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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.

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