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ECOM4000 | Assessment 4: Assignment Due date: Friday of Week 10 Total marks: 15 marks Weighting: 15% of overall grade No. of questions: 2 Word limit:...

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eco ass4.pdf

ECOM4000 | Assessment 4: Assignment
Due date: Friday of Week 10
Total marks: 15 marks
Weighting: 15% of overall grade
No. of questions: 2
Word limit: 1500 words Question 1 (9 marks | word limit: 700 words) Click on the link to view the first three minutes of the video Economic update with Chris Caton
(2011) and then answer the following questions. Illustrate your solutions with relevant,
clearly labelled diagrams where possible.
(a) What is stagflation? Illustrate it in the AD/AS model.
(b) Why does Chris Caton say that ‘stagflation is the worst possible combination for monetary
authorities to try to deal with’? Explain using the AD/AS model.
How does instability in the US and Europe affect the Australian economy?
(d) To what extent is the Australian economy immune to such instability, and why?
Explain using the AD/AS model. Question 2 (1 mark)
(3 marks)
(2 marks)
(3 marks) (6 marks | word limit: 800 words) The question is open ended and there is no single correct answer. You will be marked based on
your analysis of the economic issue. This question allows you to practise applying economic
concepts, to explain events or behaviour in society, and to assist you to write clearly about the
application of economic concepts.
Robert Frank is Professor of Economics at Cornell University and teaches introductory
micro-economics. In his recent book, The economic naturalist (2007), he reproduces some
of the best questions and answers submitted by his students in the last decade or so.
Some examples of the questions that have been posed by Robert Frank’s students are:
• Why are brown eggs more expensive than white ones?
• Why do female models earn so much more than male models?
• Why are hotel prices in Sharm El Sheikh lowest during periods of highest occupancy?
• Why do retailers put Christmas decorations on display in September?
• Why do so many supermarkets stay open 24 hours a day?
Using a concept or concepts studied in Weeks 1–6 of this subject, devise an interesting question
and answer about some aspect of the economy or society, or some pattern of events or
behaviour you have observed or are aware of. ECOM4000_W10_AS4_v1 Page 1 of 2 Some of the concepts you could choose from to use in this question are:
• cost-benefit principle
• opportunity cost
• incentives
• demand/supply model
• elasticity
• theory of cost.
Other suggestions for finding a question are:
• Read some other examples of questions and answers using the demand/supply model in
Chapter 2 of Robert Frank’s book.
• Click on the link to hear Robert Frank’s podcast Robert Frank on economics education and the
economic naturalist (2007) on EconTalk.
Check with your Tutor that the question, and the concept you think you can use to answer the
question, are appropriate. END OF ASSESSMENT 4 ECOM4000_W10_AS4_v1 Page 2 of 2

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