Assignment:
Business Economics
Answer all four (4) questions. Maximum of 500 words for each question. Use diagrams where appropriate to enhance and explain your response. Provide supporting evidence and references where appropriate to justify your arguments.
Question 1
Describe and discuss the specific demand determinants for University education in Australia by international students.
Question 2
Use the economics or other literature (but notthe textbook) to identify estimates of the price elasticity of demand for at least three different products or services. The estimates must be from three different articles with a publication date of 2017 or 2018. Provide full citations for the employed literature. Comment on the magnitudes of these estimates in relation to the standard economic determinants of the price elasticity of demand.
Question 3
The Northern Territory (NT) has introduced a minimum price on alcohol of $1.30 per standard drink. Examine the potential consequences of the imposition of this minimum price for the various types of alcohol products in the NT using the demand and supply framework.
Question 4
Some Australian airline operators claim that some Australia airports abuse their monopoly power by charging excessive fees and charges for the services they provide. Use the monopoly model to explain why and how this ‘blatant profiteering' may occur.