Students should appreciate that the short-run average cost curve is likely to be U-shaped but a formal link with the law of diminishing returns is not expected. Students should understand how thinking as an economist may differ from other forms of scientific enquiry. They should appreciate that economic decisions relating to individual markets may be affected by developments in the macroeconomy. Students should be able to apply their knowledge and skills to a wide variety of situations and to different markets and examples of market failure, including environmental market failures. It should be understood that not all products that result in positive or negative externalities in consumption are either merit or demerit goods. A formal diagrammatic analysis of monopoly is not required but students should be able to use a demand curve to illustrate that if a monopolist raises the market price above the competitive level, output will fall.
This amount is subject to change until you make payment. Students should be able to calculate average, total revenue and profit from given data. Students should be able to illustrate the misallocation of resources resulting from the consumption of merit and demerit goods using demand and supply diagrams. For additional information, see the Global Shipping Program Description Reinforce students' understanding throughout the course. Students should understand that consumers and producers may not have access to the same information and that this may contribute to markets operating inefficiently. Students should understand how economic incentives influence what, how and for whom goods and services are produced. Students should appreciate the various factors which affect the behaviour and performance of firms in a variety of real-world markets.
Students should be able to evaluate the case for and against government intervention in particular markets and to assess the relative merits of different methods of intervention. This section of the specification is primarily about microeconomics. You will receive an email when your item has been dispatched with estimated delivery date, we regret we can't guarantee or provide tracking for items. When applying and evaluating all the microeconomic models in the specification, such as supply and demand theory and production possibility curves, students should be critically aware of the assumptions upon which these models are based and their limitations when they are used to make sense of real world phenomena. Students should be aware that firms may have a variety of objectives but a detailed knowledge of these objectives is not required. If your order is still processing, that means that we are searching the world for your items!. Students should recognise that many large firms compete vigorously with each other but monopoly power may lead to consumers being exploited.
They should understand that the shape of the long-run average cost curve is determined by economies and diseconomies of scale. Students should understand the factors that influence the spending decisions of consumers, including: price, income, wealth, the price of substitutes and complementary goods, and individual preferences. Students should appreciate that the possibility of government failure means that, even when there is market failure, government intervention will not necessarily improve economic welfare. Students will be required to acquire knowledge and understanding of a selection of microeconomic models and to apply these to current problems and issues. Students should be able to use demand and supply diagrams to help them to analyse causes of changes in equilibrium market prices.
Refunds by law: In Australia, consumers have a legal right to obtain a refund from a business if the goods purchased are faulty, not fit for purpose or don't match the seller's description. Students should, for example, be able to explore the impact of changes in demand, supply and price in one market upon other related markets. For additional information, see the Global Shipping Program This amount includes applicable customs duties, taxes, brokerage and other fees. They should also appreciate that such decisions are influenced by social and emotional factors. Students should be able to calculate average and total costs from given data. They should also be able to use a long-run average cost curve to illustrate the benefits from economies of scale that may result from monopoly. The lowest-priced, brand-new, unused, unopened, undamaged item in its original packaging where packaging is applicable.
Students should be able to illustrate the misallocation of resources resulting from externalities in both production and consumption, using demand and supply diagrams. Students should be able to categorise and give examples of both internal and external economies of scale. Standard delivery within 12-15 days. Students should be provided with opportunities to use these models to explore current economic behaviour. Packaging should be the same as what is found in a retail store, unless the item is handmade or was packaged by the manufacturer in non-retail packaging, such as an unprinted box or plastic bag. If your order shows as dispatched and hasn't arrived in the expected time, please check with your local delivery office before contacting us with the details. Students should be able to provide examples to inform their discussion of each of these causes of market failure.
Students should appreciate that there are few examples of pure monopoly but many firms have monopoly power. An understanding of the formal model of perfect competition and the associated diagrams is not required. However, students should appreciate that the objectives of a firm will affect its behaviour. If you don't follow our , you may not receive a full refund. Students should appreciate the consequences of government intervention in markets for consumers, producers and other economic agents.
They should be able to apply their knowledge of the basic model of demand and supply to a variety of real-world markets. Excludes: Fiji, French Polynesia, Guam, Bulgaria, Moldova, Ukraine, Aruba, Costa Rica, Dominican Republic, Guatemala, Honduras, Martinique, Netherlands Antilles, Nicaragua, Cambodia, Laos, Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Peru, Venezuela, Canada, Mexico, Cape Verde Islands, Egypt, Tunisia, Jordan, Kuwait, India, Kyrgyzstan, Sri Lanka. This amount is subject to change until you make payment. Microeconomic models such as demand and supply, the operation of the price mechanism and causes of market failure are central to this part of the specification. See details for additional description. Clear topic summaries with sample questions and answers will help to improve exam technique to achieve higher grades.