Assignment Title - Tutorial Question
Purpose of the assessment and linkage to ULO. Each week students were provided with three tutorial questions of varying degrees of difficulty. These 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 questions for weeks 2 to 6 inclusive and submit these answers in a single document.
Unit Learning Outcomes Assessed:
- Develop a broad understanding of the principles of macro and microeconomics in an economy.
- Analyze economic environment nationally and internationally and its influence on business and national economic performance.
- Critically analyze government's fiscal and monetary policy and their influences on the economy and business in general.
- Synthesize theoretical and practical knowledge of economics for application in work-life situations.
Tutorial Question 1 - Stated below are 3 Economic Principles. Pick any 2 and explain the application of the principle by providing real life examples.
Principle 1: People face trade-offs.
Principle 2: The cost of something is what you give up to get it.
Principle 3: Rational people think at the margin.
Tutorial Question 2 - There are 4 Non-Price Determinants of Supply. Choose any 2 and discuss how each determinant influences Supply. Draw the Supply Curve and explain how an increase of supply will look like if the change was brought about by a Non-Price Determinant of Supply.
Tutorial Question 3 - Some countries use price floors for their domestic farmers to guarantee them a high return on their production. Suppose there is a price floor on wool that is binding. What will be the effect on the wool market? Identify who benefits from this policy and who bears the cost.
Tutorial Question 4 - State and explain the Law of Diminishing Returns. Provide an example of the Law of Diminishing Returns. What can businesses learn from this law?
Tutorial Question 5 - Describe how government is involved in creating a monopoly. Why might the government create a monopoly? State at least 2 reasons. Give an example of a government created monopoly.
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