Assignment Task
Task
Description
The assignment provides you with an opportunity to conduct research on/analyse problems related to contemporary economics issues. You will need to apply the existing economic theories to develop a consistent argument with good reasoning while evaluating the given problem set critically.
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Your assignment submission should start with a cover page in which all the following information should be provided: your full name, student ID and the total word count. Please note that the followings are excluded from the word count: cover page, footnotes, references, tables, figures and appendix (if any).
Following the cover page, please provide your answers to the five questions below. Note that all these questions are compulsory. Please make sure you are familiar with the assignment marking rubrics (the last page on this document) prior to answering these questions.
Learning Outcomes
This task allows you to demonstrate achievement towards the unit learning outcomes. The ULOs are aligned with specific graduate learning outcomes – that is, the skills and knowledge graduates are expected to have upon completion of their studies – and this assessment task is an important tool in determining achievement of those outcomes.
If you do not demonstrate achievement of the unit learning outcomes, you will not be successful in this unit.
It is good practice to familiarise yourself with the ULOs and GLOs as they provide guidance on the knowledge, understanding and skills you’re expected to demonstrate upon completion of the unit. In this way they can be used to guide your study.
Unit Learning Outcomes (ULO)
ULO 1: Interpret and apply basic principles and their effect on individual economic decisions (microeconomics), the economy as a whole(macroeconomics) and how economic indicators (data) are used to validate these economic behaviours.
ULO 2: Apply economic principles to the analysis of important decisions confronting the management of business organisations.
ULO 3: Critically evaluate existing economic theories in the context of real and contemporary national and international circumstances.
Graduate Learning Outcomes (GLO)
GLO1: Discipline-specificknowledge and capabilities
GLO2: Critical thinking
GLO3: Global citizenship
GLO4: Problem solving
Question 1
Read the article “Are subsidies for electric cars good for the environment?”. In your own words, explain why in general pollution can create externality problems. Why, according to the article, there could be externality concerns with reference to electric cars friendly policies at the state level in the United States?
Question 2
Using a graph for the market for electric cars, labelling the demand curve (MPB), the social value curve (MSB), the supply curve (MPC) and the social cost curve (MSC):
a) Use the information provided in the article to illustrate the market equilibrium level of output and the efficient level of output in Los Angeles (California).
a. Explain why these quantities differ.
b. Show, in the same graph, the effect of a subsidy on electric cars. Can this government policy result in the efficient outcome?
b) Use the information provided in the article to illustrate the market equilibrium level of output and the efficient level of output in Minnesota. How these two quantities differ, and why?
a. Show, in the same graph, the effect of a (positive) subsidy on electric cars.
b. Can you describe a government policy that would result in the efficient outcome? Use a diagram to explain your answer.
Question 3
Suppose that the federal government in the US decides to issue to its states tradeable permits for pollution produced to charge electric cars.
a) Does it matter for economic efficiency whether the government distributes or auctions the permits? Why or why not?
b) If the government chooses to distribute the permits, does the allocation of permits among states matter for efficiency? Explain.
Question 4
In its 2020 Integrated System Plan, the Australian Energy Market Operator (AEMO) states that Australia’s “energy system is transitioning from one dominated by coal-fired generation to one of diverse renewable and distributed energy resources […] 63% of Australia’s coal-fired generation that will reach the end of its technical life and so likely retire by 2040.”
Using a graph for the market for electric cars in Australia, what do you expect to be the effect of the transition from coal-fired to renewable energy on the efficient level of output (Electric cars). Use the diagram to explain your answer.
Question 5
Innovative companies such as Tesla, are typically granted patents over their products such; as a result of such patents, they become monopoly suppliers.
a) With the help of a diagram, show what Tesla price and output decisions would be. Do you think Tesla’s pricing strategy is efficient from welfare standpoint? Use a diagram to explain your answer.
b) Why would the government grant Tesla such patents? Does this overcome the problems highlighted in part a)?
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