The Possible Economic Consequences of a Novel Coronavirus Pandemic - Economics Assignment Help

Assignment Task:

Assignment Overview:

This assignment is partly based on the two articles, “The Possible Economic Consequences of a Novel Coronovirus (Covid-19) Pandemic,” by PricewaterhouseCoopers, March 2020, and “Australia’s Covid-19 Performance,” by KPMG Australia, April 2020. Please read these two articles before attempting the questions. You will be required to demonstrate your understanding of economic concepts taught in the unit and relate them to the cases in the articles.

Learning Objectives:

This assignment is designed to encourage you to think about the applications of economic concepts learned in this unit to real world scenarios.

Assessment:

Based on the attached Rubric, your assignment will be graded on your use of appropriate economic concepts, diagrams and theory, clarity of exposition and overall quality of your answers.

Question 1:

In your own words, please summarize the two articles,

“The Possible Economic Consequences of a Novel Coronovirus (Covid-19) Pandemic,” by PricewaterhouseCoopers, March 2020.

“Australia’s Covid-19 Performance,” by KPMG Australia, April 2020.

In particular, what are the main messages of the articles?

Question 2:

Suppose that the tourism market in Australia is perfectly competitive (i.e., many tourism companies). The pandemic of COVID-19 lowers tourism demand in Australia. Using appropriate diagrams to answer:

(a). By using the industry’s Demand and Supply curves, please examine the impacts of Covid-19 on the Australian tourism market in the short run and long run.

(b). By using the firm’s price and cost curves, please examine the short-run and long-run impacts of Covid-19 on a representative tourism company in Australia.

Question 3:

Suppose that a monopolistic firm (say, Melbourne Zoo) is run by the city government of Melbourne. Using appropriate diagrams to answer:

(a) If the city government’s objective is to maximize profits, what would be the ticket price set for this monopolistic firm?

(b) If the city government’s objective is to maximize revenue, what would be the ticket price set for this monopolistic firm?

(c) If the city government’s objective is to maximize welfare, what would be the ticket price set for this monopolistic firm?

Question 4:

Find at least three countries or economies that have policies or measures to help the affected people and companies in the tourism industry by Covid-19. Provide your views and suggestions on the best measure that could be considered or used in Australia to help the affected people and companies in the tourism industry by Covid-19.

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