Microeconomics Assignment First Semester 2018 Unimelb Unimelb Assignment

1455 words - 6 pages

Name : Low Kiing Seng
Student id : 972752
Part A
Part 1
1)
Dairy Farmer Milk Producer
-Dairy cows
-Lands
-Supplementary feed and fertilizer
-Staffs
-Raw milk
-Processing plant
-Workers
-Water
2)
Raising Cattle
Variable cost Fixed cost
increase at an increasing rate as the number
of cattle increase
remain constant over the output
Inputs Required
MC
AFC
AVC
ATC
Quantity
$
Name : Low Kiing Seng
Student id : 972752
Processing milk
Variable cost Fixed cost
Increase at a constant rate due to constant
marginal product which indicate a constant
marginal cost over the output
High and remain constant over the output
3) There are no barriers to entry at the individual farm level as all you need are cows to
produce milk. For processing level, there are high barriers to entry such as the huge capital to
build processing plant. In New Zealand, there will be more than 100 of firms at individual
farm level but there will only be one or two firms at processing level.
4) When the good supplied in the market is homogenous, the market is said to be a perfectly
competitive market. Therefore, dairy farmers will have no market power in the industry to
influence the price of the goods and is said to be a price takers .
5) Since it is a perfectly competitive market, it would be easy for new firms to enter into the
industry. The quantity will increase quickly when the price goes up as farmers ramped up
production by increasing their herds. However, when the price falls, it is expected to take a
relatively long time for the quantities to fall. This is because the farmers will not be able to
sell their cows easily and thus unwilling to leave the industry in short run.
ATC
AVC = MC
AFC
$
Quantity
Name : Low Kiing Seng
Student id : 972752
Part Two
6) China’s insatiable demand for ice-cream, infant formula and other dairy product leads to
an increase in the quantity demanded for milk. As a result, the demand curve will shift to the
right and causes the price of milk to rise.
7) The number of milk supplier in New Zealand and the rest of the world increase rapidly
between 2012 and 2014.
8) The price that Fonterra offered its farmers fell dramatically between February 2014 and
June 2015 is due to global overproduction of milk and weaker demand from China which
result in a lower price for milk.
D1
Q**
P**
D1
S1
P**
Name : Low Kiing Seng
Student id : 972752
9) The changes in price force most dairy farmers to cut costs by reducing the size of their
herds, delaying capital purchase and letting casual staff go. The industry stay oversupplied
for a long period is due to the barriers to exit whereby farmers would not be able to sell their
cows and farms easily as the value of dairy cows and farms fall. Therefore it would be
rational for them to continue to supply milk as long as they are able to cover their average
variable cost.
10) The long run supply curve is upward-sloping as the quantity of land is limited.
Name : Low Kiing Seng
Student id : 972752
Part B
Tourism has become one of...

Other Essays On microeconomics assignment first semester 2018 unimelb - unimelb - assignment

practise of public relations poe 2018 - varsity college cape town - assignment

3457 words - 14 pages of visual representation so that people can understand what is intended. Reference list http://www.publicrelationstoday.com/ethics/?open-article-id=8862439&article-title=ethics-and-you--leading-the-way&blog-domain=prsa.org&blog-title=prsay https://www.publicrelationstoday.com/ethics/ https://www.prsa.org/ethics/code-of-ethics/ file:///C:/Users/15004819/Downloads/PRISA%20ethics%20notes%202018%20poe.pdf PRACTICE OF PUBLIC RELATIONS 1B MODULE GUIDE Revised edition 2018 (First Edition: 2013) Page 1 of 14

Geometry 1st semester Study Guide - Math - Assignment

1067 words - 5 pages Geometry 1st Semester Review Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. Which angle is an obtuse angle? a. c. b. d. 2. Which angle is an acute angle? a. c. b. d. 3. Each unit on the map represents 5 miles. What is the actual distance from Oceanfront to Seaside? a. 10 miles c. about 8 miles b. 50 miles d. about 40 miles 4. How are the two angles related? a. vertical c

Let It Pour: My First Assignment As Executive Assistant

2884 words - 12 pages AbstractAs my first assignment as executive assistant, I am charged with solving specific problems, delivering the solutions and describing my rationale for my proposed solutions to my boss, the CEO of the Faith Community Hospital. In the following paper I will take steps to identify the problems and to solve each of the problems described using critical thinking skills I have learned at the University of Phoenix. I will be using a decision

Class project - Summer 2018 Document number 1 - Va - project - Assignment

400 words - 2 pages Class Project The class project that you are required to complete this semester consists of a formal essay over a topic that you will select. Your essay is due by the July 2nd. It must be double-spaced, written with a font size of 12 or smaller, based on the APA or MLA format, and include at-least 7 pages (not including the cover page and bibliography). Step One: Provide a detailed explanation of the nature and causes of one of the following

Assignment Three for December 12, 2018 - Mercer University and Judicial Proccess - Assignment

530 words - 3 pages John R. Hughley III CRJS359: The Judicial Process Section: 2W1 A3-C5-6 11/11/2018 1. Describe assembly-line justice. Is it a problem? Why or why not? Explain your answer in a 1 page paper. Assembly-line justice is defined as “the operation of any segment of the criminal justice system in which excessive work-loads result in decisions being made with such speed and impersonality that defendants are treated as objects to be processed rather than

7.05 Graded Assignment Rough Draft.docx - British and World Literature - Research Paper First Draft

652 words - 3 pages Name: Kevonte Moore Date: English | Graded Assignment | Research Paper First Draft © 2015 K12 Inc. All rights reserved. Page 1 of 3 Copying or distributing without K12’s written consent is prohibited. Graded Assignment Research Paper First Draft Type your name and the date at the top of this page. Type or paste your draft into this document. Be sure that your draft is double-spaced, 12-point Times New Roman font. Save the file as: ENG403A

Science as a Human Endeavour Physics Task 2018 - Physics/Mercedes College (SACE) - Physics Assignment

1694 words - 7 pages . 2018. Wow! SpaceX Lands Orbital Rocket Successfully in Historic First. [ONLINE] Available at: https://www.space.com/31420-spacex-rocket-landing-success.html. [Accessed 30 April 2018]. eNotes. 2018. What are the advantages and disadvantages of space tourism? | eNotes. [ONLINE] Available at: https://www.enotes.com/homework-help/what-advantages-disadvantages-space-tourism-575489. [Accessed 30 April 2018]. NASA. 2018. NASA. [ONLINE] Available at: https

From shore to shore theatre review 2019 - east 15 acting school 2018 - assignment

514 words - 3 pages From shore to shore at Chung Ying Cantonee restaurant Chung Ying Cantonese  From shore to shore at the chung Ying Cantonese restaurant, written by Mary Copper and directed by Yellow Earths co-founder and former Artistic Director David K S Tse, is an intriguing play staged in Chinese restaurants around UK. The play follws cheung Wing (beatufully played by Ozzie Yue) and explores his stories from three different generations of people from British

PHysic EEI about the effects of lengths and amplitude for a pendulum - Indooroopilly state high school, 2018 - assignment

5144 words - 21 pages : 1. 20,30,40, and 50cm of fishing line were measured with a 1-meter ruler 2. The pendulum bob was weighed with a weighing scale 3. The 20cm line was first tied to the pendulum bob and the experiment was set up as Figure 4 4. The protractor was then positioned parallel to the string with a decent amount of blue tack 5. The protractor was then balanced with a lever to ensure accuracy 6. The 20 cm line with the pendulum bob was then swinged from 10

constitutional and administrative - first year law student - assignment

1670 words - 7 pages A In this essay I will be debating whether the police acted lawfully in Hermione and Neville’s case. I will be analysing each step of both cases in a chronological fashion and discussing whether the police acts were lawful. Firstly, In Hermione’s case PC potter thought that Hermione looked suspicious because she walked into Minerva's Mobiles and then immediately left, this lead PC Potter to follow Hermione and asked her what she was doing, which

Why Read First Essay Assignment - English 120 04 - Essay

868 words - 4 pages kJarryd Samsing Prof. Wong 4 November 2018 ENGL 120-04 First Essay Gender: Construction of masculinity and femininity One of the most major underlying social problems of our society is the definition of masculinity and femininity as a construct for gender roles. Pygmalion is a prime example of a literary text that suggests many gender constructs.In this story, Pygmalion scorns all the women around him and makes a sculpture of his ideal woman

Similar Papers

Group Assignment For Semester 2, 2018 University Of Adelaide Assignment

730 words - 3 pages Assignment Advance Funds Management (M) Semester 2, 2018 Assignment Brief: Your 3-member Mutual Funds Analysis team has recently been hired to (i) Create an Australian Equity Active fund, (ii) Analyse a US bond fund, (iii) Create an Australian/US multi-asset (Equities and Bonds only)class fund. Requirements: 1. Create and Active Australian Equity fund Each team will create an active Australian equity fund. This portfolio will have a tracking

Advisory Reflection Spring Semester Saint Marys College First Year Advisory Council Assignment

1245 words - 5 pages . So, I made the choice to come here, and I don’t regret it. I believe that the community dynamic at Saint Mary’s has really helped me develop as an individual. Yes, we are a small school but that has made everything so much easier. I enjoy being able to email my teachers and have them respond immediately. I love being a person with a name and not just an ID number on an assignment. Academically, I’ve become stronger than I was. First semester I did

Business Assignment 1 2018 Essay Year 12 Assignmnet

5683 words - 23 pages Exploring Business Name: Paul Serbuca (12R) course title: Business Btec Level 3 unit title: Exploring Business assessor: Mr. Dagunduro exam number: Report P1 In this assignment I will be considering the purposes of different organisations as well as the various types and ownerships of businesses. I will also look at who the key shareholders are and what influence they have on these organisations. The two organisations I have chosen to compare

Economics, Microeconomics, Macroeconomics Deakin Assignment

1748 words - 7 pages [cover page] ECOM4000 ECONOMICS Part A – Microeconomics Question 1: Based on the article of King (2013), it appears that the Australian banks have been operating in an oligopoly market. This is because the market is dominated by four biggest banks, namely Commonwealth Bank, Westpac, ANZ and NAB (King, 2013; McConnel et al., 2012, pp. 223-224). According to the Parliament of Australia’s report (2010, p. 42), the Big Four banking institutions