. Analyse, individually and in teams, the role of fundamental micro- and macroeconomic principles in...

Question

. Analyse, individually and in teams, the role of fundamental micro- and macroeconomic principles in business decision-making. 2. Analyse the impact of industry compe11on on individual businesses. 3. Analyse, from an economic and ethical perspec1ve, business behaviours in a na1onal and global context. 4. Analyse the impact of monopolies and monopolis1c compe11on within an industry. 5. Evaluate the impact on industry of manipula1ons of economic factors by the public sector. 6. Communicate complex economic concepts to business professionals.
	
Document Preview: ASSESSMENT	  BRIEF
Subject	  Code	  and	  Title ECON	  6001	  Economic	  Principles
Assessment	  1:	  Module	  1	  WriCen	  Assignment	  1
Assessment
Individual/Group Individual	  
Maximum	  500	  words
Length
Learning	  Outcomes 1. Analyse,	  individually	  and	  in	  teams,	  the	  role	  of	  
fundamental	  micro-­-	  and	  macroeconomic	  principles	  
in	  business	  decision-­-making.	  	  
2. Analyse	  the	  impact	  of	  industry	  compe11on	  on	  
individual	  businesses.	  	  
3. Analyse,	  from	  an	  economic	  and	  ethical	  perspec1ve,	  
business	  behaviours	  in	  a	  na1onal	  and	  global	  context.	  	  
4. Analyse	  the	  impact	  of	  monopolies	  and	  monopolis1c	  
compe11on	  within	  an	  industry.	  	  
5. Evaluate	  the	  impact	  on	  industry	  of	  manipula1ons	  of	  
economic	  factors	  by	  the	  public	  sector.	  	  
6. Communicate	  complex	  economic	  concepts	  to	  
business	  professionals.	  
Submission By	  11:55pm	  AEST/AEDT	  Sunday	  of	  Week	  2.
WeighHng 10%
Total	  Marks 100	  marks
Context:	  
In	  no	  more	  than	  500	  words	  in	  total	  answer	  Ques1ons	  1	  to	  10	  below:	  
Torrens_assessment	  template.docx	   	   Page	  1   	  of	   7    	  
Look	  at	  Graphs	  1	  and	  2	  	  above.	  They	  provide	  a	  visual	  representa1on	  of	  poten1al	  theories	  about	  the	  
rela1onship	  between	  the	  numbers	  of	  drink	  drivers	  on	  the	  road	  and	  the	  number	  of	  road	  accidents.	  	  
Note:	  	  a	  drink	  driver	  is	  a	  driver	  with	  a	  blood-­-alcohol	  level	  that	  is	  above	  the	  legal	  limit.	  	  Answer	  the	  
following	  ques1ons	  related	  to	  this	  graph:	   	   	   	  
1. In	  Graph	  1	  which	  is	  the	  dependent	  variable	  and	  which	  is	...

Robert · Accepted Answer

ECONOMICS 
Question 1 
In graph 1, the dependent variable is the number of accidents while the independent variable 
is the number of drink drivers (Krugman & Wells, 2013). 
Question 2 
Graph 1 highlights that there is a linear relationship between the number of accidents and the 
number of drink drivers. As a result the slope of the line in graph 1 would determine the 
increase in accidents by increase of one additional drink driver. Thus, the increase caused by 
every additional drunk driver is the same (Mankiw, 2014). 
This is in sharp contrast to the non-linear relationship between the two variables of interest 
indicated in the Graph 2. This advocates that at low incidence of the drink drivers, the 
accidents tend to increase at a faster pace in comparison with the higher incidence where they 
tend to register lower growth in accidents and at a certain point register almost zero growth. 
Hence,

. Analyse, individually and in teams, the role of fundamental micro- and macroeconomic principles in business decision-making. 2. Analyse the impact of industry compe11on on individual businesses. 3....

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