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1) What is the law of demand? What are the main factors that will cause the demand curve to shift? [2 marks] The Law of Demand states that all else being equal, the quantity demanded of a good or service decreases as its price increases, and vice versa. In other words, there is an inverse relationship between the price of a product and the quantity consumers are willing to buy. Factors that can cause the demand curve to shift include: Income: If the income of consumers increases, their purchasing power rises, leading to an increase in the demand for most goods (normal goods). For inferior goods, which are of lower quality, demand may decrease with rising income. Price of Related Goods: Substitute Goods: An increase in the price of one good may lead consumers to switch to a similar substitute, causing an increase in the demand for the substitute. Complementary Goods: An increase in the price of one good may decrease the demand for its complementary good. For example, if the price of coffee increases, the demand for coffee filters might decrease. Tastes and Preferences: Changes in consumer preferences or trends can cause shifts in demand. If a product becomes more popular, the demand will increase, and if it becomes less desirable, the demand will decrease. Population and Demographics: Changes in the size and composition of the population can affect demand. For instance, an aging population might increase demand for healthcare services. Consumer Expectations: If consumers expect future prices to increase, they might buy more now, causing current demand to increase. Conversely, if they expect future prices to decrease, current demand might decrease. Government Policies: Government actions such as taxes, subsidies, or regulations can impact demand. Subsidies can increase demand, while taxes or regulations can decrease it. Seasonal Factors: Demand for certain goods can change based on the time of year. For instance, demand for winter clothing increases in the cold season. Advertising and Marketing: Effective marketing campaigns can influence consumer preferences and stimulate demand for a product. Each of these factors can lead to a shift of the entire demand curve either to the right (increase in demand) or to the left (decrease in demand).

2) What is an inferior good? Provide an example explaining your choice. [1 mark] An inferior good is a type of good for which demand decreases as consumer income increases. In other words, as people's income rises, they tend to shift their consumption towards higher-quality alternatives, causing a decrease in the demand for inferior goods. Example: Instant Noodles. When consumers have lower incomes, they often opt for inexpensive and quick meal options like instant noodles because they are affordable and convenient. However, as their income increases, they might choose to spend more on higher-quality and healthier food choices, leading to a decrease in the demand for instant noodles. This decrease in demand occurs because instant noodles are considered to be of lower quality compared to fresh ingredients or prepared meals, and people prefer to spend their increased income on better options. 3) If the average price of petrol is $1.40 per litre in your neighbourhood and petrol is a perfectly competitive market, explain using a diagram what might happen in the “market for petrol” in your neighbourhood if the price of petrol drops to $0.50 overnight. What if it jumped to $5 per litre overnight? [Make sure you properly label your diagram, axes and any curves] [2 mark] In a competitive market, supply and demand determine the equilibrium price and quantity. On analysing the scenarios of a sudden drop to $0.50 per litre and a sudden jump to $5 per litre in the market for petrol, using a supply and demand diagram. Horizontal Axis: Quantity of Petrol Vertical Axis: Price of Petrol Initial Equilibrium: Equilibrium Price: $1.40 per litre Equilibrium Quantity: Q1 On the graph, this equilibrium point is where the supply curve (S) intersects the demand curve (D) at $1.40 per litre. Price Drop to $0.50 Overnight: New Price: $0.50 per litre In this scenario, the new equilibrium price is $0.50 per litre. The demand curve remains unchanged, but the supply curve might shift leftwards to represent a decrease in the quantity suppliers are willing to provide at this lower price. Price Jump to $5 Overnight: New Price: $5 per litre

In this scenario, the new equilibrium price is $5 per litre. The demand curve remains unchanged, but the supply curve might shift rightwards to indicate an increase in the quantity suppliers are willing to provide at this higher price. In both scenarios, the demand curve remains the same because it represents consumers' willingness to buy petrol at different prices. The key difference is in the supply curve: For the price drop scenario, the supply curve shifts to the left due to suppliers being less willing to provide large quantities at a lower price. For the price jump scenario, the supply curve shifts to the right because suppliers are more willing to provide larger quantities at a higher price. 4) Australia has an ageing population, indeed over one third of Australians are over the age of 55. The health-care sector is made up of almost 25% older workers, and at the same time, demand for health care is expected to increase in the coming years [1 marks] (a) Given that the average retirement age is 65, what do you think will happen to the supply and demand of health care workers in the next 10 to 20 years? (b) Illustrate the changes you have outlined above in a demand and supply diagram with the number of health-care workers on the horizontal axis, and price (wage) on the vertical axis. (c) Based on your diagram, forecast what will happen to the equilibrium wage for health-care workers as a result of the shift/s. a) With an ageing population and a substantial portion of the healthcare workforce nearing retirement age, there are several potential impacts on the supply and demand of healthcare workers over the next 10 to 20 years: Supply of Healthcare Workers: Increased Retirements: As older healthcare workers retire around the age of 65, there might be a significant decrease in the supply of experienced healthcare professionals. Shortage of Skilled Workers: The loss of experienced workers could lead to a shortage of skilled healthcare professionals in the workforce. Training and Recruitment: Efforts to train and recruit younger individuals into healthcare professions might increase to compensate for the retiring workforce. However, this might take time to yield a substantial increase in the supply. Demand for Healthcare Workers:

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Age-Related Healthcare Needs: The ageing population will likely require more healthcare services due to higher incidence of age-related illnesses and conditions. This will increase the demand for healthcare workers. Technological Advances: Advancements in medical technology could also increase the demand for healthcare workers, as new treatments and procedures become available. Expanded Services: With the increase in demand for healthcare services, there might be a push to expand healthcare offerings, further driving up the demand for healthcare workers. Horizontal Axis: Number of healthcare workers Vertical Axis: Wage (Price) Supply Curve: The supply curve for healthcare workers might shift to the left due to the retirements of older workers. This shift would reflect a decrease in the number of available healthcare workers. Demand Curve: The demand curve for healthcare workers could shift to the right due to the increasing demand for healthcare services from the ageing population. This shift would represent an increase in the number of healthcare workers needed. (c) The intersection of the supply and demand curves determines the equilibrium wage for healthcare workers. In this scenario: The decrease in supply (due to retirements) would push the equilibrium wage upwards. The increase in demand (due to the ageing population and increased healthcare needs) would also push the equilibrium wage upwards. Overall, the equilibrium wage for healthcare workers is likely to increase as a result of the combined shifts in supply and demand. However, the exact magnitude of the wage increase would depend on the relative magnitudes of the shifts in supply and demand.

Q1 Provide a real-world example of a binding price ceiling. Why might policy makers have introduced this binding price ceiling? Show, using a diagram (which is properly labelled) the effect of this binding price ceiling in the market. Q2 The Australian Greens Party wants to see a freeze on rents for two years. Why are they in favour of this policy? Why are policy makers (such as the Governor of the Reserve Bank of Australia (RBA)) and other economists not in favour of such a policy intervention? Explain with the use of a diagram. Discuss issues in the short-run and the long-run. [Hint, think about elasticity effects]. Do you have an opinion? Would you vote for a rent freeze? Q3 Each year Fair Work Australia (FWA) meets to review and set Australia’s national minimum wage (NMW) a. What is the minimum wage for an adult (21 years or older) (hourly rate and rate per week) b. What is the minimum wage for ‘juniors’ (any employee under the age of 21 in Australia)? c. Why is there a need for the FWA to set a NMW? d. Are you in favour or against national minimum wage laws? Q4 A paper in a leading medical journal reported that the Australian Government would implement annual increases in tobacco excise taxes of 12.5%, starting in 2016 and running through to and including 2020. This would increase the cost of a pack of cigarettes to $40,

one of the highest prices of cigarettes in the world. Public health experts consider increasing the cost of cigarettes as one of the most effective ways to reduce tobacco use. a. What might be some of the unintended consequences of such a tax? b. If lower-income Australians tend to smoke more than higher-income Australians is such a tax fair in your view? c. In 2019 the cigarette tax in Australia produced about $17 billion in government revenues. What do you think are the best uses of that revenue?

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Q1 Explain, using a diagram, why consumer surplus is a measure of net benefit [1 mark] Q2 Why are perfectly competitive markets described as efficient? [1 mark] Q3 What is market failure and what are some of the factors that cause market failure? (List at least 2 factors). [1 mark] Q4 In 2018 the Northern Territory introduced a price floor for alcohol with the aim of reducing the consumption of cask wine (i.e. cheap wine). (The price was A$1.30 per standard drink). Analysis suggests that ‘heavy drinkers’ (those who consume cask wine (e.g. Coolabah) because of the volume of alcohol per $ ratio) did not switch to other liquor types. Prior to the introduction of the price floor there was concern that it would negatively impact beer sales. https://theconversation.com/a-minimum-price-for-alcohol-helped-curb-problem-drinking-in- the-northern-territory-is-it-time-for-a-national-rollout-154829 a. Using a diagram show the effect of a price floor on the demand for cask wine. b. How does a price floor affect consumer surplus, producer surplus and deadweight loss c. Why was there a concern that the price floor would negatively impact on beer sales? d. Why did ‘heavy drinkers’ not switch to other liquor types? e. What might be some of the unanticipated effects of the policy not covered in the article. [3 marks] Q5 Last year the average price for an airline ticket was $400, but the average price dropped to $350 this year due to a decrease in the demand for flights. The accompanying table contains information on the supply of air travel. Airfare (price per ticket) Quantity supplied (millions of sales) $0 0 $175 35 $350 70 $400 80 $575 115 $750 150 Draw the supply curve and use it to calculate producer surplus last year and producer surplus this year. How did producer surplus change? [2 marks]

Q6 Consider the market for Atlantic salmon. Petuna, Tasmania’s smallest salmon farm, and Huon Aquaculture, a large corporate supplier, are both producers of Atlantic salmon. The marginal cost curves for both firms are shown in the graph below: If the market price is $13 per kilo of salmon, how many kilos of salmon would Petuna supply? What about Huon Aquaculture? How many total kilos would they collectively supply? Is this allocation the most productively efficient way to produce this quantity of salmon? [2 marks]

Slide 1: Services and Pricing Title: "Colli Constructions: Services & Pricing" Content: Services: Residential Construction: Custom homes, remodels, and home additions. Commercial Construction: Office buildings, retail spaces, and restaurants. Industrial Construction: Warehouses and manufacturing facilities. Pricing: Competitive Pricing: Tailored to project scope and complexity. Transparency: Clients receive detailed, itemized estimates covering materials, labor, and additional services. Xxessiperfairy Title: "Colli Constructions: Marketing Approach" Content: Online Presence: Professional Website: Features a portfolio of completed projects, team members, and client testimonials. Social Media Engagement: Actively engages with the community on Facebook, Instagram, and LinkedIn, sharing project updates and construction insights. Online Directories: Ensures accurate listings on platforms like Yelp, Angie's List, and industry-specific directories. Promotion and Digital Marketing: Email Marketing: Monthly newsletters to subscribers with project highlights, industry news, and exclusive offers. Online Advertising: Invests in Google Ads to bid on construction-related keywords for prominent search results. Social Media Advertising: Runs targeted Facebook and Instagram ads to reach a broader audience. https://prezi.com/p/saqvosbncby_/oporto-presentation-mktg1203/

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What is the Paris Agreement? What is Australia’s commitment under the Paris Agreement (how much has it committed to reducing greenhouse gas emissions by and by when? How will it get there (what is it doing to reduce greenhouse gas emissions) (name at least three actions) - Paris Agreement was to replace Kyoto protocol. The Kyoto protocol was limited in that only related to economic development. - Goal of Paris Agreement is to limit global warming to well above 2 degree Celsius. - Emissions should be reduced as soon as possible and reach net zero by 2050. Australia’s commitment – On 8 September 2022, Australia committed (by law)to reducing Australia’s greenhouse gas emissions by 43% below 2005 levels by 2030 and to net zero by 2050. Strategies - Cap-and-trade system (via Safeguard Mechanism) Upgrading electricity grid to support more renewable power Phasing out use of fossil fuels Net zero economic agency – helping investors and companies engage with net zero opportunities; supporting workers in emission intensive sectors to access new employment and skills etc.

SWOT ANALYSIS we'll explore a brief SWOT analysis of Colli Constructions, offering insights into their current situation and potential future directions. Strengths: Colli Constructions boasts an impressive team with extensive experience and expertise, ensuring the successful execution of projects. They have also earned a solid reputation for consistently delivering high-quality construction projects, fostering trust among clients. Weaknesses: However, they face certain limitations. Their online presence is relatively modest, which may restrict their reach in today's digital landscape. Additionally, their reliance on traditional marketing methods may hinder their ability to fully embrace digital opportunities. Opportunities: On the bright side, there are promising opportunities on the horizon. Colli Constructions can tap into the growing demand for sustainable construction by expanding their eco-friendly services. Furthermore, diversifying into new markets or niche sectors could provide avenues for growth and risk mitigation. Threats: But it's important to remain vigilant. Economic fluctuations can impact the construction industry, requiring financial stability and adaptability. Moreover, changes in construction regulations and codes may pose compliance challenges, necessitating proactive monitoring and adjustments. In conclusion, Colli Constructions stands on a strong foundation of experienced talent and a reputation for quality. Addressing their weaknesses and seizing the available opportunities is crucial for future success. They must also be prepared to tackle economic challenges and regulatory changes to ensure continued growth and excellence in the construction industry. Current Marketing Tactics Let’s explore Colli Constructions' dynamic marketing strategies Products: Colli Constructions offers a wide range of services tailored to residential and commercial and industrial clients. In the residential sector, Colli Constructions stands out for its expertise in crafting one-of-a- kind homes that truly reflect the individual preferences and requirements of homeowners. They are equally adept at comprehensive renovations and remodeling, breathing new life into existing properties to make them modern and functional. Furthermore, their home addition solutions seamlessly integrate with existing structures, enhancing both property value and comfort. For their commercial clients, Colli Constructions has built a solid reputation in constructing office spaces tailored to the specific needs of businesses. Their designs feature open-plan layouts and specialized amenities, fostering productivity and success. Their capabilities extend to retail spaces, enhancing the shopping experience with a focus on design, functionality, and the customer journey.

Colli Constructions also specializes in crafting restaurants and eateries, paying meticulous attention to layout, kitchen facilities, and ambiance to ensure their clients' success in the food industry. In the industrial domain, they possess a wealth of experience in designing and constructing optimized warehouses and manufacturing facilities. Their strong emphasis on space utilization and accessibility streamlines operations while maintaining safety and compliance with industry standards. Pricing Strategy: Colli Constructions places great importance on offering competitive rates while upholding the highest quality standards. They customize their pricing for each project, ensuring clients receive cost-effective solutions. What truly distinguishes them is their unwavering commitment to transparency. Clients can anticipate comprehensive, detailed estimates that break down costs, covering materials, labor, and additional services. This emphasis on openness fosters trust and confidence among their clientele. Place Strategy: Colli Constructions broadens its reach through a robust online presence, granting clients easy access to their services and a portfolio showcasing a diverse range of completed projects and client endorsements. Their professional website acts as a platform to display their work's quality, providing potential clients with valuable insights. Furthermore, they actively interact with their audience across various social media platforms like Facebook, Instagram, and LinkedIn. Promotion and Digital Marketing Approach: Colli Constructions employs a comprehensive digital marketing strategy to stay connected with both their current clients and potential prospects. Email Marketing: They keep their audience informed and engaged through monthly newsletters containing highlights of their projects, industry updates, and exclusive offers. This approach ensures that clients are continually informed and demonstrates Colli Constructions' dedication to ongoing communication. Online Advertising: Colli Constructions invests in Google Ads to secure prominent search results, making it easier for those in need of construction services to discover their offerings. Social Media Advertising: To reach a broader audience, Colli Constructions uses social media advertising. They target groups like local homeowners, business owners, real estate professionals, property investors, and industry-specific audiences. They do this through geographic and interest-based targeting, lookalike audiences, demographic targeting, and retargeting to stay top-of-mind with potential clients. This strategy helps them connect with the right people interested in their services Digital Marketing Recommendations These are some recommendations that aim to enhance their online presence and connect with their target audience effectively. Video Marketing

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One key recommendation is harnessing the power of video marketing. This involves creating and sharing engaging videos on platforms such as Instagram and TikTok, particularly through features like Reels. This approach allows the company to reach a niche market that resonates with their brand and services. These videos can showcase their work, offer insights into their process, and tell compelling stories about their projects. Collaborations and Affiliate Marketing Another valuable strategy is to explore collaborations and affiliate marketing through local organizations. For instance, by partnering with initiatives like the MS Mega Home Lottery, the company could receive free TV advertisements in exchange for providing a home and promoting the suppliers they work with. This mutually beneficial arrangement not only expands their reach but also strengthens their local presence. Search Engine Optimization (SEO) To ensure that their company is more easily discoverable online, we recommend a strong focus on Search Engine Optimization (SEO). By optimizing their website and content for search engines like Google, they can improve their visibility and ensure that when potential clients search for construction services, their company appears at the top of the results. This is crucial for standing out in a competitive digital landscape. Educational Videos Lastly, educational videos play a significant role in this digital marketing strategy. These videos would feature the company's owners sharing their insights about the product and the construction industry as a whole. These not only position the company as an authority in the field but also provide valuable information to potential clients, helping them make informed decisions. Anticipated Outcomes of the Recommendations Now, let’s delve into the anticipated outcomes of some strategic recommendations that encompass both the 4Ps and digital marketing. These strategies aim to elevate a construction company's market presence and overall growth. One of the key anticipated outcomes is an increased sustainable market presence. By aligning with eco-conscious clients and becoming a leader in sustainable construction, the company can boost brand recognition. This positions them as a top choice for those seeking eco-friendly building solutions and reaffirms their commitment to environmental sustainability. The second exciting outcome centres on expanding into high-demand markets. By establishing a local presence in new regions, the company can attract more clients and drive revenue growth. This strategic move not only broadens their reach but also capitalizes on the demand for their services in previously untapped areas. Another significant outcome is the growth in sustainable projects. The company's emphasis on sustainability is expected to yield more project inquiries and contracts in the sustainable construction sector. This showcases their expertise and positions them as go-to professionals in the field. Additionally, the recommended strategies are aimed at enhancing client relationships. By engaging in proactive communication and personalized interactions, the company anticipates strengthening their relationships with clients. This fosters trust, loyalty, and long-term partnerships.

Lastly, focusing on the appropriate demographic is a vital outcome. By refining their focus towards a specific client base, the company aims to provide more tailored and customized solutions. This approach ensures that they deliver maximum value aligned with the unique needs and preferences of their chosen demographic.

An Accounting Information System (AIS) is a specialised subset of an organisation's overall information system that focuses on the collection, storage, processing, and dissemination of financial and accounting data. The primary goal of an AIS is to support the organization's financial reporting, decision-making, and internal control processes. Here are key components and aspects of an Accounting Information System: 1. Data Collection and Input: o Source Documents: AIS starts with the collection of raw financial data from source documents such as invoices, receipts, purchase orders, and bank statements. o Data Entry: The collected data is entered into the system through various methods, including manual input and automated data feeds. 2. Processing: o Data Processing: The AIS processes the collected data to organise, categorise, and summarise financial transactions. This involves calculations, adjustments, and data manipulation to generate meaningful information. o Internal Controls: AIS includes features to ensure the accuracy and reliability of financial information through internal controls, such as segregation of duties and access controls. 3. Storage: o Database Management: Processed financial data is stored in a centralized database, allowing for efficient retrieval and management of information. o Data Security: Security measures are implemented to safeguard financial data, ensuring confidentiality and integrity. 4. Information Generation: o Financial Statements: One of the primary outputs of an AIS is the generation of financial statements, including the income statement, balance sheet, and cash flow statement. o Reports: In addition to financial statements, AIS can generate various reports to assist management in decision-making, budgeting, and planning. 5. Internal and External Reporting: o Regulatory Compliance: AIS helps organizations comply with financial reporting requirements imposed by regulatory authorities, such as tax agencies and financial regulatory bodies. o Management Reporting: Internal reports generated by AIS aid management in monitoring performance, identifying trends, and making informed decisions. 6. Decision Support: o Analysis Tools: AIS may include analytical tools and business intelligence features to help management analyse financial data and make strategic decisions. o Budgeting and Planning: AIS supports the budgeting and planning processes by providing historical and current financial information for forecasting. 7. Integration with Other Systems: o Integration with ERP: Many organizations integrate their AIS with Enterprise Resource Planning (ERP) systems to ensure seamless communication between various business functions. 8. Audit Trail:

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o Auditability: AIS maintains an audit trail, allowing for the tracking and review of changes made to financial data. This is crucial for internal and external audits.

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