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Principles of Economics - Assignment Example

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Suppose Royal Berkshire University (a fictional university similar to Royal Holloway) charges students for parking permits to park their car on campus. It decides to lower the price of a parking permit on campus from £100 per semester to £5 per semester.
The increased number…
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Principles of Economics
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Principles of Economics

Download file to see previous pages... This is a factor that will result in students missing on the services and others will opt to park out of school wile others will be forced to use other means of transportation that are likely to inconvenience them more.
Employed students will feel the pinch the most. Their time will be wasted with most of them opting for external parking. Unemployed students have adequate time to look for parking and if not for the rush to class, they will be the greatest benefactors of the lowered parking prices.
Opportunity cost refers to the loss of one alternative when the other is chosen. 100 bats are equivalent to the production of 400 rackets. Producing an additional 100 bats will thus result in the loss of 400 rackets.
The larger trade off is brought about by the equal rate of producing the two items in the second scenario. While the other will result in the loss of more rackets, the second scenario results in the loss of 100 rackets. This is more admissible than in the first case.
f. Suppose Athletic Country is currently producing 200 bats and 200 rackets. How many additional bats could they produce without giving up any rackets? How many additional rackets could they produce without giving up any bats? (4 Marks)
The production of equal number of the two simply results in equal number of either item in case of a trade-off. In this scenario, one bat or racket traded off results in the loss of one racket or bat preferred over the other.
This type of production is efficient as it ensures effective returns for the capital invested. In case of an increased demand on either of the two, the firm simply halts the production of the other thereby maximising on the capital.
In order to reduce smoking, the government places an additional tax of £2 on a pack of twenty cigarettes. After one month, while the price to the consumer has increased a great deal, the quantity ...Download file to see next pagesRead More
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