Answer all four (4) questions. Maximum of 500 words for each question. Use diagrams where appropriate to enhance and explain your response. Provide supporting evidence and references where appropriate to justify your arguments.
Question 1 Total 5 marks
Describe and discuss the specific demand determinants for University education in Australia by international students. Question 2 Total 5 marks Use the economics or other literature (but not the textbook) to identify estimates of the price elasticity of demand for at least three different products or services. The estimates must be from three different articles with a publication date of 2017 or 2018. Provide full citations for the employed literature. Comment on the magnitudes of these estimates in relation to the standard economic determinants of the price elasticity of demand. Question 3 Total 5 marks The Northern Territory (NT) has introduced a minimum price on alcohol of $1.30 per standard drink. Examine the potential consequences of the imposition of this minimum price for the various types of alcohol products in the NT using the demand and supply framework.
Question 4 Total 5 marks Some Australian airline operators claim that some Australia airports abuse their monopoly power by charging excessive fees and charges for the services they provide. Use the monopoly model to explain why and how this ‘blatant profiteering’ may occur. Online submission via Turnitin is required for this assignment. Details will be provided by your subject lecturer.
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This assessment task will assess the following learning outcome/s: • be able to apply economic concepts and principles to daily life. • be able to explain the economic decision making of producers and consumers and their interaction in the market place. • be able to construct graphs and diagrams to demonstrate how economic concepts and principles work in practice.
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