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                          英國Coursework:Introductory Economics作業范文

                          時間:2019-01-31 10:57來源:未知 作者:anne 點擊:
                          導讀:這是一篇英國留學生Introductory Economics的Coursework范文。 Answers 3 questions回答3個問題 Each question is worth equal marks Each answer should be a maximum of 700 words with diagrams (if necessary) .每個答案最多應包含
                          導讀:這是一篇英國留學生Introductory Economics的Coursework范文。
                          Answers 3 questions 回答3個問題
                          Each question is worth equal marks 
                          Each answer should be a maximum of 700 words with diagrams (if necessary) .每個答案最多應包含700個單詞(如有必要)
                          1. Show a shift supply and explain what factors can lead to this situation.顯示班次供應并解釋可能導致這種情況的因素
                          2. Explain and illustrate the concept of perfect competition?解釋并說明完全競爭的概念
                          3. Is economic growth good for society?經濟增長對社會有益嗎
                           
                          1. Show a shift supply and explain what factors can lead to this situation
                          經濟學家中的供給曲線是指以圖形方式表示供應量與收取的價格之間的關系的曲線。 水平繪制供應,同時垂直繪制價格。 供給是指公司,制造商,金融資產提供者或其他經濟主體愿意以各種給定價格向市場提供的每單位時間或勞動力的產品或服務數量,而所有其他因素保持不變。
                          例如,完全競爭市場中供給曲線的變化可能由各種原因引起,除了價格變化:技術狀態,其他商品的價格,供應商的數量,政府補貼和稅收。 為了實現輪班供應,價格和所有其他決定因素應保持不變。
                          以下是供應曲線偏移的示例,每個決定因素都有變化。
                          A supply curve in Economist refers to the curve that graphically represents the relationship between the amount supplied and the price charged. Supply is plotted horizontally while the price is plotted vertically. Supply refers to the amount of products or services per unit of time or labor that companies, manufacturers, financial assets providers or other economic agents are willing to provide at all various given prices to the market while all other factors are held at constant. 
                          A shift in supply curve in a perfect competitive market, for example, can be caused by various reasons except for a change in price:  the state of technology, the price of other commodities, the number of suppliers, government subsidies and taxation. For a shift supply to happen, the price and all other determinants should remain constant.
                          Here are examples of supply curve shift with changes in each determinants.
                          a. A Change in the State of Technology
                          For example, assuming a company is producing computer chips and have just adopted a new technology to increase the rotation rate for its manufacturing machine so that more chips can be produced per unit of time. In this case, the supplies will increase without an increase in price because the firm assumes that more value will be created from the new technology even with the cost of the new technology counted. Thus, the supply curve will shift downward to the right with an increase in technology.
                          b. Changes in the Price of Other Commodities
                          Changes in other commodities can also affect the product's supply curve. The price of substitute and complementary commodities can have an effect on the supply of the product in a specific case. For example, for a CD disk production company, an increase for the average market price of the CD players would cause the demand for CD disk to decrease because of a decreased demand for its complementary commodities. A decreased demand would result in a decreased supply. Customers would willing to pay less for the product while all other determinants remain the same. The supply curve would shift downward to the right.
                          On the contrary, an increase for the price of the substitute product would cause the target product's supply curve shift upward to the left. In our case still, if the average market price for MP3 players increased, more customers would prefer CD disks to MP3 player if the price of CD disks remain the same. Thus, the supply of CD disks will increase at the same price level.
                          Another situation is that when a company produces a series of products, changes in one of the products' price would affect the supplies of others. For example, a company produces corn and rice at the same time, when the average market price for corn increased from $10 to $13 per 10 pounds and the price for rice remain the same, the company is opt to allocate more resources to produce corn and less of to the rice. In this case, the supply curve of rice would shift upwards if the price of corn increases and would shift downward if the price of corn decreases. 
                          c. Changes in the Number of Suppliers
                          The entry of new firms in the market leads to an increased quantities and thus a fall for the price.  The price remain constant and more products will be supplied. Thus, the supply curve would shift downward to the right with the number of suppliers increased.
                          d. Government Subsidies and Taxation.
                          If the government offers a favorable taxation rule for the product, the product cost increases, leading to an increase in supply. Thus, the supply curve would shift downward to the right. Government subsidies reduce the cost of production and thus increase the supply on the market, leading to a downward shift of the supply curve to the right.
                          2. Explain and illustrate the concept of perfect competition
                          Perfect competition refers to a market where no participants are large enough to have the market power to affect the pricing of a specific product it buys or sells. In a perfect competitive market, all participants is a price taker and all competitions are fully exercised. Due to the strictness of the conditions for a perfect competition, few of the markets qualified. For buyers and sellers in auction-type markets such as commodities or financial assets, the condition might approximate the concept. A perfect competitive market exercises a Pareto efficient allocation of economic resources as also serves as a bench mark against other markets: monopoly, monopolistic competition, and oligopoly. 
                          Structural Characteristics for a Perfect Competitive Market
                          a. A large number of buyers and sellers
                          There is a large number of buyers and sellers with the willingness and ability to purchase and produce products at a certain price.
                          b. Homogeneous Product
                              Each firm produces and sells a homogeneous product
                          c. Perfect Information
                              Each buyers and sellers have relevant information concerning the price, conditions and qualities for the product
                          d. Perfect Determinant Mobility
                              All determinants for the production are perfectly mobile in the long run and apt for adjustment for external changes.
                          e. No Barriers of Entry and Exit
                               It's extremely easy for a firm to enter or exit the market and there is no cost related to entering or exiting the market 
                          f. Zero Transaction Costs
                               No costs are incurred from buyers or sellers in any transactions for exchange of products
                          g. Profit Maximization
                               All sellers are expected to sell at the marginal profit to earn the maximization of profit.
                          h. Economies of Scale
                               Since the perfect competitive have achieved economies of scale, there will always be enough participants in the market
                          I. Property Rights
                               Any transactions in a perfect competitive market possesses a clear arrangement of property rights.
                          j. Rational Buyers
                          All buyers are able to make wise and rational purchase decisions based on available information in the market
                          k. No Externalizations
                               Any costs incurred or gains obtained from transactions doesn't involved a third party.
                          Theories from Neoclassical Economics 
                          There are basically two strands of theories for the definition of perfect competitive markets in neoclassical economics. The first emphasize on the inability of any one participants to affect the price. According to Aumann (1964), each participants is too small to have an effect on the equilibrium price. 
                          The second emphasize that agents would take advantage and eliminate the profitable exchange opportunities immediately due to the condition that a perfect competitive market reacts instantaneously to make the supply equate demand after any arbitrage. Although Walrasian auctioneer's model is in support of this point and can prove that prices mechanism always works in a perfect competitive market, it is rejected by scholars like Mas-Colell et al( 1995) and Steve Keen. According to Steve Keen (2001). if firms do not react strategically to each other and the market is not even in a perfect competitive situation, the slope of the demand curve faced by a firm may still equals the slope of the market demand curve. In this case, a perfect competitive market must include an infinite number of firms for each of them to produce at the marginal price and revenue. However, in reality, only a small amount of firms are acting as participants to the market. Thus, the current pricing theories for perfect competitive is a combination of several notions, each taking a different weight of importance.


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