HB1072: Economics for Managers Final Individual Assessment

Questions

1. Suppose the table below represents the total demand and supply of iPads from JB Hi Fi during the month of January 2025. Answer the questions that follow. Indicate the Lecture Week and Slide Number(s) that have guided you to answer the questions.

Required:

• Using the information provided, draw a table showing shortage or surplus.
• Draw a graph to determine the equilibrium price and equilibrium quantity in the market for iPads at JB Hi Fi.
• Suppose you are the firm manager, explain the effect of charging $700 to your customers.
• Discuss the impact of 5 non price factors on the demand for iPads at JB Hi Fi.

2. Identify a company in Australia that is a monopoly in your city. Assume you are the manager of that company, answer the questions that follow. Indicate the Lecture Week and Slide Number(s) that have guided you to answer the questions. 

• Use examples to examine the characteristics of your monopoly company.
• Examine the possible factors that could have enabled your company to become a monopoly in your city. Use examples to explain your answer.

3. Assume the table below shows the inflation and population conditions in Bangladesh after the floods and landslides in May 2025. Answer the questions that follow. Indicate the Lecture Week and Slide Number(s) that have guided you to answer the questions.

• With reference to the table, calculate the unemployment rate in 2024 and 2025. Show all working calculations.
• Calculate inflation rate in Bangladesh in 2025.
• Examine the two major types of inflation that affected Bangladesh immediately after the flood and landslides’ devastation.

4. Use the data in the table below to complete the tasks for this question. Indicate the Lecture Week and Slide Number(s) that have guided you to answer the questions.

•  Calculate Nominal GDP and Real GDP for the years 2020 and 2021. Show your working.
• Calculate the GDP Deflator for 2021. Show your work.
• State and explain 2 limitations of GDP as a measure of economic wellbeing.

5. Indicate the Lecture Week and Slide Number(s) that have guided you to answer the folowing questions:

• Distinguish between easy (or expansionary) and tight (or contractionary) monetary policy.
• Assume due to contraction of the Australia economy, the Reserve Bank of Australia (RBA) reduced interest rate (known as cash rate) down to 2% in 2024. Draw a figure to examine the stage and indicators of the business cycle that required the RBA to reduce interest rate to 2%.

Assessment Summary

This assessment required students to demonstrate their understanding and application of key economic principles through a series of analytical and calculation-based questions. The tasks were designed to evaluate comprehension of market equilibrium, monopoly structures, macroeconomic indicators (inflation, unemployment, GDP), and monetary policy applications.

Key Pointers to be Covered in the Assessment:

1. Demand and Supply Analysis:

   • Create a table showing shortage or surplus based on price variations.
   • Draw and interpret the equilibrium price and quantity graph for iPads at JB Hi-Fi.
   • Explain managerial decision-making when setting prices above equilibrium.
   • Discuss five non-price factors affecting iPad demand.

2. Monopoly Market Structure:

   • Identify a real-life monopoly firm in Australia.
   • Explain characteristics of the monopoly using examples.
   • Analyze factors that led to the formation of monopoly power in the selected city.

3. Macroeconomic Analysis – Bangladesh Case Study:

   • Calculate unemployment rate and inflation rate using provided data.
   • Identify and explain the two main types of inflation following natural disasters.

4. Gross Domestic Product (GDP) Computations:

   • Compute Nominal GDP, Real GDP, and GDP Deflator for given years.
   • Discuss two limitations of GDP as a measure of economic well-being.

5. Monetary Policy Application:

   • Differentiate between expansionary and contractionary monetary policies.
   • Using the RBA’s 2% interest rate scenario, illustrate the business cycle stage prompting this policy response.

Academic Mentor’s Step-by-Step Guidance Process

Step 1: Understanding Assessment Scope and Learning Goals

The academic mentor began by explaining the overall purpose of the assessment to test the student’s ability to apply theoretical concepts from microeconomics and macroeconomics to practical scenarios. Lecture materials were reviewed to help the student align their answers with course content and indicate the relevant lecture week and slide references for each response.

Step 2: Market Equilibrium and Demand Analysis

The mentor guided the student to construct a demand-supply table and identify shortages and surpluses across price levels. Using the data, the student was shown how to plot a demand-supply graph to visually identify the equilibrium point. Discussion then focused on pricing strategy, showing the effect of setting prices above equilibrium ($700) and linking this to consumer demand and inventory outcomes.

Step 3: Exploring Non-Price Factors of Demand

The mentor helped the student categorize five non-price determinants such as consumer income, technological change, price of substitutes, preferences, and marketing influence. Real-world examples (e.g., new iPhone release reducing iPad demand) were used to strengthen application.

Step 4: Monopoly Market Analysis

In this section, the mentor helped the student select a local monopoly example (e.g., Sydney Water). The guidance focused on explaining monopoly features like single seller dominance, price control, and barriers to entry. The student analyzed causal factors such as government regulation and infrastructure costs leading to monopoly formation.

Step 5: Inflation and Unemployment Calculations

The mentor guided the student step-by-step through the calculation of unemployment and inflation rates using the provided data. The distinction between demand-pull and cost-push inflation was clarified, especially in the context of natural disasters disrupting supply chains.

Step 6: GDP Analysis and Economic Wellbeing

Students were mentored to calculate Nominal and Real GDP, followed by deriving the GDP Deflator. The mentor reinforced understanding of GDP limitations such as exclusion of non-market activities and income inequality emphasizing the difference between economic growth and social welfare.

Step 7: Monetary Policy and Business Cycle Interpretation

Finally, the mentor explained the difference between expansionary and contractionary policies, and guided the student to draw a business cycle diagram showing the economic contraction stage where the RBA reduces interest rates to stimulate growth.

Outcome and Learning Achievements

Through this guided approach, the student successfully:

• Demonstrated the ability to apply microeconomic and macroeconomic concepts to real-world business and policy scenarios.
• Developed analytical skills in data interpretation, economic graphing, and calculation of key indicators.
• Improved understanding of monetary and fiscal decision-making in response to market conditions.
• Linked theoretical knowledge to practical managerial perspectives, fulfilling learning outcomes such as CLO1 (application of economic reasoning) and CLO2 (evaluation of policy and market structures).

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