BUSS102 MARKET MICROECONOMICS Principles
Session 1, 2017
Tutorial Presentation: Group 5
Due: Week 10 Tutorial Class
1. A recent Australian government-commissioned health report shows
that tooth decay among children and low income earners has risen
by 10% since 2000. Should the government subsidise dental care
for children and low income earners? Critically discuss. Use
appropriate economic tools, including diagrams, studied in this unit
to illustrate your arguments.
2. In 2010, the Australian government imposed a tax on Alcops to
reduce teenage binge drinking and alcohol-related harms and
hospitalization, and also to raise tax revenue. However, by the end
of the financial year no reductions in teenage binge drinking and
alcohol-related harm were recorded and, moreover, the revenue
raised from the tax was 6% less than predicted.
a. As an economist, are you surprised about the outcome of the
government’s tax policy? Critically discuss. Use the demand and
supply model and other appropriate microeconomic tools you have
learned in this unit to illustrate your argument.
b. Who bore a greater burden of the tax, the buyers or sellers of
Alcops? Was the outcome of the tax efficient?
c. What other policy could the government implement to reduce
teenage binge drinking and alcohol-related harm and
hospitalization? Explain.
Price
(dollar per tonne)
Quantity
demanded
(kilo tonnes)
Quantity
supplied
(kilo tonnes)
100 2,000 0
150 1,400 600
200 1,200 800
250 1,000 1,000
300 800 1,200
350 600 1,400
400 0 2,000
3. The table shows the demand and supply schedules for US wheat
market. The US Farm Bill 2012 indicates that the domestic price of
wheat will be set at $300 per tonne, which is above the market
equilibrium level of $250 per tonne, in order to support for domestic
wheat growers. At the market equilibrium, 1,000 kilo tonnes (Kt)
are supplied.
a. The US Farm Bill 2012 indicates that the domestic price of wheat is
set at $300 per tonne, which is above the market equilibrium level
of $250 per tonne, in order to support for domestic wheat growers.
On a graph, show if it creates a shortage or a surplus in the market
for wheat, and explain why and by how much.
b. On a graph, explain how the price control in the US would change
the consumer surplus, producer surplus, and deadweight loss in the
domestic wheat market. Assume that the US does not trade wheat
internationally. Also, calculate the changes in consumer surplus,
producer surplus and deadweight loss. (Remember 1 kilo tonne =
1,000 tonnes)
c. Is the outcome of the US Farm Bill fair? critically discuss.
Our Service Charter
-
Excellent Quality / 100% Plagiarism-Free
We employ a number of measures to ensure top quality essays. The papers go through a system of quality control prior to delivery. We run plagiarism checks on each paper to ensure that they will be 100% plagiarism-free. So, only clean copies hit customers’ emails. We also never resell the papers completed by our writers. So, once it is checked using a plagiarism checker, the paper will be unique. Speaking of the academic writing standards, we will stick to the assignment brief given by the customer and assign the perfect writer. By saying “the perfect writer” we mean the one having an academic degree in the customer’s study field and positive feedback from other customers. -
Free Revisions
We keep the quality bar of all papers high. But in case you need some extra brilliance to the paper, here’s what to do. First of all, you can choose a top writer. It means that we will assign an expert with a degree in your subject. And secondly, you can rely on our editing services. Our editors will revise your papers, checking whether or not they comply with high standards of academic writing. In addition, editing entails adjusting content if it’s off the topic, adding more sources, refining the language style, and making sure the referencing style is followed. -
Confidentiality / 100% No Disclosure
We make sure that clients’ personal data remains confidential and is not exploited for any purposes beyond those related to our services. We only ask you to provide us with the information that is required to produce the paper according to your writing needs. Please note that the payment info is protected as well. Feel free to refer to the support team for more information about our payment methods. The fact that you used our service is kept secret due to the advanced security standards. So, you can be sure that no one will find out that you got a paper from our writing service. -
Money Back Guarantee
If the writer doesn’t address all the questions on your assignment brief or the delivered paper appears to be off the topic, you can ask for a refund. Or, if it is applicable, you can opt in for free revision within 14-30 days, depending on your paper’s length. The revision or refund request should be sent within 14 days after delivery. The customer gets 100% money-back in case they haven't downloaded the paper. All approved refunds will be returned to the customer’s credit card or Bonus Balance in a form of store credit. Take a note that we will send an extra compensation if the customers goes with a store credit. -
24/7 Customer Support
We have a support team working 24/7 ready to give your issue concerning the order their immediate attention. If you have any questions about the ordering process, communication with the writer, payment options, feel free to join live chat. Be sure to get a fast response. They can also give you the exact price quote, taking into account the timing, desired academic level of the paper, and the number of pages.