ECO5000 | Economics Assignment 1 | Economics

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Assignment 1

Question 1

What kind of inefficiency is created if the US and the Chinese governments impose import tariffs on each other’s agricultural products? Discuss.

Question 2

A Textile company wants to increase its production. It currently has 2000 sewing workers who share 1000 sewing machines. Three months ago, the firm added 150 sewing machines, and output increased by 10,000 meters of designer clothes per day. One month ago, they added 50 workers, and productivity also increased by 3000 meters of designer clothes per day. Sewing machines cost about twice as much as workers. Would you recommend they hire another worker or buy another sewing machines? Discuss.

Question 3

For the 2019-2020 season, Brisbane Lions (a professional Australian rules football club) decides to decrease ticket prices of home games at Gabba from $25.00 to $20.00 for general admissions and measured the change in ticket sales. Using the data over the following month, they concluded that the growth in sales of the ticket was not substantial. Hence, over the subsequent months, they changed their minds and discontinued the experiment. How did the timing affect their conclusion about the profitability of reduced prices? What if they continued the experiment for a season? Explain.

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