the following businesses belong to. Explain your choice. a. Woolworth supermarket chain in your city (Melbourne/Sydney) b. A Woolworth supermarket in a small town in country Victoria or NSW c. A small café in Melbourne/Sydney CBD d. Yarra Tram in Melbourne or Sydney Trains in Sydney e. Australia New Zealand Bank f. Academies Australasia Polytechnic g. A small store that sells souvenirs such wallets, caps, tee-shirts, key chains in your city’s Sunday market that has many such stores h. Iphone and Samsung in the mobile phone industry (8 marks) Question 6 Diagram A Diagram B The above are diagrams of demand curves facing two firms. Required: State which demand curve applies to the Monopolistic Competition firm and the other to the Oligopoly firm and explain why you think so (Hint: consider their price elasticities of demand) (8 marks) Set c 2 Set B 1 Set B 2017 Semester 2 (201 7.2 ) MGE1108 ECONOMICS FOR BUSINESS Assessment 3: Individual Assignment Complete all the questions below. This assignment is marked out of 4 5 marks and contributes towards 15% of your total marks for the subject. Your assignment must be submitted as a word document AND through Turnitin. Any diagram s if inclu ded must be hand drawn, scanned or photographed and pasted onto the word document. The assignment is 45 marks and constitutes 15% of your overall marks. Due Date: 1 OCTOBER 2017 (Sunday) just before midnight. All assignments must be submitted electronically through Turnitin and the online Assignment Submission Drop Box. No assignment will be accepted in either hard copy or via email. Resource: The prescribed text book A, Robinson. T, and Tucker I. (2012) Economics for Today would be sufficient resource to complete this assignment. The relevant chapters are Chapters 7 – 9. Answer ea ch question with proper intext referencing. Question 1 Compare the market structures of Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly under the following headings ( ab out 250 words) . a. number of firms in the market b. similarity of the products sold c. barriers to entry (12 marks) Question 2 Explain the term “game theory” and state which market structure experiences it the most. U se one example of how you practise it in your own life. (About 50 words) ( 6 marks) Question 3