ATAR Notes: Forum
Uni Stuff => Universities - Victoria => University of Melbourne => Topic started by: Deleted User on March 23, 2013, 11:19:12 am
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For Homework 3 question 6, does anyone know how to do it?
There are four consumers willing to pay the following amounts for a massage:
Sam $28
Cindy $8
Susan $32
Joan $20
There are four masseurs with the following opportunity costs of supply:
John $12
Fred $24
Chan $16
Charles $8
Each masseur has the capacity to produce only one massage.
How many massages should be given to maximise efficiency? What is the maximum possible total surplus?
Thank you in advance.
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hey dude i dont have the answer but can you help me out.
for question 2 how do you calculate it? do you have to work out the % ?
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% change in quantity demanded divided by % change in price.
So for Al, [(50-70)/70]/[(10-5)/5] = -0.29.
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% change in quantity demanded divided by % change in price.
So for Al, [(50-70)/70]/[(10-5)/5] = -0.29.
Isn't it
-20/5 x 15/120 = -0.5?
You may be right, but I'm just following the lecture notes formula...
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I also got -0.5.
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% change in quantity demanded divided by % change in price.
So for Al, [(50-70)/70]/[(10-5)/5] = -0.29.
I also got -0.29. I did it your way... though lecture notes lead me to a different answer. :-S
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Anybody figured out question 6? Still kinda confused about it.
Also, with the MC exam thing starting on Monday, how much does it contribute to our overall grade?
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Also, with the MC exam thing starting on Monday, how much does it contribute to our overall grade?
5%
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im struggling with these questions how do oyu do 2b)
3ab)
4
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im struggling with these questions how do oyu do 2b)
3ab)
4
2b)
To find income elasticity of demand: ΔQ/ΔI x ΣI/ΣQ
ΔQ = change in quantity (in this case referring to change in the quantity she will buy at $20 (this number is stated in Q) because her income is now the same as Fiona's)
= 20 - 30 = -10
ΔI = change in income
= 12,500 - 7,500
= 5,000
ΣI = sum of previous and new income
= 12,500 + 7,500
= 20,000
ΣQ = sum of quantity she would have bought with her old income + her new income (at $20)
= 20 + 30
= 50
therefore -10/5000 x 20000/50 = 0.8
3a)
when p = 5, Q = 150,000
when p = 10, Q = 100,000
Price elasticity = -50000/5 x 15/250000 = -0.6
0.6<1, therefore inelastic
(btw the price elasticity formula is in the lecture notes)
b) when p = 10, Q = 100,000
when p = 15, Q = 50,000
Price elasticity = -50000/5 x 25/150000 = -1.6
1.6>1, therefore elastic
havent done 4 yet... Also sorry if these are wrong... I'm trying to help out but I may be way off :P
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Isn't it
-20/5 x 15/120 = -0.5?
You may be right, but I'm just following the lecture notes formula...
What's the formula? Sorry, I don't attend the lectures.
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Price elasticity of demand = ΔQ/ΔP x ΣP/ΣQ
ΔQ - change in quantity
ΔP - change in price
ΣP - sum of both prices
ΣQ - sum of both quantities
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For Homework 3 question 6, does anyone know how to do it?
There are four consumers willing to pay the following amounts for a massage:
Sam $28
Cindy $8
Susan $32
Joan $20
There are four masseurs with the following opportunity costs of supply:
John $12
Fred $24
Chan $16
Charles $8
Each masseur has the capacity to produce only one massage.
How many massages should be given to maximise efficiency? What is the maximum possible total surplus?
Thank you in advance.
Susan gets massaged by Charles, Sam gets massaged by John, Joan gets massaged by Chan, total surplus is $44. I think you try to match up the customers with the highest payments with the masseurs with the lowest opportunity costs; as you would make a loss if Fred were to massage Cindy, she doesn't get a massage.
DISCLAIMER: I think.
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Currently trying to dodge the MC exam until tomorrow..... :P
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It's only worth 5%, which is basically nothing. ;D
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It's only worth 5%, which is basically nothing. ;D
Don't get into that habit! 5% is the difference between a P and H3, H3 and H2B, H2B and H2A, H2A and H1!!!!!!! It makes a hella difference.
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just a question about the MC test, have they taken the practice ones down from the FAT thing?
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just a question about the MC test, have they taken the practice ones down from the FAT thing?
Yep
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Anybody else finding the assignment kinda tricky? I heard they are marked harshly too...
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If the world limit is 1000 words, it means we can write up to 1100 words right?
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GUYS where are these homework questions from?!
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Yeah i doubt 100 words make a big difference.
What homework questions are you talking about?
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^ The ones being talked about in the OP.
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^ The ones being talked about in the OP.
Most likely the blue sheet you get given, you can download it from the lms.
If the world limit is 1000 words, it means we can write up to 1100 words right?
Generally there is 10% leeway, but you should check the assignment sheet.
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The specified word limit is 1000 words. It doesn't mention the 10% leeway, but I assume that this is an unmentioned rule?
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(for the assignment)
Stupid question but the scale on the price and quantity axes doesn't matter right? like a schematic diagram... I vaguely recall gareth james saying we don't need to calculate areas and stuff so I assume that the scale doesn't matter?
thanks
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Yeah my tutor said not to worry about scaling, you're not actually using any numerical information to answer your questions.
Is it just me or are the last couple of questions kinda hard :(
I feel like this assignment would have been a bit more easier if we had a tute about the latest topics before it was due
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It seems ok to me. Basic application of the stuff covered in the lectures.
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If anyone has any questions regarding the assignment ... go to the online tutor thing it's pretty helpful. You can read other people's questions it's like an anonymous formspring lol
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Anyone having trouble staying within the word limit? I am 800 words over!!
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Anyone having trouble staying within the word limit? I am 800 words over!!
How can you be over by that much???? CUT IT DOWN! LOL You'll get marked down for sure. Make sure what you're discussing is relevant if it isn't cross it out.
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It's ALL relevant. >:(
Are assessors harsh on the word limit though? Would they actually count many words I write?
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It's ALL relevant. >:(
Are assessors harsh on the word limit though? Would they actually count many words I write?
Yes, your assessor is your tutor. They will mark to what the lecturers want. It's easy to tell if an essay/report is over the word limit. You can approximate by flipping through it. If it's 'ALL' relevant then only include what is ABSOLUTELY relevant. You want to make sure you're answering the essay question or questions. But if the word limit is 1000 words try to keep it below 1100... It may be a struggle but email your tutor and see what they say. Because you will probably lose marks if it's 1800.
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Haha, I can assure you that everything I've written is absolutely relevant. I've managed to cut it back to 1500 - still too much?
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for the first question did you say demand increase for online streaming and demand decrease for dvds ? how about supply?
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In the second question...for 'restriction to advertising' did any of you say it was a decrease in supply only? or both demand and supply?
I figured advertising can also decrease demand along with supply..but I don't know if thats right..
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Sorry for being a n00b but do we have to do referencing for this assignment?
I guess my ideas are largely from the textbook?
sorry just paranoid..
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@ hongs- to keep it simple i just said that the only effect of restricting advertising was a decrease in demand and went from there. Tbh i dont think there are necessarily right or wrong answers - just your interpretation of the question and how you support your answer.
@MelonBar I put down the textbook just in case :o I was wondering if we needed to reference the lecture slides though, lol.
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Hey does anyone know how I can find the name of my tutor? I emailed the tutor coordinator yesterday morning and havent gotten a reply yet :\
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How many pages is your assignment?
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6
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sorry a bit off topic, but does anyone know how we'll get our assignments back? will it be returned to us during our tutes or will our results be put up on the LMS?
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my assingment is 1,150 words
is this too much? will i get marked down?
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@aaack i think both. we'll get them back and a mark will be put up :o not really sure tho
@sadboy222 if 1150 includes your cover page, im pretty sure its ok. besides, graph labels and stuff dont count so yea. its effectively below 1100 words
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For the hw of tutorial 6, how do you do question 1e?
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@aaack i think both. we'll get them back and a mark will be put up :o not really sure tho
@sadboy222 if 1150 includes your cover page, im pretty sure its ok. besides, graph labels and stuff dont count so yea. its effectively below 1100 words
Where specifically does this mark get put up online?
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my tutor said we just collect it back in our tutes in about 2 weeks time. for those with tutes on thursday, you will need to go see the subject coordinator any day that week to pick it up. the subject coordinator is only in her office 4-5pm or something though
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What marks did everyone get for assignemnt 1? I wanna know what the average was
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Ive heard the overall average was ~12/20
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Lol wow everyone did really bad then
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What topics are you doing for your case study? I'm struggling to come up with one.
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when the flying fudge cake is this shiz due (assignment 2)
the thing has the 2012 date
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What topics are you doing for your case study? I'm struggling to come up with one.
Just google examples
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when the flying fudge cake is this shiz due (assignment 2)
the thing has the 2012 date
13th May
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Hey guys, for Part B of the assignment do we just make up our own economic activity? Or does it have to be economic activity that has occurred i.e. something in an article online that we have to base it upon? Thanks in advance!
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yea does anyone know how to do part B? i seriously have no idea where to start/what to do?
i have read it 10 times.
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I am fairly sure that you have to reference the article that you got your idea from (I read this on the online tutor page), so yes, it would be an existing economic event.
Also, jeez you guys are cutting it close, I would personally struggle with doing this on top of Mother's Day stuff :P
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I am fairly sure that you have to reference the article that you got your idea from (I read this on the online tutor page), so yes, it would be an existing economic event.
Also, jeez you guys are cutting it close, I would personally struggle with doing this on top of Mother's Day stuff :P
please explain how you do part B
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looks like ill just have to hand in Part A
what a joke part B is terribly worded and the online tutor 'dosnt answer questions' on the weekend
terrible stuff
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please explain how you do part B
1. Pick an event. Read up online on something that sounds interesting or counter-intuitive (it doesn't have to be, it can be completely ordinary, like gold prices increasing, or whatever, but y'know, doing an interesting topic will probably be more exciting than something straightforward, and there's more to write about too).
2. Use that article as a starting point to discuss why the event occurred. e.g. The US Government prevented Microsoft from merging with Company X because it would have generated too much market power in the computer market (I recommend not copying this one, because it's an example in the textbook. You get my point though, right?). Use supply-demand curves wherever applicable (maybe not in the Microsoft example, but if you're analysing something that can be expressed using these curves, go for it!).
3. Submit on Monday, wait for your 30/30 :P
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1. Pick an event. Read up online on something that sounds interesting or counter-intuitive (it doesn't have to be, it can be completely ordinary, like gold prices increasing, or whatever, but y'know, doing an interesting topic will probably be more exciting than something straightforward, and there's more to write about too).
2. Use that article as a starting point to discuss why the event occurred. e.g. The US Government prevented Microsoft from merging with Company X because it would have generated too much market power in the computer market (I recommend not copying this one, because it's an example in the textbook. You get my point though, right?). Use supply-demand curves wherever applicable (maybe not in the Microsoft example, but if you're analysing something that can be expressed using these curves, go for it!).
3. Submit on Monday, wait for your 30/30 :P
thank you!
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sonuvabitch lms won't let me submit my micro assignment.
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have you guys used any graphs for question part a?
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have you guys used any graphs for question part a?
For most of the questions I drew a graph to better illustrate my answer
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Yes but not for Part B.
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I had graphs for most of the questions, just to stay on the safe side. It really depends on what case study you decided on. Some of them are more difficult to relate to graphs than others.
But yeah, when in doubt, draw a graph. I mean, as long as you're within the word limit, and your graphs are relevant to the question, they can't penalize you for providing too much information, can they?
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Yes but not for Part B.
what topic did you do for part B? most people i know had graphs in part B but not many (if any) in part A
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Anyone know the average for the second assignment?
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heard ~21 from one my friends tutes, not sure about overall average though
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had a 25 average in mine,
safe to say I was below average :(
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I was one the higher scorers in my tute with 23... I think my tute is a really harsh marker then.