Common-Essay-Questions

Microeconomics Essay Questions

Posted On Mar 05 2021

The Assignments

INDIVIDUAL ASSIGNMENT 01

Microeconomics

Technical requirements:

Maximum length: 12 A4 pages, Times New Romans font type, 12-pt font size, 1.5 line spacing (excluding appendices). Kindly note that markers will only review the first 12 pages.

Referencing: Harvard method

Please note that this assignment is relatively time intensive. Be advised to study the relevant material and commence working on the assignment as early as possible.

Question1      [25 Marks]

When analysing the firm’s behaviour as a business economist, it is often important to understand the total revenue, costs and margin analysis.

Explain using a relevant diagram how the price faced by a profit-maximising competitive firm compare to its marginal cost? [5 Marks]

Explain using relevant graphs how profit-maximising competitive firm decide to shut down? [5 Marks]

When does a profit-maximising competitive firm decide to exit a market? [5 Marks]

As a business manager, use relevant diagrams as well as microeconomic theory, discuss why competitive firms stay in business if they make zero profit? [10 Marks]

Question 2     [25 Marks]

Business economists us the term tax incidence to refer to the distribution of a tax burden. As such, we can analyse the incidence of a tax by using the tools of supply and demand.

Suppose a government imposes a tax of ZAR1.00 per bottle on sellers of an industrial detergent.  Explain three dimensions in which you can explain the effects of this tax? What are the implications of such a tax? [12.5 Marks]

A government unveiled a new subsidy on public rail transport in a country. Critically analyse the three dimensions in which the effect of the subsidy can be felt by all the actors in the sector. [12.5 Marks]

Question 3     [25 Marks]

Monopolies cause inefficiencies and a lot of deadweight losses. In some cases, these inefficiencies can be mitigated through price discrimination by the monopolist, but at other times they call for policy makers to take an active role. Describe the ways through which policy makers can respond to the inefficiencies caused by monopolies in an economy. List potential problems associated with each of these policy response mechanisms.  [25 Marks]

*Referencing, language and layout (use the Harvard referencing system).

Marks will be deducted for not following the prescribed referencing style and failure to reference.

[TOTAL = 75 MARKS]

Your answers to the above will be assessed in terms of the level of communication displayed, the insights and inferences drawn, and your ability to show the implications of the factors that you have assessed and discussed. An answer that merely gives a list of events that have happened or a synopsis of a situation, without showing insight into the reasons and results, will not earn good marks. Your method of referencing must consistently follow the Harvard method and your layout must be neat and consistent.

Marking guidelines

See the mark allocation for each of the subsections above. The mark allocation should guide you on the length of your answers within the given 12 pages.

Focus, logic and structure play a critical part in answering any assignment question. Focus on answering each question asked. Your answer should have a clear, logical structure and your arguments should be systematically developed and presented. Sentences and paragraphs should follow one another logically. Avoid fragmentation (a collection of disjointed comments on the literature) and ensure that your answer contains adequate analytical content. You will be assessed on the relevance and depth of insight reflected by your discussion, analysis, findings and reasoning.

 

INDIVIDUAL ASSIGNMENT 02

Macroeconomics

Technical requirements:

Maximum length: 12 A4 pages, Times New Roman font type, 12-pt font size, 1.5 line spacing (excluding appendices). Kindly note that markers will only review the first 12 pages.

Referencing: Harvard method

Questions 1 [45 marks]                                                                  

As a business economist, critically analyse how changes in the world price of oil affect the amount of frictional unemployment in a country.  [15 Marks]

In response to unemployment challenges in an economy, the government put in place several macroeconomic policies. Discuss at a theoretical level how public policies such unemployment benefits and tax incentives can affect the employers, government and the level of unemployment, taking into account the age groups, skills endowments and substitution effects of the various workers in an economy. [20 Marks]

Explain why flexible labour markets are such an important element in supply side policies? [10 Marks]

Questions 2 [30 marks]       

Assume the economy is in a recession. Explain how each of the following policies would affect consumption, investment and national income (GDP). In each case, indicate any direct effects, any effects resulting from changes in the macroeconomic variables and the overall effect in the economy. If there are conflicting effects making the answer ambiguous, say so.

How  fiscal policy influences aggregate demand and how these can be used to expand the economy? [15 Marks]

How monetary policy influences aggregate demand and how these can be used to expand the economy? [15 Marks]

References

Layout and bibliography (use the Harvard referencing system) must be consistent.

[TOTAL = 75 MARKS]

Marking guidelines

Please pay attention to the mark allocation for each of the subsections above.

Focus, logic and structure play a critical part in answering any assignment question. Your assignment should be focused on answering each question asked. Your answer should have a clear logical structure and your arguments should be systematically developed and presented. Sentences and paragraphs should follow one another logically. A collection of more or less disjointed comments on the literature is commonly referred to as “fragmentation”. Avoid fragmentation and ensure that your answer contains adequate analytical content. You will be assessed on the relevance, depth and insight that your discussion, analysis, findings and reasoning reflect.

REFERENCING

It is customary in academic discourse to acknowledge the work that you have drawn from.  Although quotations have their role and a few well-chosen quotations may enhance your analysis, they should never replace your own explanation. We are primarily interested in establishing if you can present the ideas in your own words. If you cite a quotation, use quotation marks, make sure that it appears exactly as in its  original state and provide a reference in the way indicated below.

Whenever you mention someone else's ideas or directly quote his or her words, you should provide a reference. There are various ways of doing this, but it is recommended that you acquaint yourself with the Harvard method as it is the most widely used in academic circles. According to this reference system, footnotes are not used to provide the full bibliographical particulars of the referred source, as is customary in other systems. Instead, the bare essentials to identify the source, such as the name of the author, the year of publication and the page reference (where appropriate) are given in the text itself, making use of brackets.

Consider the following example:

Keynes (1936:129) is of the opinion that unemployment is caused by insufficient demand.

Another example:

Unemployment is caused by insufficient demand (Keynes, 1936:129).

Snowdon and Vane (2005:70-75) distinguish between three important interpretations of Keynes.

The reader is, thus referred to the bibliography (which should appear at the end of the document) for the full particulars of Keynes (1936) or Snowdon and Vane (2005), should he or she wishes to consult the source.

Note that it is not necessary to give all the authors' names in the text when there are more than two authors. The abbreviation et al. indicates that there are also other authors. The important point here is that the Harvard method requires you to add a detailed bibliography at the end of the document. In this bibliography, all the authors' names will be listed. The precise rules of how to present a bibliography follow below.

Basic rules for presenting a bibliography

The bibliography must be arranged alphabetically according to author's surname. The date of publication appears immediately after the author's name. If the bibliographical entry is a book, the name of the book must be underlined or italicised. The place of publication and the publisher's name must be specified. If the entry is a journal article, the title of the article should be included and the name of the journal must be provided. The name of the journal must be underlined or italicised. The volume and issue of the journal and the page numbers must also be provided.

The following are examples of bibliographical entries. We have used italics instead of underlining the names of books and journals - you may use either system.

Bibliography

Keynes, JM. l936. The general theory of employment, interest and money. London: Macmillan.

Snowdon, B & Vane, H. 2005. Modern macroeconomics. Cheltenham: Edward Elgar.

Solow, RM. 1975. The intelligent citizen's guide to inflation. The Public Interest 38:30-66.

Although numerous variations are current in academic literature, we recommend that you present your bibliography in exactly the way as given by the above examples.

The Assignments

 

Please note that this assignment is relatively time intensive. Be advised to study the relevant material and commence working on the assignment as early as possible.

 

Question1      [25 Marks]

 

When analysing the firm’s behaviour as a business economist, it is often important to understand the total revenue, costs and margin analysis.

 

  1. Explain using a relevant diagram how the price faced by a profit-maximising competitive firm compare to its marginal cost? [5 Marks]
  2. Explain using relevant graphs how profit-maximising competitive firm decide to shut down? [5 Marks]
  3. When does a profit-maximising competitive firm decide to exit a market? [5 Marks]
  4. As a business manager, use relevant diagrams as well as microeconomic theory, discuss why competitive firms stay in business if they make zero profit? [10 Marks]

 

Question 2     [25 Marks]

 

Business economists us the term tax incidence to refer to the distribution of a tax burden. As such, we can analyse the incidence of a tax by using the tools of supply and demand.

 

  1. Suppose a government imposes a tax of ZAR1.00 per bottle on sellers of an industrial detergent.  Explain three dimensions in which you can explain the effects of this tax? What are the implications of such a tax? [12.5 Marks]
  2. A government unveiled a new subsidy on public rail transport in a country. Critically analyse the three dimensions in which the effect of the subsidy can be felt by all the actors in the sector. [12.5 Marks]

 

Question 3     [25 Marks]

 

Monopolies cause inefficiencies and a lot of deadweight losses. In some cases, these inefficiencies can be mitigated through price discrimination by the monopolist, but at other times they call for policy makers to take an active role. Describe the ways through which policy makers can respond to the inefficiencies caused by monopolies in an economy. List potential problems associated with each of these policy response mechanisms.  [25 Marks]

 

*Referencing, language and layout (use the Harvard referencing system).

Marks will be deducted for not following the prescribed referencing style and failure to reference.

 

[TOTAL = 75 MARKS]

 

Your answers to the above will be assessed in terms of the level of communication displayed, the insights and inferences drawn, and your ability to show the implications of the factors that you have assessed and discussed. An answer that merely gives a list of events that have happened or a synopsis of a situation, without showing insight into the reasons and results, will not earn good marks. Your method of referencing must consistently follow the Harvard method and your layout must be neat and consistent.

Marking guidelines

See the mark allocation for each of the subsections above. The mark allocation should guide you on the length of your answers within the given 12 pages.

 

Focus, logic and structure play a critical part in answering any assignment question. Focus on answering each question asked. Your answer should have a clear, logical structure and your arguments should be systematically developed and presented. Sentences and paragraphs should follow one another logically. Avoid fragmentation (a collection of disjointed comments on the literature) and ensure that your answer contains adequate analytical content. You will be assessed on the relevance and depth of insight reflected by your discussion, analysis, findings and reasoning.

Questions 1 [45 marks]                                                                  

  1. As a business economist, critically analyse how changes in the world price of oil affect the amount of frictional unemployment in a country.  [15 Marks]
  2. In response to unemployment challenges in an economy, the government put in place several macroeconomic policies. Discuss at a theoretical level how public policies such unemployment benefits and tax incentives can affect the employers, government and the level of unemployment, taking into account the age groups, skills endowments and substitution effects of the various workers in an economy. [20 Marks]
  3. Explain why flexible labour markets are such an important element in supply side policies? [10 Marks]

Questions 2 [30 marks]       

Assume the economy is in a recession. Explain how each of the following policies would affect consumption, investment and national income (GDP). In each case, indicate any direct effects, any effects resulting from changes in the macroeconomic variables and the overall effect in the economy. If there are conflicting effects making the answer ambiguous, say so.

  1. How  fiscal policy influences aggregate demand and how these can be used to expand the economy? [15 Marks]
  2. How monetary policy influences aggregate demand and how these can be used to expand the economy? [15 Marks]

References

Layout and bibliography (use the Harvard referencing system) must be consistent.

 

[TOTAL = 75 MARKS]

 

Marking guidelines

Please pay attention to the mark allocation for each of the subsections above.

Focus, logic and structure play a critical part in answering any assignment question. Your assignment should be focused on answering each question asked. Your answer should have a clear logical structure and your arguments should be systematically developed and presented. Sentences and paragraphs should follow one another logically. A collection of more or less disjointed comments on the literature is commonly referred to as “fragmentation”. Avoid fragmentation and ensure that your answer contains adequate analytical content. You will be assessed on the relevance, depth and insight that your discussion, analysis, findings and reasoning reflect.

 

  1. REFERENCING

It is customary in academic discourse to acknowledge the work that you have drawn from.  Although quotations have their role and a few well-chosen quotations may enhance your analysis, they should never replace your own explanation. We are primarily interested in establishing if you can present the ideas in your own words. If you cite a quotation, use quotation marks, make sure that it appears exactly as in its  original state and provide a reference in the way indicated below.

Whenever you mention someone else's ideas or directly quote his or her words, you should provide a reference. There are various ways of doing this, but it is recommended that you acquaint yourself with the Harvard method as it is the most widely used in academic circles. According to this reference system, footnotes are not used to provide the full bibliographical particulars of the referred source, as is customary in other systems. Instead, the bare essentials to identify the source, such as the name of the author, the year of publication and the page reference (where appropriate) are given in the text itself, making use of brackets.

Consider the following example:

Keynes (1936:129) is of the opinion that unemployment is caused by insufficient demand.

Another example:

Unemployment is caused by insufficient demand (Keynes, 1936:129).

Snowdon and Vane (2005:70-75) distinguish between three important interpretations of Keynes.

The reader is, thus referred to the bibliography (which should appear at the end of the document) for the full particulars of Keynes (1936) or Snowdon and Vane (2005), should he or she wishes to consult the source.

Note that it is not necessary to give all the authors' names in the text when there are more than two authors. The abbreviation et al. indicates that there are also other authors. The important point here is that the Harvard method requires you to add a detailed bibliography at the end of the document. In this bibliography, all the authors' names will be listed. The precise rules of how to present a bibliography follow below.

Basic rules for presenting a bibliography

The bibliography must be arranged alphabetically according to author's surname. The date of publication appears immediately after the author's name. If the bibliographical entry is a book, the name of the book must be underlined or italicised. The place of publication and the publisher's name must be specified. If the entry is a journal article, the title of the article should be included and the name of the journal must be provided. The name of the journal must be underlined or italicised. The volume and issue of the journal and the page numbers must also be provided.

The following are examples of bibliographical entries. We have used italics instead of underlining the names of books and journals - you may use either system.

Bibliography

Keynes, JM. l936. The general theory of employment, interest and money. London: Macmillan.

Snowdon, B & Vane, H. 2005. Modern macroeconomics. Cheltenham: Edward Elgar.

Solow, RM. 1975. The intelligent citizen's guide to inflation. The Public Interest 38:30-66.

Although numerous variations are current in academic literature, we recommend that you present your bibliography in exactly the way as given by the above examples.

 


Our expert tutors in the field will help at a penny price!



Order Now



Womans Rights

Women's activism in the abolitionist movement challenged the concepts of the "True Woman" and separate spheres in two fundamental ways: first, it moved women into the previously all-male public/political sphere; and second, it led some women to



Evaluate The Significance That Primary Productivity

Explain the significance of the figure. Relate the significance to the broader context of environmental chemistry including external research with a peer-reviewed citation. For library information, refer to the course syllabus.





Phase Transport And Relationship (Ksp[ And Phase Transport/

Define the second term- PhaseTransport in relation to environmental pollution Describe in detail the relationship between the two terms( Solubility Product Constant-Ksp and Phase transport. How pollutant is moving from one phase to others







ADVANCED BIOCHEMISTRY Questions

The glucocorticoid receptor recognizes cortisol and other steroid hormones, which triggers its association with DNA and affecting the transcription of several genes. The glucocorticoid receptor (GRE) is upregulated in several types of cancer, notably vari





The Impact Of COVID-19 On Mental Health

COVID-19 has impacted many and communities of color at a higher risk of issues stemming from the virus. While the paper is general, it should highlight the impact of of COVID-19 on Mental Health in communities of color, contributing factors (unemployment



Impact Of Covid 19 On Civil Aviation

Sample project and analysis from our instructor which you need to follow specially the layout and arrangements. 2- the rubrics excel sheets which you need to take in concern as I need an A in this course please. 3- The main article that you need to rel



This website uses cookies to improove user experience.

X