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Natural resources economics

Economics offers varied courses to have an insight on to the functioning of a country vis-a-vis the other counterparts in relation to the factor influencing the income, wealth and wellbeing, and how it can be imbibed into the formation of policies. Economics defines the lifeline of a nation. From production to consumption, economics looks at the usage of resources & the distribution system involved in reaching to the desired market of consumption. This involves studying areas of politics, sociology, law, psychology, geography and history, at local and global levels.

Q1. Using appropriate diagrams, explain the likely impact of drought on macroeconomic equilibrium in Australia. Use evidence drawn from media reports to illustrate you answer. How might government policy response to the drought modify the macroeconomic impact of the drought?

In this essay, the proposed effect of desiccation on macroeconomic equilibrium of Australia has been discussed. Drought indicates a dry climatic situation resulted from inadequate rainfall in a spe... cific region. Drought affects an economy by changing mainly supply side variables. Farms, business and common people are likely to suffer due to drought. Based on strength the effect of drought might be local, regional or economy wide. Agricultural production is most vulnerable to drought. In addition to farm sector, thermal and hydro-power generation and other associated sectors get suffered following drought.

 

(a) Draw graphs and explain why perfectly competitive firms’ are price takers?

(b) Draw graphs and explain why perfectly competitive firms make short run loss, short run economic profit, and normal profits in the long run?

 

In a absolutely competitive market, firms are price taker as none of them can change the business price. New firms can enter into the market without any confinements and each of them sells similar ... irms are price taker as none of them can change the business price. New firms can enter into the market without any confinements and each of them sells similar products. Therefore, each firm occupies

Why a firm is called a natural monopolist? Give examples, draw a graph and explain.

(b) Is a profit maximizing monopoly firm always technically efficient? Draw a graph
and explain..

To assess the performance of a firm, the concept of performance is required. This concept also measures the performance of the market as well entire economy. Technical performance means how much ou... tput a firm can produce by using a given input. This input can be either a machine or a worker or combined of more two inputs. The firm can maximize technological efficiency through maximizing output when inputs of the firm are given.

 

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