Taskback to topAnswer all four (4) questions. Maximum of 400 words for each question. Use diagrams where appropriate to enhance and explain your response. Provide supporting evidence and references...

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Taskback to topAnswer all four (4) questions. Maximum of 400 words for each question. Use diagrams where appropriate to enhance and explain your response. Provide supporting evidence and references where appropriate to justify your arguments.
Question XXXXXXXXXXTotal 5 marksDescribe and discuss the specific demand determinants for University education in Australia by international students.Question XXXXXXXXXXTotal 5 marks
Use the economics or other literature (but not the textbook) to identify estimates of the price elasticity of demand for at least three different products or services. The estimates must be from three different articles with a publication date of 2017 or 2018. Provide full citations for the employed literature. Comment on the magnitudes of these estimates in relation to the standard economic determinants of the price elasticity of demand.
Question XXXXXXXXXXTotal 5 marks
The Northern Territory (NT) has introduced a minimum price on alcohol of $1.30 per standard drink. Examine the potential consequences of the imposition of this minimum price for the various types of alcohol products in the NT using the demand and supply framework.

Question XXXXXXXXXXTotal 5 marks
Some Australian airline operators claim that some Australia airports abuse their monopoly power by charging excessive fees and charges for the services they provide. Use the monopoly model to explain why and how this ‘blatant profiteering’ may occur.Online submission via Turnitin is required for this assignment. Details will be provided by your subject lecturer.
Rationaleback to topThis assessment task will assess the following learning outcome/s:
be able to apply economic concepts and principles to daily life.be able to explain the economic decision making of producers and consumers and their interaction in the market place.be able to construct graphs and diagrams to demonstrate how economic concepts and principles work in practice.Marking criteria and standardsback to topYour mark will be the based on your responses according to applying the following marking guide.



Learning outcome assessedCriteriaHD85%-100%DI75%-84%CR65%-74%PS50%-64%FLBe able to apply economic concepts and principles to daily lifeWork applies principles of economics correctly to realistic situations.Applies correct economic principles, analysis is substantiated with workings, and calculations in order to arrive at the right answer. There are negligible errors/no errors in calculations.Applies correct economic principles, description is substantiated with workings, and calculations in order to arrive at the right answer. There are negligible errors/no errors in calculations.Applies correct economic principles, description is substantiated with workings, and calculations in order to arrive at the right answer. There are minor errors in calculations.Applies correct economic principles, shows workings and calculations but contains some errors.Applies limited or no understanding of relevant principles. Working and calculations are either not shown or contain major errors.Be able to construct graphs and diagrams to demonstrate how economic concepts and principles work in practiceUse diagrams in your answers to provide a more comprehensive response.Diagrams created by students are correctly and precisely labelled, relevant to the specific question, and used appropriately to demonstrate their high level understanding of all key economic concepts and principles.Diagrams created by students are correctly and clearly labelled, relate to the specific questions and demonstrate a clear understanding of all key economic concepts and principles.Diagrams created by students are correct with an attempt at labeling that maybe unclear/incorrect, and demonstrate an understanding of most of the key economicconcepts and principles required in this task.Diagrams created by students are mostly correct with an attempt at labeling, are relevant to the specific question, and demonstrate some understanding of basic economic concepts and principles.No diagrams provided or they are incorrect, poorly labelled or irrelevant to the specific question. The diagram fails to demonstrate the students understanding of economic concepts and principles.Be able to explain the economic decision making of producers and consumers and their interaction in the market placeWork applies principles of economics correctly in discussing results, conclusions, and/or recommendations.Principles are applied in the appropriate manner to arrive at the correct answer. Written work shows analysis in order to interpret and make highly complex recommendations relating to economic principles covered inthis subject.Principles are applied in the appropriate manner to arrive at the correct answer. Written work attempts to analyse, and shows the ability to interpret and make recommendations to economic principles covered in this subject.Principles are applied in the appropriate manner to arrive at the correct answer. Written work shows the ability to interpret and makesome key recommendations to economic principles covered in this subject.Discussion reflects basic understanding of relevant principles. Some inclusion of relevant recommendations.Principles are not applied appropriately, correct answer is not provided. Written work does not make suitable/relevant recommendations to economic principles covered in this subject.Academic writing skills and referencingInformation, spelling, grammar and written expression is set out ina coherent manner, with professional presentation. Appropriate use of font, formatting, diagrams etc., where relevant. Referencing should follow the APA style, see the presentation requirements.PassSustained, consistent and logical presentation of work.Accurate spelling and grammar, excellent written expression and syntax.Appropriate referencing of articles and web-sites.Structure of work does not demonstrate a consistent and logical presentation format. Inaccurate spelling anduse of grammar, inconsistent written expression. Incomplete or inaccurate referencing.
Presentationback to topThe following points are a general guide for presenting assessment items.


Responses to assessment items should be typed. Use 1.5 spacing.Use a wide left margin. Markers need space to be able to include their comments. Use a standard 12pt font such as Times New Roman, Calibri or Arial.Left- justify body text.Include a separate title page with your name, student number, subject code, assessment number and assessment question. Include class time and tutor’s name if applicable. Number your pages (except the cover page).Use a header or footer with your name and student number on each page.Always keep a copy of your assessments. Both a hard copy and an electronic copy.Most importantly, always use your spelling and grammar checker, but remember that this does not pick up all errors. You must still manually and carefully edit your work.You need to appropriately reference all the articles, reports and web-sites you employ in developing your assignments. Please use the APA style, information can be found at the CSU Referencing website at: http://student.csu.edu.au/study/referencing-at-csuRequirementsback to topYou must include a reference list on your assessment using APA referencing style. Information and assistance with referencing can be found by clicking this link http://student.csu.edu.au/library/integrity/referencing-at-csu
This assignment must be submitted through Turnitin.
It is recommended that your name, student ID and page number are included in the header or footer of every page of the assignment.
Further details about submission in Turnitin are provided in On-line submission.
Answered Same DayDec 04, 2020ECO130Charles Sturt University

Solution

Soumi answered on Dec 09 2020
60 Votes
Name:     Student ID:
Name:     Student ID:    8
ECONOMICS
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Student Number: _____________________
Subject Code: _____________________
Assessment Number: _____________________
Assessment Question: _____________________
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Table of Contents
Question 1:    2
Question 2:    3
Question 3:    4
Question 4:    6
References    8
Question 1:
Demand of a product depends on a number of factors such as price of the goods or service, purchasing power, taste and preferences, expectations and competition. University education in Australia is one among the best education system across the globe. There is significant demand for university education in Australia among international students. However, such demand depends on a number of factors such as cost of education, cost of living, employment opportunities and quality of education.
According to the views of Beine, Noel and Ragot (2014), the cost of education is one of the major demand determinant for university education among international students. There is no exception for international student belonging to any foreign county. Cost of university education in Australia is inversely related to the demand for university education among international students. If the cost of education is on a higher side then the students will prefer university education from any other country. On the other hand, if the cost of university education is low, international students will prefer to study in Australian university to others.
Cost of education relates to tuition fees only. According to the opinion of Anghel, Ca
ale and Ca
o (2016), cost of living is also an important factor in that regard. It is a major factor affecting the demand for university education among international students. Students are unable to manage high cost of living, which leads to a reduction in the demand for university education. On the other hand, if the cost of living is low, students will be able to manage the expenses that will urge then to study in Australian universities. Cost of living and demand for university education among international students is inversely related. Lower the cost of living, higher will be the demand and vice versa.
Employment opportunities have a major impact on the demand of university education in any country. Students prefer education in countries that offer numerous opportunities to the students for starting their career. In a similar fashion, counties having high level of unemployment are prefe
ed less in comparison to other countries. According to Bound, Dmirci, Khanna and Turner (2015), quality of education also has a major impact on the demand of university education. Quality of education is directly related to the demand for university education among international students. Higher the quality of education, higher is the demand. There is a healthy demand for university education of Australia among the students across the globe.
Question 2:
Price elasticity of demand refers to the percentage change in demand, due to percentage change in the price of the goods. There are certain products whose products are price sensitive. On the other hand, as argued by Jawad, Lee, Glantz and Millett (2018), there are certain products that are price inelastic such as goods of necessities and others. The demand for necessary goods like petrol, medicines are less affected by change in price. The demand of medicine is constant i
espective of the change in price. If a patient requires a medicine, he...
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