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ECON6000 Economic Principles and Decision Making: Microeconomics Assessment Answer

ASSESSMENT 1 BRIEF 

Subject Code and Title: ECON6000 

Economic Principles and Decision Making 

Assessment Assessment 1: Report- Microeconomics 

Individual/Group Individual 

Length Max 2500 words per question 

 Learning Outcomes 1. Understand the main questions in Economics besides the basic concepts of demand and supply, equilibrium price and quantity covered in Microeconomics 2. Understand the working of invisible hand in handling both shortage and surplus in the economy along with the ability to explain the core microeconomic concepts with reference to Australian economy 3. Analyse the applicability of such concepts to real time economic situations to display sound understanding.

Weighting: 40% 

Total Marks: 40 marks

Task Summary – Assessment 1: Report- Microeconomics

Your topic will be an ongoing issue in the Australian economy. You are required to identify, discuss and analyse the core microeconomic contents and write a report covering all the relevant concepts discussed in class. You will only focus on microeconomic environment to address the issue. The maximum length of your report is 2500 words. Your report should have sound academic references (minimum 6 references); your references cannot be from blogs. The purpose of this assignment is to test  your understanding of the basic and core Microeconomic concepts besides,  your ability to analyse and apply the core concepts to the current issues affecting the Australian economy from a Microeconomic perspective  your ability to use relevant theories and diagrams to support your answer.

Context 

You are expected to submit this assessment 1 at the end of Week 6 of the trimester. You are required to draw links between the scenario, the learning resources and any other discussion that may you may have had in class. You are encouraged to clearly display your understanding of the core microeconomic concepts. You will lose marks if you have less than 6 academic references to support your answer. 

 Assessment 1 assesses students’ understanding of the application of some of the knowledge garnered from the microeconomics part of the syllabus to analyse real life situations. 

Instructions:

 You are expected to prepare a 2500 word research report. The report focuses on a comparative analysis of the First Home Owners Grant (FHOG) and the First Home Plus (FHP) facilities that have been instituted by the Federal government of Australia to assist people to get their first residential property. You are expected to critically evaluate the following statements and address the issues highlighted in the questions below. (a) Compare and contrast the FHOG and the FHP highlighting eligibility requirements, similarities and differences, and express you own opinion of which one is a better policy to follow. (20 marks) (b) Discuss in detail how the First Home Owners grant has impacted the demand and supply patterns in Australia’s 6 states and the Northern Territory. In your comparative discussion explain how the FHOG could have influenced the price elasticity of demand in the housing market. Use appropriate diagrams to support your answer. (15 marks) (c) Explain the market structure under which the discussion of the FHOG falls. (10 marks) (d) Critically discuss the following statement by Ken Henry in the Age of Monday 17 February 2020: “Stamp duties levied by state governments on property purchases create an unfair hurdle for young aspiring homeowners.” (5 marks)

Answer

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