Assignment:
Economics for business
Question 1.
Compare the market structures of Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly under the following headings (about 250 words).
a. number of firms in the market
b. similarity of the products sold
c. barriers to entry
Question 2.
Based on your understanding of each market structure described in Question 1, state which market structure you think each of the following businesses belong to.
Explain your choice with a short description of which characteristics of the chosen maket structure they display. Answers with no explanation will score only half the marks.
a. Virgin Australia in the Australian domestic air travel market.
b. A restaurant in Melbourne/Sydney CBD.
c. Academies Australasia Polytechnic
d. Yarra Tram in Melbourne or Sydney Trains in Sydney.
e. Australia New Zealand Bank.
f. Melbourne University.
g. A medical clinic in the suburbs.
h. The Village chain of cinemas.
Question 3.
In Australia, Coles and Woolworth are the two major supermarket chains that dominate about 70% of the Australian supermarket business. Draw and explain a "kinked demand curve" by using this situation as an example.
Explain why firms that face a kinked demand curve are likely to engage in non-price competition. (About 80 words)
Question 4.
Explain the term "price discrimination" and explain any two (2) methods of price discrimination used by firms. (About 30 words)
The above are diagrams of demand curves facing two firms.
Question 5.
The above are diagrams of demand curves facing two firms.
Required:
State which demand curve applies to the Monopolistic Competition firm and the other to the Oligopoly firm and explain why you think so (Hint: consider their price elasticities of demand).
Required:
A reference list/bibliography and proper intext referencing for all questions.
Assessment: Individual Assignment
ASSIGNMENT INSTRUCTIONS:
1. Submit only the section found in the next page titled "Assignment Submission." DO NOT include the Assignment Instructions (otherwise Turnitin, see below, may consider them as "plagiarised").
2. Your assignment must be submitted as a word document AND through Turnitin in LMS. Turnitin is a software that indicates the extent that your assignment has been copied from elsewhere.
It is normal if Turnitin indicates a percentage copied but make sure that you include proper in-text referencing for each answer, otherwise marks will be deducted for similarities for 20% to 50% and zero marks in excess of 50%.
Diagrams may be hand drawn, scanned or photographed and pasted onto the word document.
3. You are not required to look up other resources except for that listed below but you can certainly do so to gain a wider general understanding.
4. A reference list and in-text citation must be included. (Resources on how to construct your reference list and in-text citation are found in LMS under Student Support/Study Help/Study Skills and Academic Writing). You will be penalized for simply copying and pasting large sections from the text book.
Resources for this assignment are:
The prescribed text book A, Robinson. T, and Tucker I. (2015) Economics for Today. Copies of these chapters are on LMS.
?Videos resources for assignment on LMS.
5. Use economic concepts and terms in your answers. Take care NOT to substitute words with specific economic meaning with any similar meaning words from Thesaurus (a helpful resource is Studiosity in LMS). Where economic models/diagrams are required it will be clearly indicated.
6. Marks will be deducted for late submission. If you need an extension, seek permission from your lecturer giving your reasons.ASSIGNMENT SUBMISSION (Assessment 3).