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Economics Major Assessment.
1. Explain the following statements, the use of tables, diagrams and graphs will greatly enhance the assignment.
a. When bad weather ruins a crop of bananas in Queensland the price of bananas rises in grocery outlets around the country. (10%)
b. Accommodation in motels, hotels and caravan parks is cheaper during the off-season. (10%)
c. If the price of oil rises substantially and remains high the price of used V8 cylinder cars falls. (10%)
d. Consider the hypothetical demand schedule below. (10%)
Cinema tickets
Price of tickets $ Quantity demanded Elasticity coefficient
25 20
20 40
15 60
10 80
5 100
What is the price elasticity of demand between price = $25 and $20
What is the price elasticity of demand between price = $20 and $15
What is the price elasticity of demand between price = $15 and $10
What is the price elasticity of demand between price = $10 and $5
