Microeconomics Assignment First Semester 2018 Unimelb Unimelb Assignment

1455 words - 6 pages

Name : Low Kiing Seng
Student id : 972752
Part A
Part 1
Dairy Farmer Milk Producer
-Dairy cows
-Supplementary feed and fertilizer
-Raw milk
-Processing plant
Raising Cattle
Variable cost Fixed cost
increase at an increasing rate as the number
of cattle increase
remain constant over the output
Inputs Required
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.
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.
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...

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