Principles of Economics
Your assignment is in three parts – part 1 (week 3) and part 2 (week 5) are undertaken in class. Your lecturer will advise. Prepare you answers, but tests are closed to notes.
Part 3 is to be submitted into your lecturer’s locker by the end of week 9 – Friday 5.00pm
Part 1 (3 marks) (DUE: Week 3 class)
(a) Explain the meaning of relative scarcity? [2 marks]
(b) As a result, choices have to be made. What general choices do members of society living together have to make? [1 mark]
Part 2 (3 marks) (DUE: Week 5 class)
(c) Markets set many prices in Australia. What are the assumptions of an imaginary perfectly competitive market? [ 1 mark]
(d) How does a perfectly competitive market set a market price? [ 1 mark]
(e) Why is price elasticity of demand important in a market? [1 mark]
[NOTE: There will be a 20 mark multiple-choice test in class in week 7]
Part 3 (11 marks) (DUE: Friday, 5.00pm, Week 9)
(f) Markets are not perfect in real world situations. Explain what competition policy of government is about. [2 marks]
(g) Explain what the Competition and Consumer Act 2010 requires of businesses today. See www.comlaw.gov.au/Details/C2012C00514 [3 marks]
(h) Explain the role of the independent statutory authority, the Australian Competition and Consumer Commission (ACCC). See www.accc.gov.au [ 3 marks]
(i) What is the (Prof. Ian) Harper Review expected to do about prices for consumers? See www.australiancompetitionlaw.org/reports/2014harper.html [3 marks]
Referencing (3 marks) – you must correctly cite and list at least five references.
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