HI5003 Economics for Business -2020 T3 Tutorial Questions

HI5003 Economics for Business

Assessment Task    Tutorial Submission Assignment Unit Code:                                HI 5003

Unit Name:               Economics for Business

Assignment:            Tutorial Questions

Due:                         Week 13, Tuesday 23, February 2021 Weighting: Final examination weighting- Fifty percent (50%) Word Limit:                                ≤3,000

Purpose:                 This assignment is designed to assess your level of knowledge of the key topics covered in this unit

Unit Learning Outcomes Assessed:

  1. Acquire a broad understanding of the principles of macro and microeconomics in an economy.
  2. Analyse economic environment nationally and internationally and its influence on business and national economic performance.
  3. Critically analyse governments fiscal and monetary policy and how they influence the economy and business in general.
  4. Comprehend how economies benefit from business.
  5. Synthesise theoretical and practical knowledge of economics, a well-developed understanding of the language of economics and the tools of economics used by policy makers within or outside the country.

Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. The tutorial questions are available in the Tutorial Folder, for each week, on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial question for weeks 1 to 11 inclusive and submit these answers in a single document.

Submission Directions:

Submit your solutions via Blackboard. Each student is permitted only ONE submission to Blackboard. You need to ensure that the document submitted is the correct one.

HI5003 Economics for Business -2020 T3 Tutorial Questions

Academic Integrity

Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need to comply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity breaches. If you have any questions about Academic Integrity issues related to your assessment tasks, please consult your lecturer or tutor for relevant referencing guidelines and support resources. Many of these resources can also be found through the Study Skills link on Blackboard.

Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment.

Table 1: Six categories of Academic Integrity breaches

PlagiarismReproducing the work of someone else without attribution. When a student submits their own work on multiple occasions this is known as self-plagiarism.
CollusionWorking with one or more other individuals to complete an assignment, in a way that is not authorised.
CopyingReproducing and submitting the work of another student, with or without their knowledge. If a student fails to take reasonable precautions to prevent their own original work from being copied, this may also be considered an offence.
ImpersonationFalsely presenting oneself, or engaging someone else to present as oneself, in an in-person examination.
Contract cheatingContracting a third party to complete an assessment task, generally in exchange for money or other manner of payment.
Data fabrication and falsificationManipulating or inventing data with the intent of supporting false conclusions, including manipulating images.

Source: INQAAHE, 2020

If any words or ideas used the assignment submission do not represent your original words or ideas, you must cite all relevant sources and make clear the extent to which such sources were used. In addition, written assignments that are similar or identical to those of another student are also a violation of the Holmes Institute’s Academic Conduct and Integrity policy. The consequence for a violation of this policy can incur a range of penalties varying from a 50% penalty through suspension of enrolment. The penalty would be dependent on the extent of academic misconduct and your history of academic misconduct issues.

All assessments will be automatically submitted to SelfAssign to assess their originality.

Further Information:

For further information and additional learning resources please refer to your Discussion Board for the unit.

Assessment Question Week 2 and 3 Demand and Supply, and Elasticity

Question 1                                                                                                        7 Marks

Due to inflation in Australia in December 2019, the price for petrol increased from AUD

1.35 to AUD 1.45. This caused petrol consumption to decrease from 2500 litres to 2450 litres at a 7-Eleven Petrol Station in Sydney.

Also, when the price for Hyundai 7.5kW Inverter Split System Air Conditioner (Reverse Cycle) increased from AUD 950.00 to AUD 990.00; demand for these air conditioners fell from 2500 units to 2000 units.

Following this condition, answer the questions below.

  1. Using the mid-point formula calculate the price elasticity of demand for petrol and Hyundai 7.5kW Inverter Split System Air Conditioner (Reverse Cycle).

(2 Marks)

  1. Is the price elasticity of demand: elastic, unit elastic or inelastic for each commodity (petrol and Hyundai 7.5kW Inverter Split System Air Conditioner (Reverse Cycle)?               (2 Marks)
  1. Suppose the government decides to increase tax for petrol and Hyundai 7.5kW Inverter Split System Air Conditioner (Reverse Cycle). Use two diagrams to explain the incidence of the tax increase for each commodity.                                        (3 Marks)

Assessment Question Week 4: Production costs

Question 2                                                                                   7 MARKS

James was a high school teacher earning a net salary of $4500 per month. After working for one year, he quit his job to start his own kiosk business dealing in various consumer goods. In order to learn how to run the business, James enrolled in a TAFE to acquire accounting skills. James’ course was for 6 months. James had to pay $3,000 as tuition for the 3 months.

After the training, James borrowed $40,000.00 from his uncle whom he pays 8 percent interest per year.

Also, James withdrew $ 50,000 from his savings account. He had been earning 5 percent interest per year for this account. Further, to start the business James used his own premises given to him by his father.

His father had been receiving $11,000 from rent per year. Finally, to start the business James uses $75,000 he had been given by his father to go on holiday to USA.

James’s first year of business can be summarised as follows:

ItemAmount $
Revenue- Orange section250,000
Revenue- Beverages Section180,000
2   Cashiers    expense   (wages   per worker)(40,000)
Mid-year revenue100,000
Truck expense(80,000)
Manager expense(60,000)
Milk sales assistant expense(30,000)
Equipment expense(50,000)
Motorcycle      expense      to      ease movement in city(30,000)

Based on your calculations of accounting profit and economic profit, would you advise James to return to his teaching job or keep his kiost job? Show your work!

Assessment Question Week 5 and 6: Market structure

Question 3                                                                                                      11 Marks

The graph below represents sales per week of ABC Inc. Ltd, a monopoly multinational enterprise that supplies Hi-tech components. Use the graph to answer the questions that follow.

  1. State the elasticity of the monopoly firm demand curve.       (1 Mark)
    1. Considering the figure, examine the benefits of the characteristics of the monopoly demand curve to ABC Inc. Ltd.                                                                            (3 Marks)
    1. Suppose the demand and cost curves result in ABC Inc. Ltd earning an economic profit. Do you think ABC Inc. Ltd firm will earn profit in the long- run? Explain your answer. Assume all factors constant. (4 Marks)
    1. Examine the effects of ABC Inc. Ltd on consumers.             (3 Marks)

Assessment Question Week 7 and 8 Measuring the size of the economy

Question 4                                                                                     7 Marks

The table below is extracted from Happy land Republic, Bureau of Statistics records for 2018-2019. Use the information in this table to answer the questions that follow.

ItemBase year (2015)2016
ProductionPriceProductionPrice
Used car sales5,0002000.006,0002,500
Factory components sales8,000500.0010,0001200.00
Cloth sales8,00020.0014,00035.00
Beef sales1,50010.001,80012.00
Milk litres sales5,0001.306,0002.50
Computers sales2000500.002500800.00
Printers sales500300.00400355.00
Raw materials for tractor assembling plant sales4500250.004450300.00
  • Calculate Happy Land Republic’s nominal GDP and real GDP in 2016

(4 Marks)

  • Why does real GDP always defer from nominal GDP?           (3 Marks) Assessment Question Week 9 and 10:

Inflation and unemployment, and Macro economics

Question 5                                                                                            Marks 11

  • Use two diagrams to explain the effects of the determinants of aggregate demand on real GDP in a nation.                                                                            (8 Marks)
  • Suppose there is an expectation of a rapid general price increase in goods and services in Australia in January 2021. Examine the effects of the anticipated general rapid increase in price for goods and services.

(3 Marks)

Assessment Question Week 11 Monetary policy

Question 67 Marks

The government of Australia has embarked on various policies such as Job Keeper and provision of subsidies to firms in order to reduce the severity of COVID 19 on the economy. Suppose the money supply expands such that the Reserve Bank predicts that the economic expansion is not sustainable.

Use two diagrams one for the money market and another for the goods and services (Aggregate demand and Aggregate Supply model), to explain the policy that the Reserve Bank can adopt in order to overcome the effect of increasing money supply on the economy.

Assume that:

  • money supply increased from the equilibrium of AUD 40 billion to AUD 70 billion
  • Interest was reduced to interest rate of 1.5% as part of the stimulus package for the nation to overcome the effects of COVID 19. But the equilibrium interest rate is 4%
  • Assume that equilibrium real GDP is AUD 60 billion
  • Assume that inflation during COVID crisis was at equilibrium price of CPI 65
  • Assume that to overcome the inflationary crisis aggregate demand has to reduce by AUD 30 billion.
  • Assume to restore the economy to equilibrium inflation has to be adjusted to CPI 120
  • This is the completion of the tutorial
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