Order Economics Assessment Help

Order Economics Assessment Help
Student Name: (enter on the line below)
HI5003 Economics for Business Online Supplementary Assessment
Trimester 1, 2020
Assessment Weight: 50 total marks
This assessment consists of five (5)
Each question is worth 10 marks.
Total: 50 marks
All 5 questions must be answered by using the answer boxes provided in this paper.
Answer all five (5) following questions. Each question is worth 10 marks
Question 1 Demand and supply
Victoria is the food basket for Australia. In 2017, Victoria witnessed a severe drought that is reported to be the worst in many years. Assume all factors constant meaning that there is no external influence in the market except the drought.
(a) Use the demand and supply model figure below to explain the impact of the drought on food supply to Northern Territory, a state that relies on food supplies from Victoria.
(8 marks)
Drought Demand and supply model
ANSWER: ** Answer box will enlarge as you type
(b) Suppose in 2019 to promote food production, the Federal Government of Australia provided high technology equipment to facilitate irrigation. Assume Victoria supplies machinery and food, use a production possibility frontier (PPF) to explain the impact of high technology equipment for irrigation on food supply in Australia. (2marks)
Victoria food and machinery production possibility frontier
Question 2 Cost of Production
Happy quit her part-time job as a nurse earning AUD 60,000 per year to start her own food kiosk business. To start the business Happy utilized AUD 50, 000 she was earning from her rental property. Also, Happy used AUD 50,000 she had saved in Commonwealth Bank earning 5% interest per year. Happy’s first year business was summarized as follows:
Amount (AUD)
Total Revenue
Labor cost
Cost of Materials
Equipment rental
Use the information provided to answer the following questions
(a) Calculate the business economic profit. If necessary use the table below. (7 marks)
(b) Explain whether Happy made the right decision to quit her teaching job. (3 marks)
Question 3 Inflation and unemployment
a) Suppose the Happy land Bureau of Statistics indicated that the Consumer Price Index (CPI) increased 102.2 in 2017 to 105.5 in 2018. Use this information to answer the following questions: (5 marks)
(i) Calculate Happy land’s inflation rate in 2018. (3marks)
(ii) Suppose a firm borrowed money from a bank, examine the effect of inflation to the parties (firm and bank). (2 marks)
b) Distinguish between structural unemployment and frictional unemployment. Examine the most hard type of unemployment to address (5 marks)
Question 4: Market Structure (10 marks)
Hungry Jacks is one of the fast foods firms in Sydney with the following short run cost curves.
(a) Use 2 characteristics to explain the market structure for Hungry Jacks company
(4 marks)
(b) What price does Hungry Jacks charge and what quantity will the firm produce to maximize profit? (2 marks)
(c) Calculate this firm’s profit or loss. (4 marks)
Question 5: Business Cycle and measuring the size of the economy (GDP)
a) The business cycle model shows short-term fluctuations in the level of economic activity along a long-term trend. Examine the two business cycle phases that can occur in a nation. (5 Marks)
b) Suppose the Following information was published by Happy land Republic in 2017:
Amount (AUD billion)
Household consumption
Government consumption
Gross private domestic investment
Government investment

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your paper today and save 30% with the discount code HAPPY

Open chat
You can contact our live agent via WhatsApp! Via + 1 323 412 5597

Feel free to ask questions, clarifications, or discounts available when placing an order.

Order your essay today and save 30% with the discount code HAPPY