Complete Part 1 and be able to recognise the correct economic theory and the associated diagram(s)/model(s) for the analysis.
Complete Part 1 and be able to recognise the correct economic theory and the associated diagram(s)/model(s) for the analysis.

Assessment item 2
Assignment 2
Value: 40%?Due date: 01-May-2015 Return date: 22-May-2015 Length: about 1500 words each Submission method options
Alternative submission method
Task
The assignment consists of two problem questions. Each question is worth 20 marks.
Question 1 (20 marks)?The question is based on material in the Text. Text material which may be relevant to the question may be drawn primarily from any of Text chapters 3, 4, 5, 6, 7, 8 or 9 (with those highlighted likely to be the most important). The question addresses the following learning outcomes:
• be able to apply demand and supply analysis to make a range of market related decisions ?
• be able to critically examine and demonstrate why it might be necessary for government to intervene in the production of goods and services and in the distribution of income ?

Answer the following: ?
At the end of the 1970s, the respective prices of fish dinners and lamb dinners in Sydney’s fine dining restaurants were approximately the same. By 1983, following a period of drought, the price of a lamb dinner in fine-dining restaurants in Sydney was twenty percent higher than the price of a fish dinner at similar restaurants. Over the same period, the ‘health industry’ had been extolling the virtues of eating fish rather than red meat and increased fish consumption had resulted in a threat to the sustainability of fishing particular species especially important to the fine-dining restaurant trade. How should the government respond? ?
Question 2 (20 marks)
?The question is based on material in the Text. Text material which may be relevant to the question may be drawn primarily from any of Text chapters 12 or 13 (with the chapter highlighted likely to be the most important) . The question addresses the following learning outcome: ?
• be able to make decisions that incorporate the relevant benefits and cost analysis
Answer the following:
Newspaper companies appear to be under threat of becoming irrelevant as the sale of newspapers has plummeted over the last 20 years. If you were chairman of the board of a newspaper company, how would you respond? (Hint: Consider newspapers as one of many alternative sources of accessing news)
Marking criteria
Marking criteria?Part 1?Summarize (Pass: 50% to 64% of marks for the question, depending upon quality of answer) Provide in 'everyday language' and without reference to diagrams a summary of a correct answer to the question asked. This summary should include a succinct description of the point from where the analysis commences, the initial impact of the change in economic circumstances discussed in the question, identification of the problem(s)/issue(s) these changes create, the likely business/policy measure(s) taken in reaction to these changes, the short run and long run results of the measure(s) employed and a brief evaluation of the measures taken.
Part 2?Theorize (Credit: 65% to 74% of marks for the question, depending upon quality of answer) Complete Part 1 and be able to recognise the correct economic theory and the associated diagram(s)/model(s) for the analysis. Be able to explain the basics of the theory and of the construction of the diagram(s)/model(s) and identify the appropriate equilibrium starting point in the context of the diagram(s)/model(s).
Part 3?Utilize (Distinction: 75% to 84% of marks for the question, depending upon quality of answer) Complete Part 2 and utilize the diagram(s)/model(s) to correctly identify the initial change in the diagram(s)/model(s) that results from the change in economic circumstances discussed in the question.
Part 4?Analyze (High Distinction: 85% to 100% of marks for the question, depending on quality of answer)?Complete part 3 and using the diagram(s)/model(s) correctly identify the economic problem(s)/benefit(s)/issue(s) created by the change in economic circumstances and analyze if business/government should respond, what the response should be and, if a response is made, analyze the effectiveness of the response by reference to the diagram(s)/model(s) in the short-run and long-run. https://yourassignmenthelpers.com/wp-admin/post.php?post=1698525&action=edit

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