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Economics solution

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Economics solution

 Economics 

Do I have to complete the second attempt coursework?

If you have a unit grade of less than 40% and have not been granted compensation, then you are required to complete this second attempt coursework assessment. Please check your student portal for confirmation of unit grade and compensation status.

What do I need to do for the second attempt coursework?

Answer all of the following questions. All questions are weighted equally. Answers are to be submitted as Microsoft Word documents. Where a diagram is required, you need to hand draw this by hand and date it (diagrams drawn by computer or copied from an internet source will not receive credit), please add your diagrams to your Word document as an appendix by scanning.

When do I need to do this?

The second attempt assessment period runs from 10th July to 28th July. Please submit your coursework within these dates only.

How do I submit?

Answers are to be word processed and submitted in the drop box situated on the unit Moodle site which has the following instructions:

               • _Do not include your name on your work - your Student Number (in the footer) is all that is needed.

               • _Keep it simple - no artwork / uni logos, please.

               • _Font: Please use Arial 11 point and 1.5 spacing (I read your work online) and number the pages.

               • _Submit your work as a single Word file .docx

               • _File name: Give a brief description and include your student number eg 2nd Attempt123456.docx

               • _You can drag and drop the file onto the submit box or navigate using "Add file..."

Answer all of the following six questions

1. (a) With the use of a diagram, explain why a firm may continue to stay in operation in the short run despite making an economic loss.

(b) Explain how a profit maximising firm sets the quantity of output.

2. (a) With the use of a diagram, explain the externality generated from driving a private vehicle that pollutes the local environment.

(b) Recommend and explain two Government policies that could be used to correct the market failure identified in part A.

3. (a) Define what is meant by the term ‘price elasticity of demand’ and explain how this can be measured.

(b) Explore the range of factors that can influence the price elasticity of demand for a good or service.

4. (a) With the use of a diagram, explain how the circular flow of income can be used to build a model of a national economy which shows how Gross Domestic Product (GDP) may vary from year to year.

(b) Measured by nominal Gross Domestic Product (GDP), the economy of Brazil became larger than the economy of the UK in 2010. To what extent does this indicate that Brazil is more prosperous than the UK?

5. (a) Using an Aggregate Demand / Aggregate Supply diagram, explain how an economy may experience a short-run growth in actual output and describe two ways in which this may occur.

(b) Explain how an economy may experience a long-run growth, and describe two ways in which this may occur.

6. (a) Explain why ‘ unemployed’ is different to ‘economically inactive’, and explain four causes of unemployment.

(b) Use a diagram to analyse the effect of an increase in the minimum wage on unemployment.

Answer all of the following six questions

1.(a) With the use of a diagram, explain why a firm may continue to stay in operation in the short run despite making an economic loss.

(b) Explain how a profit maximising firm sets the quantity of output.

2. (a) With the use of a diagram, explain the externality generated from driving a private vehicle that pollutes the local environment.

(b) Recommend and explain two Government policies that could be used to correct the market failure identified in part A.

3. (a) Define what is meant by the term ‘price elasticity of demand’ and explain how this

can be measured.

Price elasticity of a demand is the responsiveness of quantity demand to a change in price.

Elasticity is measured in following in following reasons.

·  It allows comparison of changes in the different things and measured in ten different units

·  Sensible way of deciding how big a change in price and quantity is.

Formula PES =%QS

%p

Elastic Demand: where quantity demanded changes by larger percentage than price.

Inelastic Demand: where quantity demanded changes by a smaller percentage than price.

Unit Elastic Demand: where quantity demanded changes by some percentage as prices

(b) Explore the range of factors that can influence the price elasticity of demand for a good or service.

A change in price does not always lead to the same balanced change in demand. For example, a small change in price of AC may affect its demand to a considerable extent/whereas, large change in price of salt may not affect its demand. So, elasticity of demand is different for different goods.Various factors which affect the elasticity of demand of a commodity are:

4. (a) With the use of a diagram, explain how the circular flow of income can be used to build a model of a national economy which shows how Gross Domestic Product (GDP) may vary from year to year.

(b) Measured by nominal Gross Domestic Product (GDP), the economy of Brazil became larger than the economy of the UK in 2010. To what extent does this indicate that Brazil is more prosperous than the UK?

5. (a) Using an Aggregate Demand / Aggregate Supply diagram, explain how an economy may experience a short-run growth in actual output and describe two ways in which this may occur.

(b) Explain how an economy may experience a long-run growth, and describe two ways in which this may occur.

6. (a) Explain why ‘unemployed’ is different to ‘economically inactive’, and explain four causes of unemployment.

Unemployed is defined as being working age adult that is not employed but is seeking work.by real wages being

Economically inactive is defined as being a working age adult that is not in the labour, force such as a fulltime student

The main distinction between the definitions of unemployment and of economic inactivity is whether someone has actively looked for work in the immediate past.

4 types of unemployment

Structural-Unemployment that occurs as a result of changes in the pattern of demand or supply in the economy. For eg people made redundant in one part of the economy cannot immediately take jobs in other parts even their job are vacancies.

Frictional-Unemployment that occurs as result of imperfect information in the labour market. Itoften takes time for workers to find jobs even though there are vacancies and in the meantime they are unemployed.

Cyclical-Disequilibrium unemployment caused by a fall in aggregate demand with no corresponding fall in the real wage rate occurs when growth shows down or stops during recession.

Seasonal-Unemployment associated with industries or regions where demand for labour is lower at certain times of the year.

(b) Use a diagram to analyse the effect of an increase in the minimum wage on unemployment.

Some who is unemployed is defined as being a working age adult who is not employed and seeking work

Real wage Unemployment-Disequilibrium unemployment caused by real wages being driven up above the market clearing level. Reasons for this can include trade unions encouraging higher wage rates or a statutory minimum wage increase imposed by the government.



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