# H15003 Tutorial Submission | My Assignment Tutor

21:391 ad 4G ■H15003 Tutorial Submission Q… •••i. State the elasticity of the monopoly firm demand curve. (1 Mark) ii. Considering the figure, examine the benefits of the characteristics of the monopoly demand curve to ABC Inc. Ltd. (3 Marks) iii. Suppose the demand and cost curves result in ABC Inc. Ltd earning an economic profit. Do you think ABC Inc. Ltd firm will earn profit in the long-run? Explain your answer. Assume all factors constant. (4 Marks)iv. Examine the effects of ABC Inc. Ltd on consumers. (3 Marks)Assessment Question Week 7 and 8 Measuring the size of the economyQuestion 47 MarksThe table below is extracted from Happy land Republic, Bureau of Statistics records for 2018-2019. Use the information in this table to answer the questions that follow.Item Base year (2015) 2016 Production Price Production Price Used car sales 5,000 2000.00 6,000 2,500 Factory components sales 8,000 500.00 10,000 1200.00 Cloth sales 8,000 20.00 14,000 35.00 Beef sales 1,500 10.00 1,800 12.00 Milk litres sales 5,000 1.30 6,000 2.50 Computers sales 2000 500.00 2500 800.00 Printers sales 500 300.00 400 355.00 Raw materials for tractor assembling plant sales 4500 250.00 4450 300.00i. Calculate Happy Land Republic’s nominal GDP and real GDP in 2016 (4 Marks) ii. Why does real GDP always defer from nominal GDP? (3 Marks) Assessment Question Week 9 and 10: Inflation and unemployment. and Macro economics Question 5 Marks 11 i. Use two diagrams to explain the effects of the determinants of aggregate demand on real GDP in a nation. (8 Marks)ii. Suppose there is an expectation of a rapid general price increase in goods and services in Australia in January 2021. Examine the effects of the anticipated general rapid increase in price for goods and services. (3 Marks)5 H15003 Economics for Business -2020 T3 Tutorial Submission Assessment

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