Principles of Economics Report Writing – Economics Assignment Help

Assignment Task


Question 1:  

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Recently the local government in Shanghai has introduced a price ceiling for the sale of apartments to deal with the huge increase in prices over the last few years.  Apartments that could sell in the market for 130,000 yuan (US$19,400) per square metre, now have to be sold at a price about 30 per cent lower, that is, at a price of 100,000 yuan per square metre to meet the government requirement.

What effect is this likely to have on the market for apartments in Shanghai?  What will happen to the quantity of apartments demanded?  What will happen to the quantity supplied?  Who gains?  Who loses? Draw a diagram to support your answer. 

Question 2: 

In the 1980s Australia introduced restrictions on the amount of foreign clothing products that could be imported and sold in Australia. Source: Emmery, Michael (1999). 

Using supply and demand analysis, graph and explain what the effect of these restrictions would have been on the market for foreign clothing in Australia and on the market for locally made clothing in Australia. (Please note: You do not need to discuss tariffs or quotas when answering this question). 

Question 3: 

In the last few years the high rate of Chinese economic growth has seen a sharp increase in Chinese demand for paper. At the same time many large paper producers have closed in the US as a result of the high cost of the materials from which paper is made leading to reduced profits for these producers. Sources:  Australian Publishers Association.

What are the effects on the equilibrium price and quantity of paper as a result of the situations described above? Please note that you need to discuss the market for paper in general and not trade issues between China and the US. Draw a diagram to support your answer. 

Question 4: 

In 2019 drought has reduced the amount of production of farm products in Australia by many billions of dollars.

At the same time the demand for farm products is generally considered to be price inelastic. Economics Online (2019). 

If the demand for farm products is price-inelastic, a reduction in farm production will increase farm incomes. Explain why this is so. Use a diagram to support your answer. 

Question 5: 

In 2020 the UK government introduced a sales tax on all products bought online from overseas. Please note this is not a tariff – it is a tax. The tax will be 2% of the value of the products sold in the UK. This tax is collected from online sellers such as Amazon or ebay.

Consider the market for online products. The initial market equilibrium is at 10 million products sold per year at an average price of $500 each. Then, the UK government imposes a tax on the market, collected from sellers (for example Amazon and ebay). The tax is 2% per item (each item has an average price of $500). 

Show the effect of this on the market for online products. Show the effect on consumers of online products, on the online sellers and on the government. Does the UK economy gain or lose as a result of the tax? Explain why. Use a diagram to support your answer. 

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