Identify what sort of effect the following events have:

a) A decrease in oil prices as a consequence of a price dispute in the world oil markets
b) The onset and prevalence of a pandemic
c) The implementation of subsidies to manufacturing of cars in Australia
d) The implementation of a Carbon tax in the economy. A Carbon tax is charged
according to the level of emissions of greenhouse gases in an economy.
e) The implementation of a new loan program to university students in the education
sector
You are required to explain whether the event acts on the demand or supply side, and whether
the event leads to a quantity or price change, or leads to a shift in demand and/or supply.
Make sure to explain what sort of assumptions you are making on the elasticities of demand
and supply.
Question 3
Compare the impact of a recession that reduces consumer income by 10 percent on the
consumption of technology goods and house rentals. Suppose that the income elasticity of
demand for technology goods is 3 and the income elasticity of demand for house rentals is
0.3. Based on your response, make a policy argument to support through government
funding either businesses or house rentals.

1. In 1984 and 1985, the small Latin American country of Bolivia experienced hyperinflation. Below are some key macroeconomic data from those years: Macroeconomic Data for Bolivia, April 1984 – October 1985

Are rapid economic growth and equal distribution of personal income necessarily conflicting objectives?
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Analyse and evaluate the market structure of the airline industry. In your analysis, determine
whether the current market is concentrated or not. In your discussion, use economic tools or models
to make this decision. You should also consider who owns Jetstar when making these calculations.
2. With the events of COVID-19, there is a possibility that Virgin Australia may fold. Assuming this
market share will be taken up by QANTAS, calculate the new HHI for the industry. What do you think
will happen to air ticket prices? Explain and justify with relevant economic concepts
3. A couple of States, including NSW, are expected to help bail out Virgin Australia. Do you think this
will be good for the industry? Do you think it will be good for Qantas?

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