StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Nobody downloaded yet

Economics for Managers - Assignment Example

Cite this document
Summary
The paper “Economics for Managers” is an excellent variant of the assignment on macro & microeconomics. Why is limiting market power regarded as a desirable objective of government? Give three examples of policies that have been adopted in Australia to restrict monopoly power in certain industries?…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER91.8% of users find it useful

Extract of sample "Economics for Managers"

Download file to see previous pages

The paper “Economics for Managers” is an excellent variant of the assignment on macro & microeconomics. Why is limiting market power regarded as a desirable objective of government? Give three examples of policies that have been adopted in Australia to restrict monopoly power in certain industries?

Market power is the capacity of a firm to engage in profitability by manipulating prices of goods or services. Regulation of market power is a major goal of every government because it greatly assists in preventing market inefficiencies. When producers are allowed to exercise market power, allocative inefficiency arises because resources will not be distributed equally. Regulation of market power is also applied as a tool for consumer protection. If the business community is allowed to make decisions on its own, numerous rogue businesspersons will tend to exploit members of the public. Such individuals will produce low quality, unhealthy products at high prices leading to widespread suffering.

Australian government adopted various policies to reduce monopoly in various industries. To begin with, the National Competition Policy, which came into power during the 1990s was signed into law to promote microeconomic reforms. The National Competition Policy applies to the public sector in a bid to attain the highest level of efficiency in the provision of public goods and services. The policy actively reduces market restrictions on competition and allows for competitive neutrality. In June 2005, the Australian government passed the National Reform Agenda (NRA), with an aim of propping the earlier introduced National Competition Policy. The NRA was meant to position the country in a competitive position in world economy. The Australian government has also signed numerous trade agreements with other countries. The policies were meant to enhance trade with other countries across the globe. Ideally, trade agreements with other countries are meant to regulate import and export industries.

Answer both (a) and (b)
Define the main types of market failure?
Natural monopoly- occurs under a circumstance when produces a given set of goods and services. It results when a firm engages in large-scale production leading to enjoyment of economies of scale. Thus, the large-scale producer will produce goods at lower costs than other competitors will.

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(Economics for Managers Assignment Example | Topics and Well Written Essays - 5500 words, n.d.)
Economics for Managers Assignment Example | Topics and Well Written Essays - 5500 words. https://studentshare.org/macro-microeconomics/2082356-problem-solving-economics-questions
(Economics for Managers Assignment Example | Topics and Well Written Essays - 5500 Words)
Economics for Managers Assignment Example | Topics and Well Written Essays - 5500 Words. https://studentshare.org/macro-microeconomics/2082356-problem-solving-economics-questions.
“Economics for Managers Assignment Example | Topics and Well Written Essays - 5500 Words”. https://studentshare.org/macro-microeconomics/2082356-problem-solving-economics-questions.
  • Cited: 0 times

CHECK THESE SAMPLES OF Economics for Managers

Actions of Managers during Current Economic Scenario Worldwide

With this essay, an attempt has been made to justifiably present the various decision alternatives that exist for managers of an organization facing such labour management issues.... … In general, the paper "Actions of managers during Current Economic Scenario Worldwide " is a great example of management coursework.... In general, the paper "Actions of managers during Current Economic Scenario Worldwide " is a great example of management coursework....
8 Pages (2000 words) Coursework

Role of Various Elasticities in Operations of Government and Business

In particular, it is an essential concept for business managers and government or policymakers to comprehend.... … The paper "Role of Various Elasticities in Operations of Government and Business" is a good example of a literature review on business.... Various authors recognize the need to understanding the various elasticities of demand and their importance for both government and business operations is an important and timely topic....
12 Pages (3000 words) Literature review

Financial Centre Branch Manager

Workforce analysis is the means by which the human resource managers inspect and decipher workforce information, inside the setting of significant inner and outer ecological variables, to recognize workforce dangers.... Efficiency means yield for every specialist, and If the branch managers are more gainful, they will be in more noteworthy interest.... n the off chance that organizations are beneficial like the banks, they can stand to utilize more branch managers when they open new branches....
8 Pages (2000 words) Coursework

Demand, Supply, and Taxes, Market Structure, Tax on Alcohol in Perfectly Competitive Market

… The paper “Demand, Supply, and Taxes, Market Structure, Tax on Alcohol in Perfectly Competitive Market” is a fascinating variant of the assignment on macro & microeconomics.... It is vital to note that under an unregulated market, equilibrium price and quantity are at the point of intersection between the supply curve and the demand curve as shown in figure 1 above....
4 Pages (1000 words) Assignment

Is Management the Responsibility of Everyone

There has been, and continues, the extensive debate in management discourse and literature over whether management is the responsibility of managers alone or the responsibility of everyone- managers and employees or staff.... There has been, and continues, the extensive debate in management discourse and literature over whether management is the responsibility of managers alone or the responsibility of everyone- managers and employees or staff....
9 Pages (2250 words) Essay

Economic Factors Affecting the Woodside Petroleum Company in Australia

This will at least improve the profit level of the company Management Controls - the managers need strategies on how to attract new customers and at the same time retain the old customers.... … The paper “Economic Factors Affecting the Woodside Petroleum Company in Australia” is an actual example of a case study on management....
5 Pages (1250 words) Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us