Economics Assessment Questions – University of Australia
Q1. Discuss in 400-500 words the behaviors of consumers in the market of your choice. Use diagram(s) if necessary/helpful. Your discussion should be based on, but not necessarily be limited to, the followings:
- price elasticity of demand for an individual product
- the number of substitutes (varieties) available in the market of your choice
- some empirical evidence for the above two
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Q2. Discuss in 400-500 words the nature of the pricing and production decisions that an individual producer makes in the market of your choice. Use diagram(s) if necessary/helpful. Your discussion should be based on, but not necessarily be limited to, the followings:
- the degree of market power (price-setting power) that individual firms possess
- some empirical evidence for the above
- the model of profit maximization
Q3. Find an example of a tax policy implemented in the market of your choice. Assume that your market of choice is very competitive. Discuss in 400-500 words the effect of the tax policy on the behaviors/decisions/wellbeing of consumers and/or producers. Use diagram(s) if necessary/helpful. Your discussion should be based on, but not necessarily be limited to, the followings:
- the model of demand and supply
- concepts of consumer surplus and producer surplus
Q4. Discuss in 400-500 words the potential impact of a recession on the market of your choice. Your discussion should refer to a few concepts from the topics covered in week 6.
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