1. Describe and utilise the fundamental tools, methods and language of economics to analyse resource allocation issues
2. Describe the impact of incentives and use economic models to illustrate how agents and economies respond to incentives
3. Identify the limitations of the market mechanism and analyse the role of government in affecting markets and decision-making in the general economy
Article Analysis- Questions
Q1(a). Assuming a perfectly Competitive Market
use the demand and supply model to explain and illustrate the effect of the coronavirus pandemic on the market price for oil. In your answer make sure you discuss the equilibrating process, and clearly outline the assumptions in discussing the factors causing change in price and quantity.
Q1(b). Using supply and demand analysis explain the impact of changing oil prices on output and prices in another market that is also affected by the coronavirus pandemic and uses oil as an input of production.
In your answer make sure you discuss the equilibrating process, and clearly outline the assumptions in discussing the factors causing change in price and quantity.
Q2 (a) Use the determinants of price elasticity of demand to analyse whether you believe the demand for oil is likely to be price elastic or inelastic.
Q2 (b) Currently the Australian government imposes a tax on oil. Assume the Australian government removes the tax on oil. Based on your answer in Q2(a) illustrate and explain graphically how the relief of the burden from the removal of the tax will be shared between consumers and producers.
Q2(c) Based on your answer in Q2(a) illustrate and explain what will be the impact on the total revenue in the oil market in Australia from the removal of the government tax
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