Please do Micro economic analysis using the article that i attached for it and please open the assignment template only do part 1 for MICRO ECONOMIC ANALYSIS do not do macro economic analysis
Australia unveils $11.4 billion stimulus to curb coronavirus impact Despite only affecting about 120 people in Australia so far, economists are expecting the widening epidemic to cause a recession in the second quarter. Reuters| Last Updated: Mar 12, 2020, 08.05 AM IST SYDNEY: Australia's government said on Thursday it would pump A$17.6 billion ($11.4 billion) into the economy to prevent the coronavirus outbreak from pushing the country into its first recession in nearly 30 years. The country's first stimulus package since the 2008 global financial crisis, which helped Australia avert a recession then, illustrates the lengths the government will take to pare the economic impact of the outbreak. Despite only affecting about 120 people in Australia so far, economists are expecting the widening epidemic to cause a recession in the second quarter. The package will subsidise the wages of 120,000 apprentices, offer one-off cash payments for welfare recipients and deliver payments of up to A$25,000 ($16,160) for small businesses, Prime Minister Scott Morrison said at a news conference in Canberra. This is a comprehensive, a well-thought-through, a well-targeted plan, which is designed to support the Australian economy and jobs and businesses through the difficult months ahead," Morrison said. Morrison said more than 6 million welfare recipients, notably pensioners and unemployed citizens will get a one-off cash payment of A$750 from March 31. Speaking with the Prime Minister, Australia's Treasurer Josh Frydenberg said the bulk of the package will be spent immediately, offering a boost of up to 1.5 percentage points to the economy in the second quarter. The package won't super-charge the economy. Neither does it guarantee that the economy won't slip into recession. But it is a good first step," said Craig James, chief economist, Commonwealth Bank of Australia. Ratings agency S&P said on Wednesday it expected Australia to fall into recession in the first half of 2020, but the government's strong fiscal position allowed for stimulus without threatening its 'AAA' credit rating. Even with the relatively small number of cases, local health officials are struggling to contain the virus, prompting Morrison on Wednesday to pledge A$2.4 billion to support the health system during the outbreak. The emergency spending package, parts of which will need parliamentary approval, likely ends Morrison's hopes of delivering Australia's first budget surplus. However, the package did not reduce market nerves, with the ASX 200 falling by 3 per cent after it was announced and then falling by more than 5 per cent after the United States announced a ban on European travel. The spending was announced after the World Health Organization described the coronavirus outbreak as a pandemic for the first time on Wednesday. https://economictimes.indiatimes.com/markets/stocks/news/australia-unveils-11-4-billion-stimulus-to-curb-coronavirus-impact/articleshow/74586306.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION HC1072 Economics and International Trade T2 2020 Assessment Details and Submission Guidelines Trimester T1 2020 Unit Code HC1072 Unit Title Economics and International Trade Assessment Type Individual Assignment Assessment Title Economic Analysis of the Australian Market Purpose of the assessment (with ULO Mapping) To complete this assessment, students are required to: 1. Develop a broad understanding of the principles of macro and microeconomics in an economy. 2. Analyse economic environment nationally and internationally and its influence on business and national economic performance. 3. Critically analyse government’s fiscal and monetary policy and their influences on the economy and business in general. 4. Comprehend how economies benefit from international trade. 5. Synthesize theoretical and practical knowledge of economics for application in work-life situations. Weight 40 % of the total assessments Total Marks 40 Word limit No more than specified in each section in the detailed task list Due Date Microeconomic Analysis 5pm Friday 11 Sep 2020, Week 8 Online Presentation – to be scheduled starting from Week 10 Macroeconomic Analysis 5pm Friday 09 Oct 2020, Week 12 Submission Guidelines All work must be submitted on Blackboard by the due date along with a completed Assignment Cover Page. The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers. Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Harvard referencing style. Submitted work should be your original work showing your creativity. Please ensure the self-check for plagiarism to be done before final submission in accordance with SafeAssign Student Guide in Black Board. As a guide, a similarity score of over 20% is considered as excessive except in the cases where the similarity is caused by the use of template provided by the lecturer, references or sources of data. Please note that it can take 48 hours for the self-check report to be available for your viewing. You are required to submit the assignment at HC1072//Assessments/Individual Assignment Information and Submission link on Black Board. There are 3 separate links for your 3 tasks. Always keep an electronic copy until you have received the final grade for the Unit. Please make sure that you submit the correct file. Any appeal relating to submitting wrong files after the deadline will not be considered. HC1072 Economics and International Trade T2 2020 Page 2 of 11 Assignment Specifications Assignment Tasks The assignment task is a written analysis of any published article regarding the Australian Market (newspaper, magazine or website) from 01 Jan 2020 and onwards. Your task is not to research and provide data. You are instead ask to analyse an event using your knowledge of economic principles. You will be required to apply the economic concepts you have learned in class to interpret events reported in your article. Task 1: Choose your article. The first come, first served rule will apply. No two persons can use the same article for the assignment. Register your article by sending an email to
[email protected]. Your email should state: a) HC1072 Individual Assignment by Name, Student ID b) Article Name/Title c) Date Published and Author/Writer A response will be sent. It will indicate, APPROVED or NOT APPROVED. Do not start your work unless you have the email response. Task 2: Ensure that a full printed copy of your article is saved as part of the Appendix of your paper. Deductions will be applied if the printed copy is not provided. Task 3: Microeconomic Analysis (Part 1) – for submission on Week 8 In this part of your assessment, you will analyse the event reported in your chosen article based on microeconomic concepts learned in class. Ensure that you have the full print out of the article in the Appendix of your paper. Task 4: Individual Online Presentation (Part 2) –to be scheduled starting Week 10 In this part of your assessment, you will summarise in an online presentation, all your findings from your analysis. This applies for both microeconomics and macroeconomics. You can still finalise your written paper afterwards but here you will verbally report your findings. Your presentation should be for a minimum of 5 minutes and maximum 10 min. You will be required to show your face, state your full name and student ID clearly at the start of the presentation. Voice over is allowed with powerpoint slides afterwards. But remember, we will match your voice and photo for identity checks. Details on how to register for an online presentation will be discussed by your Lecturer/Unit Coordinator in the Weekly Drop In Sessions for HC1072. It is important that once you receive your scheduled time, you ensure you have strong internet connection for this day and time. The lecturer will be asking relevant questions. Your marks will depend on your answers which should indicate the level of your understanding and analysis. Inability to answer questions and stating facts not on your written paper may indicate that you did not undertake the analysis on your own. This may affect the marks on your written paper which can be marked down with penalty or if proven to be academic misconduct, marked to zero. Task 5: Macroeconomic Analysis (Part 3) – for submission on Week 12 This is your final paper and should include both Microeconomic (Part 1) and Macroeconomic Analysis (Part 2) and the full print out of the article in your appendix. Refer to the below table for the specific task details and some guide questions for your analysis. mailto:
[email protected] HC1072 Economics and International Trade T2 2020 Page 3 of 11 Assignment Structure should be as the following: Requirement/s and Guide Questions Event/Product/Company Description (3 marks, up to 250 words) a) Elaborate on the event being reported in your chosen article. Why did you choose to analyse this event? b) What are the products and services being sold? What is the significance to the Australian Economy of the product/service? c) Who are the parties involved? Identify who is the supplier and who is the consumer in the event. Microeconomic Analysis (Part 1) Demand and Supply (4 marks, up to 600 words) In this part of your paper, you are required to discuss the Demand and Supply interactions. a) What are the Determinants of Market Demand for your chosen event? How do these determinants affect Total Demand? b) What are the Determinants of Market Supply for your chosen event? How do these determinants affect Total Supply? c) Who has power in the market? Analyse any shortage or surplus situation, if applicable. d) Characterize the elasticity of the product being analysed. Who bears the cost of any price increase? Industry Description and Market Structure Analysis (4 marks, up to 400 words) a) Characterize the size of the industry and the level of competition. b) Identify the Market Structure in the industry. Discuss how market structure influences the prices in the industry. c) Identify the regulator/s of the industry. Comment on the extent of the regulator’s power to ensure compliance within the industry.