12 Jul POPULATION GROWTH SURGES RAPIDLY
Please make sure that it needs meets deadline as last time it was missed. And content should be focussed too please. Deadline 10 am Australian eastern standard time Document Preview: Choose and attempt any five (5) of the following eight (8) questions Assignment: ? It ensures that the learner is competent in understanding the every day relevance and importance of microeconomic behaviour; ? It comprises of the following applied and analytical questions on microeconomic principles; ? Your answers should explain your reasoning clearly and fully and use diagrams where appropriate; ? It must be an individual piece of work (i.e. your own creation); ? It must be typed; ? You should complete the questions progressively during the semester; ? All diagrams and definitions and descriptions must be referenced. Question 1: (a) During a five year period the ticket prices of a city professional soccer club have increased by 30% while at the same time average ticket sales have risen by 50%.Does this change imply an upward sloping demand curve or is there a simpler explanation? (5 marks) (b) Explain how a price floor mechanism works in a market to change the allocation of resources. What difference does it make if the price floor is set below or above the market equilibrium price? (5 marks) Question 2: (a) Indicate for each pair of goods which good has the more elastic price demand and why: (1) cars; petrol (2) electricity; amusement park admission (3) jeans; a pair of trousers (5 marks). (b) Suppose the price elasticity of demand for train travel is elastic. If the rail authority wishes to raise revenue from fares, should it raise them or lower them? Explain using a diagram (5 marks). Question 3: (2 marks each, 1 for explanation and 1 for the dialgram) Using supply and demand analysis, explain and illustrate graphically the effect of the following situations. (a) Population growth surges rapidly; (b) The prices of resources used in the production of good X increases; (c) The government is paying a $1 per unit subsidy for each unit of good Y produced.; (d) The income of consumers of normal good X increases; (e) The income of consumers of… Attachments: Choose-and-at….docx
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