MGE1108 Economics For Business Assignment-Australia.

Assessment 3: Individual Assignment
1.Submit only the section found in the next page titled “Assignment Submission.” DO NOT include the Assignment Instructions (otherwise Turnitin, see below, may consider them as “plagiarised”).
2.Your assignment must be submitted as a word document AND through Turnitin in LMS. Turnitin is a software that indicates the extent that your assignment has been copied from elsewhere.
MGE1108 Economics For Business Assignment-Australia.

MGE1108 Economics For Business Assignment-Australia.

It is normal if Turnitin indicates a percentage copied but make sure that you include proper in-text referencing for each answer, otherwise marks will be deducted for similarities for 20% – 50% and zero marks in excess of 50%.

Diagrams may be hand drawn, scanned or photographed and pasted onto the word document.

3.You are not required to look up other resources except for that listed below but you can certainly do so to gain a wider general understanding.

4.A reference list AND in-text citation MUST be included. (Resources on how to construct your reference list and in-text citation are found in LMS under Student Support/Study Help/Study Skills and Academic Writing). You will be penalized for simply copying and pasting large sections from the text book.

NOTE: In-text citations must only be from the prescribed text book (see below) preferably citing the relevant page.

5.Resources for this individual report are:
* Chapters 5 and 7 – 9 from the the prescribed text book A, Robinson. T, and Tucker I. (2018) Economics for Today or earlier versions. Copies of these chapters are on LMS.

* Videos resources on LMS under Assessment 3.

6.Use economic concepts and terms in your answers. Take care NOT to substitute words that have a specific economic meaning with any similar meaning words from Thesaurus (a helpful resource is Studiosity in LMS). Where economic models/diagrams are required it will be clearly indicated.

MGE1108 Economics For Business Assignment-Australia.

MGE1108 Economics For Business Assignment-Australia.

7.Marks will be deducted for late submission. If you need an extension, seek permission from your lecturer giving your reasons.

This assignment is marked out of 45 marks and contributes towards 15% of your total marks for the subject.

8.On the first page of your submission, please fill in your details as directed. Completing it constitutes your declaration of the following:

Assessment 2 – Final Play Event
Question 1
Based on your reading from chapters 7,8,9 of the market structures of the perfect competition,Monopoly,competition and oligopoly under the following heading (about 250 words).
a)number of firms in the market
b)similarity of the products sold
c)barriers to entry

Question 2
Note:This question tests your reading of the recommended text on market structures in Question 1.
Based on your understanding of each market structure that you described in Question 1,state which market structure you think each of the following businesses belong each answer displays.Answers with no explanation will score only half the marks.

a)University of NSW (if you are in Sydney) or Monash University (if you are Melbourne)
B)A fish and chips store found in most suburbs
c)crown Casinco in Melbourne or star casino in Sydney
d)Google search list of bank in Australia to see how many banks operate in Australia and give reasons to support the argument that the banking industry in Australia has the market structure on an oligopoly.
e)Academies Australasia Polyechnic
f)A small stall in one of Melbourne/Sydney Sunday markets that sells souvenirs such as wallets,caps,tee-shirts,key chains
g)A hair salon in your suburb that makes the effort to provide a service that is just little bit better than its competitors including cleanliness,efficiency,friendly service promptness Knowing customers by name, pleasant experience and of course a grate – hair do.
h)Distributors of computer/laptop devices such as dell, Hewlett Packard,Lenevo,Toshiba,Acer,Asus.

Question 3
a)Explain with three (3)examples, what barriers to entry mean.your answer should explain briefly how each of you example serve as a barrier to entry.

Question 4
Which of these – a perfect competition firm or a Monopoly firm-is more likely to keep on making super-normal profit even in the long – run?Explain why you think so.

Question 5
Explain the term Non-price competition by giving examples and identify which two market structures experience it the most.

MGE1108 Economics For Business Assignment-Australia.

MGE1108 Economics For Business Assignment-Australia.

Question 6
Based on your understanding of market structures in question 1,which demand of you argue most likely represents a firm in the Monopolistic competition market and which to Monopoly firm?Explain why you think so(Hint:consider the price elasticities of demand of each model.E.g.when there is a decrease in price,which model illustrates a larger change in quantity demanded that is consistent with the characterstics of the market?)

please provide the following
A reference list/bibliography of your sources of research proper intext referencing,quoting the pages of the recommended text (Layton)of all questions.

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