# MCR001 Economics TRIMESTER 1 2021 FINAL EXAMINATION

TRIMESTER 1 2021 FINAL EXAMINATION

SUBJECT NAME:                   Economics

SUBJECT CODE:                   MCR001

TIME ALLOWED:                    2 Hours

PERMITTED MATERIALS:

• This is an Open Book exam.

INSTRUCTIONS FOR STUDENTS:

• You do not require a separate answer booklet. Please type your responses in the space provided.
• This examination consists of four written response questions:
• Question 1: Microeconomics (15 marks).
• Question 2: Microeconomics (15 marks).
• Question 3: Microeconomics (15 marks).
• Question 4: Microeconomics (15 marks).
• Total 60 marks.

Question 1 (15 marks)

TYPED RESPONSE QUESTIONS

The cherry farmers have had a very bad year due to drought and bush fires last summer. At the same time, increasing numbers of people look forward to having cherries in the summer season at Christmas time.

1.a). What are the factor(s) affecting the supply of cherries? (2 marks)

1.b). What are the factor(s) affecting the demand of cherries? (2 marks)

1.c). As a result, how will this affect the demand curve and supply curve?  (2 marks)

1.d). Demonstrate using a Supply / Demand diagram, what would happen in the ultimate change in equilibrium price (Pe) and quantity (Qe) for cherries.  Label the axes and the curves.  (4 marks)

In Australia there are over 10,000 cherry farmers that face no barriers to entry.
Typically, the price for cherries increases around the Christmas season.  The price for cherries has risen from \$2.99 to \$4.99 per kg.The total revenue changes from\$22425 to \$39920 respectively.

1.e). What type of market structure is the cherry industry in Australia according to the above information? Explain. (2 marks)

1.f).  Calculate the price elasticity of cherries. (3 marks)

Question 2 (15 marks)

The following diagram shows the market shares of the supermarket industry in Australia:

2.a). What type of market structure is the supermarket industry? Explain. (4 marks)

2.b). Refer to the following matrix below.  Two non-collusive supermarkets, “C” and “W” are playing a game where they have to choose whether to “cut” or “raise” prices for grocery items.  The outcomes of their profit (in \$M) are summarized below.

2.bi).  What is the best strategy for Supermarket “W” if it does not know Supermarket “C”s strategy? (ie the Dominant Strategy for Supermarket “W”. (3 marks)

2.bii). Where is the “NASH” equilibrium for Supermarket “C” and Supermarket “W” in the above matrix?  What are the outcomes for Supermarket “C” and Supermarket “W”? (3 marks)

2.biii). Is this a case of ‘Prisoner’s Dilemma’?  Explain. (2 marks)

2.c). What assumptions lie behind the ‘Game Theory’ & “Prisoner’s Dilemma” in an oligopoly industry? (3 marks)

Question 3 (15 marks)

Consider the information below for Country G and answer the questions:

Key Economic indicators for country G:

According to a reliable source, Country G’s jobless rate is more than double the Eurozone average of 12 per cent. The Eurozone average has also shown signs of improvement, while Country G’s unemployment problem continues to deepen.

The number of employed is 3.637 Million, the number of unemployed is 1.176 Million and the working age population is 6.678Million.  The latest unemployment rate for Country G has risen to a record high, the country’s youth are paying the heaviest price, with a staggering 64.9 per cent of 15 to 24-year-olds out of work.

Harsh austerity measures aimed at repairing the country’s high debt-to-GDP ratio has not helped the situation either.

In the interim, it’s hoped that the tourism sector will provide a buffer against even worse employment outcomes. Tourism accounts for about one in five jobs and 17 per cent of Country G’s economic output.

3. a). Calculate the GDP for year 2016 and 2017 for Country G. (4 marks)

3. b). Calculate the labour force participation rate for Country G. (3 marks)

3. c). Calculate the unemployment rate for Country G. (3 marks)

3. d). Use the AD-AS model to show the impact of the austerity (contractionary) measures on country G’s economy. How would this impact on the unemployment and price level?  Label the x and y axes, the curves and explain.  Assume the economy is initially below full-employment.

(5 marks)

Question 4 (15 marks)

Consider the following table that contains some macroeconomic data for the economy of Country U.

4.a). Calculate the inflation rate for Country U in 2018 and 2019.  (3 marks)

The inflation rate =

4.b). Given the above information, how would you conclude what stage of the business cycle do you think Country U is in? (2 marks)

4.c). Given the above information, using the AD/AS Model, how would they affect the AD, SAS and/or the LAS curve.  Ultimately, what would happen to the Gross Domestic Product and the price level? Label the x and y axis, LAS, SAS and the AD curve.  (5 marks)

4.d). Given the current economic condition, what type of monetary policy is the Central Bank going to undertake?  How does the policy transmit to the economy? (5 marks)

END OF EXAM PAPER

[Extra writing/working space if required]

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