ECON1101: Microeconomics Assignment Answer
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Assessment Details:
- Referencing Styles: APA
- Words: 2000
- Course Code: ECON1101
- Course Title: Economics
- University: University of New South Wales
- Country: AU
Task:
Questions
Choose ONE of the following topics:
- TV Streaming Services (Netflix, Stan, Disney+ etc.) and further Education (TAFE and University courses/enrolment)
a). Choose ONE of these services (i.e. Netflix OR Stan OR TAFE etc.) and describe what happened to demand for this service during the COVID pandemic.
b). How would you define the type of good they represent and thus the cause(s) to the changes in demand?
- The US has 529 plans – these are education savings plans (operated by a state or an educational institution). Families can set aside money to pay for future University fees.
a). How do they compare to the Australian HECS?
b). Are these a good investment option?
c). How would you choose between the two options if you were setting a system up for your country?
- Using Consumer Surplus and Producer surplus, explain how Job keeper is helping the labour market.
a). What is Job Keeper/how does it work?
b). Use your economic theory and models from class to explain anticipated and actual outcomes.
- Short term rental accommodation. Did prices decrease during the pandemic?
a). Explain short term rentals and use an economic model to hypothesis the effect of the pandemic.
b). Research data to see if it fits the model and your conclusions explaining why/why not.