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zq-mae101-answer the question in the file
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MAE101 – Economic Principles Trimester 3, 2023.
Individual Written Assignment
DUE DATE AND TIME:
(Week 9) Friday 22 December 2023, 11:59pm Melbourne time
PERCENTAGE OF FINAL GRADE:
25%
1000-1200 words (excluding graphs, tables, footnotes
and reference list) Students to provide the word count on
WORD LIMIT:
the front page of their assignment submission.
Submission Instructions
An electronic copy of your assignment is to be submitted into Turnitin on Moodle on or before the
due date and time. Late submissions will attract a deduction of 5% (1.25 marks) for each day they are
late. Assignments submitted more than 5 days after the submission date will not be marked and will
receive a “0” score.
N.B. Extensions can only be granted by the Unit Coordinator and are only considered if accompanied
by supporting documentary evidence. E.g. A medical certificate. Even so, not all applications for an
extension are granted.
Assignment writing guide:
You do not need to include an Assignment Cover Sheet as part of your submission.
Please do not re-write the question in full, just write the question numbers and parts e.g. Q1. (i).
and then type your response/answer.
Do not copy directly from any other student’s work and do not copy directly from online sources or
textbook sources even if you cite their work. You must write your assignment in your own words. You
can however refer to another author’s work as a guide or for ideas, and paraphrase in your own
words, but you must correctly cite their work. You are required to use the APA7 style of referencing
and ensure that all ideas, quotes and paraphrases of another author’s work have been referenced
correctly, both in-text and alphabetically by author’s surname in a reference list at the end of your
assignment. A Guide to Referencing is available on the Deakin University website: Deakin-guide-toAPA7.pdf and further assistance is available through student learning advisors or library staff.
N.B. Students found to have a high level of similarity to another student’s work and/or another
author’s work and/or have insufficient referencing will be called in for an academic misconduct
interview where penalties may apply.
Please read the following statement before commencing your assignment and before submitting
your assignment.
All work submitted by an individual student must be their own. If a student uses artificial intelligence
software such as ChatGPT or QuillBot to generate material for assessment that they represent as
their own ideas, research and/or analysis, they are NOT submitting their own work. Knowingly having
a third party, including artificial intelligence technologies, write or produce any work (paid or unpaid)
that a student submits as their own work for assessment is deliberate cheating and is academic
misconduct. This can and has resulted in students having to appear for an academic misconduct
interview and receiving zero marks for their assessment. If a student uses AI generated material in
the preparation of their assessment submission, this must be appropriately acknowledged and cited.
If this can not be done, then you must not use that material in your assignment and write it yourself.
Please submit your assignment as a PDF as it will ensure your diagrams, tables etc. are more secure
and won’t move around as they can in MSWord and other formats. Ensure that you DO NOT save
your assignment in Pages or Numbers format.
Note: Some questions will require you to draw diagrams. These can be constructed using the
Insert→ Shapes → Line feature in MSWord. Hand-drawn diagrams (including inserted images of
such) and diagrams copied in from online sources (even if cited) will not be awarded any marks.
Your assignment should include footer identification (name and student ID) on the bottom left-hand
side, and page numbers, on the bottom right hand side of the page.
Use size 12 font for your assignment and use bold font for the question numbers/parts.
Include at least four (4) authored and scholarly/reliable references for your assignment (these may
including some of the references listed at the end of this document).
Up to three (3) marks will be deducted for insufficient referencing, incorrect in-text citation and for
not following the assignment instructions.
Turnitin Submission Checklist
Have you adhered to the specified word-limit (1000-1200 words)?
Your name and ID are in a footer on the bottom LHS of each page, with page
numbers on the RHS
Your font size is 12 point
All graphs are drawn neatly and are your own work
Have you referenced at least 4 authored, reliable sources in your assignment
and made sure that all ideas, quotes and paraphrases of other authors work
has been referenced correctly, both in-text and in a reference list?
Your file is saved as a PDF document with your student ID and unit code as the
file name (e.g. SMITH1902 MAE101 Assignment)
The assignment will draw on your understanding of some of the key concepts and models
we have studied in chapters 4, 5, 6, 14 & 15 of Gans et al., Principles of Microeconomics,
(2021). Ensure your responses to the assignment questions use the economic terminology
and analysis we have developed in the course.
Question 1:
In February 2023, the Pharmaceutical Industry in the Czech Republic called on the Czech
Government to remove the price ceiling on a number of medicines. The industry argued that
the current price controls are leading to shortages of several important medicines for high
blood pressure, pain, high cholesterol and antibiotics and are harming consumers. Source:
Plevák, Ondřej (2023) – see link: https://www.euractiv.com/section/healthconsumers/news/price-ceilings-ondrugs-with-no-alternatives-must-be-raised-czech-industrysays/.
What effect is the price control likely to have on the market for medicines in the Czech
Republic? What will happen to the quantity of medicines demanded? What will happen to
the quantity supplied? Who gains? Who loses? Draw a diagram to support your answer. (5
marks)
Question 2:
In the November 2019 the price of pork in China increased by more than 100% as a result of
the
African swine fever crisis which has destroyed half of the pigs in the country. Source: Zou
Sissy, (2019). See link: https://www.scmp.com/economy/chinaeconomy/article/3037020/chinaconsumer-prices-jump-october-cost-pork-soars-more-100
Using supply and demand analysis graph and explain what the effect the price increase will
have on the market for pork in China and on the market for beef in China. (5 marks)
Question 3:
In 2022 demand for housing increased substantially across the US as more Americans
working from home moved to the suburbs to find freestanding homes instead of
apartments. At the same time the supply of housing has decreased because of supply chain
shortages which made it harder for construction companies to build houses and also
because of strict council regulations which specify how land can be used. Source: Kenan
Institute (2023), See link:
https://wraltechwire.com/2023/01/27/affordable-housing-crises-is-getting-worse-how-canwefight-it/
What are the effects on the equilibrium price and quantity of housing as a result of the
situations described above? Draw a diagram to support your answer. (5 marks)
Question 4:
In the first months of 2023 bird flu in the United States has dramatically decreased the
supply of eggs in the country. The laying hen population is down 5.8% compared to 2021 and
egg production is down 6.6% during the period. At the same time, the demand for eggs is
considered to be inelastic. Source: Hicks, Isabel (2023). See link:
https://billingsgazette.com/business/bedeviled-eggs-bird-fluinflation-bump-egg-pricesstrain-supply/article_66b91638-7e7d-5490-9cf9-2a6d48df53b8.html
If the demand for eggs is price-inelastic, a reduction in egg production will increase farmers’
revenue. Explain why this is so. Use a diagram to support your answer. (5 marks)
Question 5:
In January 2023, the US Senate asked the Department of Justice to investigate possible
monopoly power exercised by Ticketmaster – one of the largest sellers of tickets to concerts,
sporting events and other entertainment services in the world. The US Senators have
claimed that Ticketmaster is harming both consumers and artists as a result of its practices.
Source: TJRadio, See link:
https://www.ks95.com/senators-call-upon-department-of-justice-to-investigateticketmaster-for-itsalleged-monopoly-power/
If event tickets were being provided by a perfectly competitive industry would the price and
the quantity of tickets in the market be higher or lower compared to monopoly? Provide a
detailed answer. Use a diagram to support your answer. (5 marks)
Reference list –
Gans, J., Byford, M., King, S., & Mankiw, N. G. (2020b). Principles of Microeconomics (8th
Asia-Pacific edition). Cengage
Hicks, Isabel (2023). Bedeviled eggs: Bird flu, inflation bump egg prices, strain supply,
https://billingsgazette.com/business/bedeviled-eggs-bird-flu-inflation-bump-egg-pricesstrainsupply/article_66b91638-7e7d-5490-9cf9-2a6d48df53b8.html
Kenan Institute (2023), Affordable housing crises is getting worse – how can we fight it?
https://wraltechwire.com/2023/01/27/affordable-housing-crises-is-getting-worse-how-canwefight-it/
McTaggart, D, Findlay C, Parkin, M, (2013). Microeconomics, 7th edition, Pearson Australia,
NSW 2086
Plevák Ondřej (2023). Price ceilings on drugs with no alternatives must be raised, Czech
industry says, https://www.euractiv.com/section/health-consumers/news/price-ceilings-ondrugs-with-noalternatives-must-be-raised-czech-industry-says/
Tanner Sissy, (2019), China’s pork crisis is bigger than you think,
https://www.marketwatch.com/story/chinas-pork-crisis-is-bigger-than-you-think2019-11-11 , Accessed on 1 April 2022
TJRadio (2023). Senators call upon Department of Justice to investigate Ticketmaster for its
alleged “monopoly power”, https://www.ks95.com/senators-call-upon-department-ofjustice-toinvestigate-ticketmaster-for-its-alleged-monopoly-power/
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