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Use demand and supply diagram and clear explanation when answering question (a) t0 C() below.A) Australia has decided to lower its greehouse gas emission and intended to introduce mandatory (Extremely Expensive) pollution controls and test on all cars over 3 years old. Explain what the impact on quantity demanded and supplied for new car will be as a result. 4 Marksb) Explain what impact on quantity demanded and supplied for cars will be if oil prices rise to $200per barrel. What about if extreme global recessionary conditions als prevail? 8 Marksc) The Federal government has decided to adopt a free agreement on cars imported into Australia in six months time. Explain hou will you think this will affect price and quantity demanded and supplied of imported cars into Austalia before the free trade agreement is applied and after it is applied. 8 marksQuestion 2 Topic twoDo Challenge Question 1 on Page 128 of your Sloman, Norris and Garret Text 1.A perfectly competitive firm faces a price of $14 per Unit, It has the short run cost schedule shown belowOutput 0 1 2 3 4 5 6 7 8TC($) 10 18 24 30 38 50 66 91 120 a) Copy the table and put in additional rows for average cost and marginal revenuecost at each level of output. (Enter the figures for marginal cost in the space between each column)b)Plot AC,MC, and MR on a diagram.c) Mark the profit maximising output.How much (supernormal) profit is made at this output?e) What would happen to the price in the long run if this firm was typical of others in the industry? Why would we need to jone inofrmation about long-run average cost in order to give a precise answer to this Question? 10 marksQuestion 3 Topic 3 Market structurea) Do Discussion Question 4 on page 128 of your Sloman, Norris, and Garret Text. Include graph(s) in your discussion 10 marksQuestion 4 is Describe the sequence og events following an increase in the damnand for the ouput of a perfectly competitive industry.b) Do Discussion Question 1 on page 153 of your Sloman, Norris and Garrat text.page 153 Question 1.An oligopolist imagines it faces two demand schedule as shown, the current price $150Competitors Follows:Quantity demanded354045505560a) What would the demand curve be under the kinked demand curve hypotheshs?b) Plot the marginal revenue curve corresponding the kinked demand curve,c) Margianl costs are $50 at every output . what is the profit -maximising output?Question 4 Topic 4 Market failure and reformApply the anlysis in Chapter 8 to the case of using nuclear power as a source of power generation instead of coal-fired power generation, (Maxinun 350 words plus graphs) 20 marks.Question 5 Topic 5 Labour Marketthe previous Coalition Federal Governemnt introduced legislation calle WorkChoices which substantially changed log-standing industrial relations laws in Australia. In 2009 the :Fair Pay” legislation replaced Workchoices. Briefly describe bothe thses laws and outline what you perceive would have been/are likely to be the effects of these changes.Yopur descriptive analysis should be supported by graphs(Maximun 350 words plus graphs.Total of 100 marks (Weighting 25%)That is the end of my assignment 1 if you could help with this assignment 1 to go throught the good grade.Thank you Andrea Danvers
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