Principles of Economics

Principles of Economics Your assignment is in three parts – part 1 (week 3) and part 2 (week 5) are undertaken in class.  Your lecturer will advise. Prepare you answers, but tests are closed to notes. Part 3 is to be submitted into your lecturer’s locker by the end of week 9 – Friday 5.00pm Part 1 (3 marks)            (DUE: Week 3 class) (a)    Explain the meaning of relative scarcity? [2 marks] (b)    As a result, choices have to be made.  What general choices do members of society living together have to make? [1 mark] Part 2 (3 marks)            (DUE: Week 5 class) (c)    Markets set many prices in Australia.  What are the assumptions of an imaginary perfectly competitive market? [ 1 mark] (d)    How does a perfectly competitive market set a market price? [ 1 mark] (e)    Why is price elasticity of demand important in a market? [1 mark] [NOTE: There will be a 20 mark multiple-choice test in class in week 7] Part 3 (11 marks)            (DUE: Friday, 5.00pm, Week 9) (f)    Markets are not perfect in real world situations.  Explain what competition policy of government is about.  [2 marks] (g)    Explain what the Competition and Consumer Act 2010 requires of businesses today. See www.comlaw.gov.au/Details/C2012C00514    [3 marks] (h)    Explain the role of the independent statutory authority, the Australian Competition and Consumer Commission (ACCC). See www.accc.gov.au     [ 3 marks] (i)    What is the (Prof. Ian) Harper Review expected to do about prices for consumers?  See www.australiancompetitionlaw.org/reports/2014harper.html    [3 marks] Referencing (3 marks) – you must correctly cite and list at least five references. PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET AN AMAZING DISCOUNT :)