ECO100 Introduction To Economics Assignment  –  Australia.

Subject Code & Title :- ECO100 Introduction To Economics
Weighting :- 20%
Word Limit:- 400 words
Assessment purpose :-
This assessment is designed to allow students to demonstrate their understanding of fundamental economic principles and tools and apply them to the solution of problems in business government and individual behaviour. This assessment contributes to Learning Outcomes a, b, and d.
ECO100 Introduction To Economics Assignment  –  Australia.

Assessment topic:
Problem-solving exercises and short report writing in Economics

QUESTION 1:
The demand for and supply of cashew nuts in Ghana are respectively given by

Where P is price in dollars per kg, and Q is the quantity of cashew nuts.
a. Using equations (1) and (2) draw the demand and supply diagram of cashew nuts. Correctly label the diagram.
(i) Find the equilibrium price and quantity of cashew nuts.

b. To encourage the consumption of cashew nuts because of its nutrition properties the government passed a price regulation law by which the price of cashew nuts was set at \$18 per kg.
i. Briefly explain the type of price regulation policy the government introduced.
ii. Calculate the quantities of cashew nuts demanded and supplied under the price regulation policy.
iii. Write a brief comment about how the quantity demanded compares with the quantity suppled and the efficiency of the cashew market after the price regulation policy.

ECO100 Introduction To Economics Assignment  –  Australia.

C. One year after the price regulation, the government allowed the importation of cashew nuts and imposed a tariff (tax) of \$1 per kg of cashew nuts imported.

i. Determine the quantities produced by domestic firms and purchased by domestic consumers. Show them on the diagram
ii. How much tariff (tax) revenue did the government collect.
iii. Calculate the inefficiency caused by the tax. Clear indicate your results on the diagram.

QUESTION 2:
Brazil experienced its worse drought in history and many states experienced water shortages. The states responded with different policies and as a result achieved different outcomes including the impacts on efficiency. The water market was in equilibrium before the drought.

PART I
a. Use the demand and supply diagram to depict the water market before the drought. Describe and correctly label the variables in the diagram.
b. A few states allowed the price of water to increase until the quantity demanded equalled the quantity supplied. Explain in detail how the price and quantity of water adjusted to the new equilibrium. Illustrate your answer by referring to the diagram of the water market.
c. Was the outcome efficient? Explain by referring to the diagram.

PART III
The two different policy responses received wide coverage in the financial press. Some commentators said the policy chosen did not matter, provided the overall outcome was fair. Assess whether or not each of the outcomes was fair. Apply the two notions (results and rules) of fairness in your assessments.

QUESTION 3:
The Australian government has authorised Pfizer and Astra Zeneca to produce and sell COVID-19 vaccines. Each firm must decide whether to charge high price or low price. If both firms charge high price then each would make a profit of \$150 million. If both charge ‘low price’, then each would make a profit of \$100 million. If Pfizer charges low price while Astra Zeneca charges high price then Pfizer would earn \$200 million and Astra Zeneca would earn \$60 million. If Pfizer charges high price and Astra Zeneca charges low price then Pfizer would earn \$60 million and Astra Zeneca would earn \$200 million.

The information above suggests Pfizer and Astra Zeneca are a duopoly operating in an oligopoly market. Use the information to answer the following questions.

a. Derive the payoff matrix from the information given and write down each firm’s strategies.
b. Determine whether or not a dominant strategy equilibrium exists in this duopoly game. In your analysis clearly show how each player chooses their strategy.
c. What is the Nash equilibrium of this game? Explain in detail how you arrived at your answer.
d. One policy analyst said Pfizer and Astra Zeneca are engaged in a Prisoner’s dilemma game. Do you agree or disagree with this analyst? Critically discuss.

Submission requirements details:
One soft copy of the report to be uploaded to Moodle Turnitin – Word .doc or .docx

ECO100 Introduction To Economics Assignment  –  Australia.

GENERAL INFORMATION INSTRUCTIONS

This individual assignment is worth 20 per cent of total assessment and SOFT COPY is to be submitted ON TURNITIN

• There are 3 questions worth a total of 100 marks all together. After grading the marks will be converted to 20% and uploaded onto Moodle.
• A soft copy of the assignment must be uploaded to Moodle Turnitin

1.This assignment is an individual assignment.
2.Name and ID number of students must be clearly printed on the Assignment Cover Sheet.
3.You must follow the appropriate format explained below. Not following the appropriate format will cause a loss of some marks.

• All written answers must be clearly typed and printed. Hand-written answers will NOT be accepted.
• All assignment questions and sub-questions must be typed in order at the heading.
• Answer each question on a different page. For example, if Question 1 (a) (b) (c) and (d) are answered on pages 1-2 then start Question 2 on page 3 etc.
• You must analyse explain and show how and why you reached your answers. Providing just answers with out explanation will not be rewarded with full marks.
• You must also draw and include appropriate and relevant graphs and tables together in your explanation. Draw them using Microsoft Power Point/Word/Excel, NOT hand-drawn.

4.Copying the assignment contents from other individuals’ assignment is a serious violation of copy right. It will be penalized and will attract a VERY heavy loss of marks – Fail.

• Please remember that it is not difficult to identify the contents that are copied from other individual(s). Write the answers in your own English words.

• Please DO NOT SHOW your work to others. If you did, both the person who showed the assignment and the one who copied the assignment will be awarded zero out of 20 marks.

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