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英國Economics for Business專業coursework作業范文

時間:2019-04-01 13:55來源:未知 作者:anne 點擊:
Question 問題 Suppose that the government decides that the market price for university education is too high, therefore, it decides to set a limit to how much the university can charge in tuition fees. The new mandatory limit is 5000. 假設政府認為
Question  問題 
Suppose that the government decides that the market price for university education is too high, therefore, it decides to set a limit to how much the university can charge in tuition fees. The new mandatory limit is 5000. 假設政府認為大學教育的市場價格過高,因此決定限制大學收取學費的數額。新的強制性限額是5000。
(a) How do the supply and demand curves change? Make use of a graph  供需曲線如何變化?利用圖表做題
The legal maximum price of tuition fees is the price ceiling. The price ceiling is less than the equilibrium price or the market price. On the one hand, since the price of tuition fees decrease, the demand of university education will increase. On the other hand, since the price of tuition fees decrease, the supply of university education will decrease. In other words, when there is price ceiling, the supply curves will shift to left, and demand curves will shift to right. 學費的法定最高價格是學費的最高限價。價格上限小于均衡價格或市場價格。一方面,隨著學費價格的下降,大學教育的需求也會增加。另一方面,隨著學費價格的下降,大學教育的供給也將減少。換句話說,當有價格上限時,供給曲線將向左移動,需求曲線將向右移動。
(b) What is the new price and quantity in equilibrium?  均衡的新價格和數量是多少?
When there is price ceiling of tuition fees, the supply of the university education will decrease. In other words, when all quantity of university education enters into the market and the consumers decide the tuition fees by competition, the new equilibrium price will be P2, which is higher than the original equilibrium price. 當學費有上限價格時,大學教育的供給將減少。 換句話說,當所有大學教育數量進入市場并且消費者通過競爭決定學費時,新的均衡價格將是P2,高于原始均衡價格。
(c) Describe who will benefit and who will suffer from this new policy.  描述誰將受益以及誰將受益于這項新政策。
The aim of the price ceiling of tuition fees is to benefit the consumers. However, the interventions of the price ceiling create shortages of university education. Thus, the regular consumers will suffer from this new policy, that is, regular consumers will queues, discrimination and off the books deal. In addition, the price ceiling will suffer the real producers and services of the university education. 學費價格上限的目的是使消費者受益。 然而,價格上限的干預造成了大學教育的短缺。 因此,普通消費者將遭受這一新政策,即常規消費者將排隊,歧視和書籍交易。 此外,價格上限將受到大學教育的真正生產者和服務的影響。
On the other hand, the price ceiling will benefit people who set the price ceiling. Moreover, the price ceiling will benefit the law executor, the people who master the quota. What’s more, the price ceiling will benefit the professional bribe and lobbyists. 另一方面,價格上限將使設定價格上限的人受益。 此外,價格上限將使法律執行人,掌握配額的人受益。 更重要的是,價格上限將有利于專業賄賂和游說者。
 
Question  
The government suspects that the price policy just introduced might in fact be detrimental. It therefore decides to review it and for this purpose hires three economists. The three economists suggest three different policies aimed at improving market outcomes in the presence of price controls: 
Answers:
(1) The consequences of the policy of starting a public campaign to highlight the benefit of university education are shown as follow. The pubic campaign will increase the quantity demanded of university education. The demand curves of university education will shift to right. However, there is price ceiling, the supply of the university education will not change.Thus, the new equilibrium price could be P3, which is higher than the original equilibrium price P2, which will suffer the consumers. 
(2) The consequences of the policy of starting tax rate of 20% on universities are shown as follow. The taxes will discourage the activity of university education market. With the price ceiling, the price will not change. However, when there is taxes on university education. The universities will receive less, and the supply of university education will decrease. With the price ceiling, the new equilibrium price could be P4, which is higher than the original equilibrium price P2, which will suffer both the consumers and universities. 
(3) The consequences of the policy of giving a subsidy to universities are shown as follow. A subsidy is the opposite to a tax, which will encourages consumption and provides of university education. When there is subsidy to universities, the supply of the university education will increase, that is, the supply curve of university education will shift to right. The demand curve of university will not change. With subsidy to universities, the new equilibrium price could be P5, which is less than the original equilibrium price P2, which will benefitboth the consumers and universities. 
To sum up, when there is price ceiling, the public campaign to highlight the benefit of university education will damage the interest of consumers. The tax rate of 20% on universities will damage the interest of both consumers and sellers (universities). However, the subsidy to universities will both benefit both consumer and seller (universities). Thus, I will chose the policy of giving a subside to universities. 
 
Question 
The short run for firms’ production decision refers to in this period, one or more inputs are fixed, and the change of product and cost are entirely the results of the changes of change factors. In other words, the short run decision refers to the cycle management of actual production. However, for the long run decision of firms’ production, in this period, all inputs are changing. Thus, the long run decision can be regarded as the planning level on future production. The main difference between the short and long run decision lies in whether the inputs are change or not. 
For the short run decision, the decision factor is law of diminishing marginal returns. A shutdown refers to a short-run decision not to produce anything during a specific period of time because of current market conditions. Thus, firm will shuts down if the revenue getting from producing is less than the variable cost of production. According to the following graph, the E point is the profit equilibrium point, and H is the shutdown point. In other words, when price is less than AVC (average variable cost), the firms should leave the market. 
For the long run decision, the decision factor is relationship between the revenue and total cost. If the revenue is less than the total cost, the firm should exit. According to the following graph, the E point is the exit point.In other words, when price is less than ATC (average total cost), the firms should leave the market. 


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