Solution
Robert answered on
Dec 25 2021
Unit Outline (Bentley Students)
Group Assignment T316
BUS102 Microeconomics T316, Group Assignment due 10 January 2017 Page 1
BUS102 Introduction to Microeconomics
Questions, Notes & Guideline for Group Assignment
Due 10 January 2017
Topic
Three Problem-Solving Questions that require written answers
1. General information
1.1 This group assignment is worth 20 per cent of total assessment and is to be submitted by
5.00pm, Tuesday 10 January 2017.
There are 3 questions and answer all 3 questions. Question 1 is worth 20 marks, and
Question 2 and Question 3 are worth 15 marks each, consisting total of 50 marks all
together. Then the marks will be converted to a total of 20 mark scale to be uploaded in
Moodle for 20 per cent of your total course assessment.
A hard copy of the assignment must be submitted to KOI Li
arian in Kent street campus
y 5.00pm, Tuesday 10 January 2017. You must keep the copy of receipt after the
submission for your own record. You are also required to upload an electronic copy of the
assignment in Moodle Turnitin by 5.00pm, Tuesday 10 January 2017.
Late submission will attract loss of 5 marks out of 20 marks (25 per cent), and the
assignment submitted after 5.00pm Thursday 12 January 2017 will not be accepted and
marked zero.
1.2 This assignment is a group assignment and each group must form a group of three (3)
people. Less than three or more than three-people assignment will not be accepted, unless
permission is granted by lecturer for special circumstances.
1.3 Names and ID numbers of students in the group must be clearly printed on the Assignment
Cover Sheet. A member, who has not contributed to the discussion and assignment, must be
marked as “Not contributed” in a
acket following the student’s name and ID.
1.4 You must follow an appropriate format explained below. Not following appropriate format
will cause a loss of some marks.
All written answers must be clearly typed and printed. Hand-written answers will NOT be
accepted.
All assignment questions and sub-questions must be typed in order at the heading.
Separate each main question by different page. For example, if Question 1 (a) (b) (c) and
(d) are answered on pages 1-2, then start Question 2 on page 3, etc.
You must analyse, explain and show how and why you draw your answers. Providing just
answers without explanation will not receive full marks.
You must also draw and include appropriate and relevant graphs and tables together in
your explanation. Draw them using Microsoft Power Point/Word/Excel, NOT hand-drawn.
Group Assignment T316
BUS102 Microeconomics T316, Group Assignment due 10 January 2017 Page 2
1.5 Copying the assignment contents from other group assignment is a serious violation of copy
ight. It will be penalized and attract a VERY heavy loss of marks – “Fail”.
It is not difficult to identify the contents that are copied from other group(s). Write the
answers in your own English words.
Make sure that nobody in your team shows your assignment to other group(s). Both who
show the assignment and who copy the assignment will lose their marks heavily and fail in
the assessment.
1.6 Each group must have a coordinator, who will submit a hard copy of the assignment to the
KOI li
arian and upload an electronic copy of the assignment in Moodle Turnitin. Only ONE
COPY of the assignment from each group is required to be submitted (& uploaded).
1.7 Make sure you discuss and work together for ALL THREE questions and MUST read and check
the assignment before submission, once completed.
Group Assignment T316
BUS102 Microeconomics T316, Group Assignment due 10 January 2017 Page 3
2. Assignment Questions
Question 1 – 20 marks
Part A: Answer the following questions.
Australia produces ethanol from sugar cane, and the land used to
grow sugar cane is used to grow food crops. Suppose that Australia’s
production possibilities for ethanol and food crops are as in the table.
(a) If Australia increases its production of ethanol from 40 ba
els
per day to 54 ba
els per day, what is the opportunity cost of an
additional ba
el of ethanol? (2 marks)
Australia can produce two goods: ethanol and food crops
If Australia wants to increase the production level from 40 ba
els to 54 ba
els, it has to
educe the food crops production from 3 tonnes per day to 2 tonnes per day
In order to produce 6 ba
els more ethanol, 1 ton of food crops have to be foregone
In order to produce 1 ba
el of ethanol, 1/6 =0.166 tonnes of food crops have to be foregone
The opportunity cost of an additional ba
el of ethanol = 0.166 tonnes of food crops
(b) Does Australia face an increasing opportunity cost of ethanol? What feature of Australia’s PPF
illustrates increasing opportunity cost? Explain. (2 marks)
Ethanol
(ba
els
per day)
Food crops
(tonnes...