Task:
Questions
(a) Explain the concept of the price elasticity of demand and using the economic journals identify estimates of the price elasticity of demand for at least two different products (one for inelastic and one for elastic). Comment on the magnitudes of these estimates in relation to the standard economic determinants of the price elasticity of demand. Why is it important for the producer to consider the price elasticity of demand when setting the price for the product?
In answering this question, as a minimum, you need to
•explain the concept and types of price elasticity of demand and its importance in economics.
•identify actual elasticity of demand estimates for two products from economic journals and critically analyse the magnitude of these estimates
•analyse the role of elasticity of demand when setting the price for the producer
•provide appropriate graphs and estimates
(b) What are the characteristics of an oligopolistic market? Explain, providing appropriate examples, why car manufacturers are constantly introducing new models.
At a minimum, you should
discuss the key features of oligopoly
provide a brief description of the car manufacturing industry and its oligopolistic characteristics
analyse the impact of product differentiation and advertising in car manufacturing.
(c) What are the economic consequences of climate change? Will the actions we take today in Australia be enough to forestall the direct impacts of climate change?
In answering this question, you need to
discuss the causes and the economic consequences of climate change
explain the solutions that have been attempted in Australia or are proposed to address climate change
use supportive data and graphs to justify your answer
Additional marks
Overall presentation of work, especially use of graphs, clear written expression.
Appropriate use of referencing.
The post relation to the standard economic determinants appeared first on Homeworkaider.
What Students Are Saying About Us
.......... Customer ID: 12*** | Rating: ⭐⭐⭐⭐⭐"Honestly, I was afraid to send my paper to you, but you proved you are a trustworthy service. My essay was done in less than a day, and I received a brilliant piece. I didn’t even believe it was my essay at first 🙂 Great job, thank you!"
.......... Customer ID: 11***| Rating: ⭐⭐⭐⭐⭐
"This company is the best there is. They saved me so many times, I cannot even keep count. Now I recommend it to all my friends, and none of them have complained about it. The writers here are excellent."
"Order a custom Paper on Similar Assignment at essayfount.com! No Plagiarism! Enjoy 20% Discount!"
