Assignment Description -
Produce the assignment and provide the relevant economic analysis, by critically analysing the "Mapping Australian higher education" article using the microeconomics concepts learned at weeks 1- 5.
Use appropriate economics terminology, concepts, models and diagrams, and carry out additional research relevant to the topic/economic concepts covered. Reference requirement is eight references from peer reviewed journal articles and at least one book.
Assignment needs to answer the following questions in details:
1. Discuss relevant scarcity, opportunity cost, and trade-off regarding higher education provision.
2. Identify the type of product (higher education) and whether there are substitutes, etc., for the product. Draw at least two graphs illustrating demand line/curve change when you analyse the product. You can make assumption about quantity (Q) and price (P) to draw the graphs.
3. Analyse and graphically present how tax on buyers (students) will shift the equilibrium. You can make assumption about quantity (Q) and price (P) to draw the graphs.
4. Discuss possible fixed cost and variable cost related to the product and graphically show average fixed cost and average variable cost curves (in the same graph).
Mapping Australian higher education - In 2014, nearly 350,000 international students took courses with Australian universities. Domestic enrolments exceeded one million for the first time. For domestic students, humanities and commerce remain the most popular fields of study, but health and science enrolments show the fastest growth. Despite slower transitions from university to career, the unemployment rate for all graduates remains low. Over their working lives, graduates on average earn significantly more than people who finish their education at Year 12.
Source: Norton, A. (2016) Mapping Australian Higher Education 2016, GRATTAN Institute.
Attachment:- Assignment File.rar