Assignment Part A: Microeconomics
Source 1: Macquarie Analysis: Woolworths Trails Coles on Grocery Prices (by Catie Low)
Source 2: Supermarkets Price War
Source 3: Supporting Diagrams
Question 1: What type of market structure do Coles and Woolworths operate in? Justify your answer with reference to some limited research and the appropriate economic theories. Your answer should include a diagram.
Question 2: Based on your answer to Problem 1, and with reference to the appropriate economic theories, discuss the effects of pricing in this market, especially in regard to revenues. Is it in the interests of Woolworths and Coles to have a price discount war? Why or why not?
Question 3: What type of market structure is the market for vegetables provided by farmers? Explain why with reference to Sources 2 and 3 and the appropriate economic theories.
Question 4: How would falling prices for vegetable products due to the price war affect the individual vegetable producer? Demonstrate your answer with reference to a diagram showing only an individual farmer's cost curves. Would small farmers be forced to leave the market in the long-run? Why or why not?
Assignment Part B: Macroeconomics
Source 1: Spanish Growth Quickens, Says Central Bank
Source 2: Trading Economics Graphs
Question 1: Based on the article and graphs above, what phase of the business cycle do you believe Spain was in during 2013? Explain why with reference to theory and represent this phase of the business cycle using an aggregate demand and supply model.
Question 2: Based on the article and graphs above, what phase of the business cycle do you think Spain has entered in 2014? Why? Use your aggregate demand and supply model from Problem 1 to demonstrate what happened to the economy in 2014.
Question 3: Given Spain's most recent unemployment rate, if 17,353,000 people were currently employed how many people would be unemployed?
Question 4: Based on the article above, what phase of the business cycle is the Indian economy experiencing in 2016? Justify your answer with reference to economics theory and support your analysis with a graph showing where the Indian economy is operating.
Question 5: How would the falling energy costs affect the Indian economy in 2016? Why? Show this effect in your graph from Problem 1.
Question 6: What macroeconomic indicator should be monitored closely in India in 2016? What can the Reserve bank of India do to control this indicator?
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