ECO105 Business Economics Written Assignment Semester 1, 2 XXXXXXXXXXDr. D Chakrabarty Maximum Marks: 30 (worth 30% of the overall assessment) Due date: Sunday, 29th September 2019, 23:59 hours,...

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Required textbook:Layton, A.P, Robinson, T. and Tucker, I.B. 2016,Economics for Today, 5th Asia-Pacific edn, Cengage Learning, Australia




ECO105 Business Economics Written Assignment Semester 1, 2019 Dr. D Chakrabarty Maximum Marks: 30 (worth 30% of the overall assessment) Due date: Sunday, 29th September 2019, 23:59 hours, Darwin time Instructions: 1. Assignment must be typed and submitted in Microsoft Word format. 2. Format the assignment with 1.5 line spacing and size 12 point Arial font. 3. Submit the completed assignment (as a Word document) electronically via “Written Assignment Submission Point” in the Assessment Task 3 folder. 4. You must clearly label the answer to each question. 5. If you are unable to draw diagrams in Microsoft Word, you may use scanned copies of hand drawn diagrams. 6. Word count: The suggested word limit for each sub-question is 200-250 words. 7. Information related to each of the above questions can be found in the learning materials and set text. However, you are encouraged to research using library resources and online materials. 8. You must clearly acknowledge all sources using Harvard referencing system including the textbook. 9. Keep a hard copy of the submitted assignment, in case there are problems with the electronic submission. Important Notice: As this is an individual assessment, students should submit their own assignment. All assignments submitted will go through a matching process. If found to have cheated/plagiarised, all submissions will receive a mark of zero for this assessment item. It is up to you to keep your assessment confidential. ECO105, S2 2019 Jasmine This Assignment consists of 3 questions. Attempt all of them. Question 1 (a) Explain, with the aid of diagrams, how an outbreak of hostilities in the Middle East might be expected to impact the Australian markets for petrol and passenger cars with large engines that run on petrol. (6 marks) (b) The latest electric car is expected to be released in Australia shortly at a very affordable price. What impact might this have on the market for cars which run on petrol? Justify your answer. (4 marks) Question 2 (a) Australian government is encouraging young people to attend universities with a view to increase the proportion of educated youth workforce. While this policy certainly reduces the number of people available for work today it will increase their skills when they eventually complete their university degrees and enter the workforce. Use the production frontier model and graph to show the effects of such a policy on Australian output. (6 marks) (b) What are the long-term determinants of economic growth and how can government influence economic growth. (4 marks) Question 3 (a) Suppose the government is thinking of imposing a sales tax on all brands of cigarettes. What will be the likely impact of this tax on the price of cigarettes and who will bear the major burden of the tax? How will your answer change if the tax was imposed on the consumption of coffee instead? Explain with the help of appropriate diagrams. (6 marks) (b) Coles and Woolworths dominate the Australian supermarket/grocery sector. Which type of market structure does this sector resemble? Provide a brief explanation. Based on the concepts learnt in this unit explain the likely reasons for the prevalence of this market structure in the Australian supermarket sector. (4 marks) END OF WRITTEN ASSIGNMENT 2 ECO105, S2 2019 Written Assignment Relevant learning objectives High Distinction(85%+) Distinction (75%-84%) Credit (65%-74%) Pass (50%-64%) Fail 0-49% Academic writing and presentation skills Highly developed skills in expression and presentation of ideas. Fluent writing style. No major grammatical and spelling errors. Well-developed skills in expression and presentation of ideas. Fluent writing style. No spelling errors, minor grammatical errors. A satisfactory standard of expression. Relatively clear and concise in expression of ideas. Few spelling and/or grammar errors. Some inconsistency in sentence structure. Clarity of expression could be enhanced by some revision. Many spelling errors and/or poor grammar. Poor communication of ideas due to careless writing and lack of proof-reading. Too many spelling and/or grammar errors. Identification of appropriate economic tools and their application Excellent use of knowledge gained and awareness of deeper and more subtle aspects of the economics tools. Excellent use of knowledge gained. The work demonstrates breadth and depth of understanding of most aspects of economics tools. Demonstrates knowledge of relevant key economics tools in an appropriate manner. Contains limited use of appropriate economics tools. It fails to demonstrate awareness of key ideas. Fails to demonstrate knowledge of key economic tools, principles and concepts. Quality of arguments, analytical and evaluations skills Provides well-argued and articulated statements with supporting evidence. Evidence of originality and independent thought. Has highly developed analytical skills & consistently demonstrates high levels of critical analysis. Demonstrates ability to reflect on conclusions and their implications. Provides well-argued and articulated statements, but limited use of supporting evidence. There is evidence of independent thought. Has good analytical skills and is capable of good levels of critical analysis. Able to justify conclusions and their implications. Able to synthesise and draw conclusions from multiple perspectives. Well-reasoned arguments based on broad evidence. Demonstrates some evidence of analytical and evaluative skills. Able to apply fundamental concepts and draw and justify conclusions. Arguments based on limited evidence. Demonstrates very limited evidence of analytical and evaluative skills Able to apply very limited concepts to draw and justify conclusions. Unable to demonstrate evidence of ability to construct clear and coherent arguments. Little (or no) evidence of analytical and evaluative skills. Fails to draw and justify conclusions using fundamental concepts.
Answered Same DaySep 26, 2021ECO105Charles Darwin University

Answer To: ECO105 Business Economics Written Assignment Semester 1, 2 XXXXXXXXXXDr. D Chakrabarty Maximum...

Komalavalli answered on Sep 28 2021
141 Votes
Question1
(a) Outbreak of hostilities in the Middle East and its impact on Australian petrol and passenger car markets
Missile attack on Aramco oil storage facility in Saudi Arabia created vulnerability in the supply of world oil production .According t
o John Blackburn study conducted on Australia’s fuel security, it was found that Australia had reserve of diesel for 22 days, jet fuel for 23 days and petrol for 18 days. He also found that most of the companies had little amount of fuel stock in their hands and also they are heavy fuel users.
From the above graph we can see that whenever the geopolitical risks arise crude oil price will reach its peak. Around 90 percent of refine fuel needs of Australia were dependent on other countries. If there is a war in Middle East countries will results cut in the supply of oil for the countries which Australia depending on the fuel. Combined effects of war in Middle East and high demand due to lack of oil reserve cause a petrol price to be higher in future. Since car and petrol are complimentary good, high petrol price will increase the price of passenger car. Costlier passenger car in a market will face fall in demand which will force the supplier to reduce its price by reducing their profit in order to boost the demand for passenger car in a market.
(b) Electric car and its impact on petrol car market.
Electric car cost cheaper than petrol car due to availability of cheap cost of charging the vehicle. Electric car usage will protect the environment, improve people’s health. These factors will influence people in preferring Electric car vs. petrol car. Mostly Australian’s will choose Electric car over petrol car. The action of choosing electric car will results in decrease in people demand for petrol car and cause a wide gap between supply and demand of petrol cars in the market. To improve petrol car sales suppliers will lower their price by reducing the profit making revenue in order to sustain in the market. Cheap availability of electric will leads to huge impacts on petrol car market.
Question 2:
(a) Production possibility frontier shows how much a country can produce by using scare amount of resources.
The above figure indicates the employment of resources in order to produce 2 outputs good x and good y. Point A and B in PPF curve indicates that the resources are employed maximum to produce good x and good y. Point C indicates that resources are under employed resulting in inefficient in producing the two goods. Point D is impossible due to scarce...
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