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HI5003 Economics for Business Tutorial

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Assessment Task – Tutorial Questions

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Unit Code: HI5003 Unit Name: Economics for Business

Assignment: Tutorial Questions

Due: Week 13

Weighting:  50%

Purpose: This assignment is designed to assess your level of knowledge of the key topics covered in this unit

Unit Learning Outcomes Assessed.:

1.  Acquire a broad understanding of the principles of macro and microeconomics in an economy.

2.  Analyse economic environment nationally and internationally and its influence on business and national economic performance.

3.  Critically analyse government’s fiscal and monetary policy and how they influence the economy

and business in general.

4.  Synthesise theoretical and practical knowledge of economics, a well-developed understanding of the language of economics and the tools of economics used by policy makers within or outside the country.

Description: Each week students were provided with three tutorial questions of varying degrees of difficulty.   The 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 the following tutorial questions and submit these answers in a single document.

The questions to be answered are;

Question 1:  Week 2 Question 1, (7 marks)

Debra can make either 12 cakes or 16 cookies in 4 hours. Sam can make either 6 cakes or 12 cookies in 4 hours.

a.   Who  has  an  absolute  advantage  at  producing  cakes  and  who  has  an  absolute advantage at producing cookies? Briefly explain your answers.                     (2 marks)

b.   State  Debra’s  and  Sam’s  opportunity  costs  of  producing  one  cake  and  one  cookie.

Draw and place your answer in a table which looks something like this:      (3 marks)

Debra

Cake                                       Cookie

Sam

c.   If both Debra and Sam concentrate on producing only the product in which they have a comparative advantage, how many cakes and how many cookies will they produce?

(2 marks)

Question 2:  Week 3 Question 2, (11 marks)

a.   Draw a figure depicting market equilibrium in the ice-cream market. Label the figure properly. Briefly explain the figure.                                                                      (3.5 marks)

b.   Draw  a  new  figure  depicting  the  following  situation:  The  weather  is  suddenly unseasonably hot and at the same time the wage of ice-cream salespeople increases. Explain your figure, and report on your new equilibrium price and quantity.

(7.5 marks)

Question 3:  Week 5 Question 3, (7 marks)

a.    ABC Company produces 100 pendants per day. The total fixed cost for the plant is $5000 and the total variable cost is $15000 per day. Calculate the average fixed cost, average variable cost, average total cost and total cost at the current output level.                            (4 marks)

b.    Calculate  Economic  profit  and  Accounting  profit  from  the  figures  given  below  for  ABC Company.                                                                                                                               (3 marks)

•   Total revenue                                        $ 500,000

•   Wages and salaries                               $ 40,0000

•   Forgone salary                                       $   80,000

•   Interest paid                                          $   10,000

•   Forgone rent                                          $   10,000

•   Raw materials                                        $   50,000

•   Other payments                                    $   20,000

•   Forgone interest                                   $     7,000

Question 4:  Week 8 Question 1, (7 marks)

Discuss   which   of   the   following   fall   into   the   categories   of   consumption,   investment, government expenditure and net exports from the Y = C + I + G + NX (X – M) identity, and whether the impact is to increase or decrease GDP.

(a)  Charles buys a second-hand textbook from Tim.                                               (1 mark)

(b)  When Charles bought the book, he paid Sarah $10 to collect it from Tim.   (1.5 marks) (c)  Thomas buys a new house                                                                                      (1 mark)

(d)  Your firm sells meat to Indonesia                                                                          (1 mark) (e)  The fish and chips shop down the road buys fish to make meals for diners.

(1 mark)

(f)   The same shop buys a deep fryer to fry fish for meals.                                     (1.5 marks)

Question 5:  Week 10 Question 1, (7 marks)

The  ABS  reported  that  in  September  2007,  a  cycle  peak,  the  working-age  population  was

16,808,200, the labour force was 10,979,300, and employment was 10,514,600. Calculate for that quarter the labour force participation rate and the unemployment rate.

(3.5 + 3.5 = 7 marks)

Question 6:  Week 11 Question 1, (11 marks)

Suppose, initially the Australian economy is at full employment (in other words the economy is at the potential GDP). Using AD-AS model, explain how would each of the following events affect the economy both in the immediate and in the long term.

a)   A slowdown in China’s economic growth due to the sub-prime crisis in the US. (3.5 marks)

b)    Union wage settlements push the wage rate up.                          (4 marks)

c)    An increase in consumer confidence.                                              (3.5 marks)

Submission Directions:

The assignment will be submitted via Blackboard.  Each student will be permitted only ONE submission to Blackboard.  You need to ensure that the document submitted is the correct one.

Academic Integrity

Holmes   Institute   is   committed   to   ensuring   and   upholding   Academic   Integrity,   as Academic  Integrity  is  integral  to  maintaining  academic  quality  and  the  reputation  of Holmes’  graduates.  Accordingly,  all  assessment  tasks  need  to  comply  with  academic integrity guidelines.  Table 1 identifies the six categories of Academic Integrity breaches. If you have  any questions  about  Academic  Integrity issues  related to your assessment tasks,  please  consult  your  lecturer  or  tutor  for  relevant  referencing  guidelines  and support resources.   Many of these resources can also be found through the Study Skills link on Blackboard.

Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment.

Table 1: Six categories of Academic Integrity breaches

Plagiarism                                Reproducing the work of someone else without attribution. When a student submits their own work on multiple occasions this is known as self-plagiarism.

Collusion                                  Working with one or more other individuals to complete an assignment, in a way that is not authorised.

Copying                                    Reproducing and submitting the work of another student, with or without their knowledge. If a student fails to take reasonable precautions to prevent their own original work from being copied, this may also be considered an offence.

Impersonation                       Falsely presenting oneself, or engaging someone else to present as oneself, in an in-person examination.

Contract cheating                  Contracting a third party to complete an assessment task, generally in exchange for money or other manner of payment.

Data fabrication and falsification

Source: INQAAHE, 2020

Manipulating or inventing data with the intent of supporting false conclusions, including manipulating images.

If any words or ideas used the assignment submission do not represent your original words or ideas, you must cite all relevant sources and make clear the extent to which such sources were used.

In addition, written assignments that are similar or identical to those of another student is also  a  violation  of  the  Holmes  Institute’s  Academic  Conduct  and  Integrity  policy.  The consequence for a violation of this policy can incur a range of penalties varying from a 50% penalty through suspension of enrolment.  The penalty would be dependent on the extent of academic misconduct and your history of academic misconduct issues.

All assessments will be automatically submitted to SelfAssign to assess their originality.

Further Information:

For further information and additional learning resources please refer to your Discussion Board for the unit.

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