代写ECON10004: Introductory Microeconomics // Assignment—1调试数据库编程

ECON10004: Introductory Microeconomics // Assignment—1 (15%)

Due date: March 28 by 12.00pm // Word limit:1000 words (does not include diagrams) // Goodluck!

Submission:

-    you must submit your assignment via the LMS subject page by 12.00 pm, Thursday March 28, as a single .pdf file;

-    the subject has a “no-extension policy”; thus, late submissions will not be accepted;

-    to double check that you uploaded the correct file and to confirm your

submission’s timestamp, you may want to either view or download it; for step-by-

step instructions, please checkout the “view a submitted assignment” subsection at

https://lms.unimelb.edu.au/students/student-guides/assignments

-    after you have submitted your assignment, please remember to also keep a local copy. You can have a maximum of 3 attempts.

Logistics:

-    there is a maximum limit of 1000 words (not including equations, diagrams, or the text of the problem itself);

-    all problems are compulsory, and must be solved in the order in which they appear;

-    all answers must be clearly labelled (e.g., write “c)” before your third answer);

you may (but don’thave to) copy the question before providing your answer to it

-    answers must be fully typed; diagrams may still be hand drawn, but please be sure to insert them in the right place in the file, as only one file maybe submitted;

-    please be aware of the University policy on plagiarism and

collusion https://academicintegrity.unimelb.edu.au/#plagiarism- and-collusion

Also note that the use of generative AI tools to writeup your

assignment is not permitted. Your submission must be entirely

your own work. Please refer to the university website to learn

more about the Student Academic Integrity Policy.

Here's a university Statement on the use of artificial intelligence software in the preparation of material for assessment

https://academicintegrity.unimelb.edu.au/plagiarism-and-collusion/artificial- intelligence-tools-and-technologies

Also some advice provided here:

https://academicintegrity.unimelb.edu.au/plagiarism-and-

collusion/artificial-intelligence-tools-and-

technologies/advice-for-students-regarding-turnitin-and-ai-

writing-detection

-    amaximum of 30 points are awarded according to the quality of the answers

Note: Quality answers are succinct and legible; points maybe deducted for

exceeding the word limit, or for not submitting a typed assignment. At the same

time, quality answers will show any relevant intermediary equations and steps that are required to derive a result.

QUESTION 1 [3 marks]

Transatlantic  steamer  company  Passepartout  travels  from  Liverpool  to  New  York  full  of merchandise to be sold in the US. Instead of returning to Great Britain empty, it could operate as passenger-only carrier via an agreement with travel firm Phileas Fogg & Co. Assume that the steamer company can only charge Phileas Fogg & Co to cover its opportunity cost.

The cost of fuel is $80,000 each way.  The cost of wages to ship captain is $10,000 each way. The cost of wages to other crew is $1,000 each way if there are passengers, and $600 each way if there are no passengers. Where passengers have traveled, the cost of cleaning the ship is $3000.

What amount should Passepartout travels charge Phileas Fogg & Co? Explain you answer.

QUESTION 2 [10 marks]

Umair and Bhoomi are farmers; In a day, Umair can produce 3kg of strawberries or 6kg of eggplants, Bhoomi can produce 4kg of strawberries or 12kg of eggplants.

a) Plot Umair and Bhoomi’s production possibility frontier (PPF) placing strawberries on the x axis and write down their PPF algebraically using the letter e to denote eggplants and s to denote strawberries. [3 marks]

b) Who has an absolute advantage in the production of eggplants? What about strawberries? Why? [2 marks]

c) Who has a comparative advantage in the production of strawberries? Why? [2 marks]

d) Assume Ps= price of strawberries and Pe= price of eggplants.   Bhoomi  wants  to trade eggplants with Umair at Pe/Ps= 4/5. Assuming Umair is a rational agent, should he accept to trade? Why? [2 marks]

e) What is the Pe/Ps   price range under which beneficial eggplant trade would take place? Explain. [1 mark]

QUESTION 3 [17 marks]

Consider the following perfectly competitive market:

QS = 2P

QD = 100 – 2P

where QS = quantity supplied, QD = quantity demanded, and P = price.

a)   What are the equilibrium price and quantity traded? [2 marks]

b)  What is total revenue in the market? [1 mark]

c)   Suppose P=30. Please describe what would happen in the market under these conditions until equilibrium is reached. [1 mark]

d) How does the equilibrium change if a $2 per unit taxis imposed on buyers? Illustrate with a figure and solve for new equilibrium algebraically [5 marks]

e) Calculate consumer surplus and producer surplus before and after the tax and show them in a figure [6 marks]

f) Who has been affect most by the tax? Why? By how much society gains or loses as a result of the imposition of tax? [2 mark]