Economics

Impact of the 4th Industrial Revolution on Textile Industry in Bangladesh Latest automation and technologies are observed to be spreading all across the globe which is primarily changing various industries including textile, footwear and apparel and this technologies aims at enhancing the environmental sustainability, productivity and efficiency at factory level. It is observed that textile industry is one of the major industry of Bangladesh ...

Monopolistic competition in the long run In both monopoly and monopolistically competitive market, the firm maximises their profit at the point where the MR is equal to the marginal cost. In both the cases the profit maximisation point is where the MC intersects the MR curve from below. In both the market setting the average revenue curve or the demand curve is downward sloping. This means the firm operating in both the markets experiences s...

DiscussionThe Maldives is an island with 370 thousand inhabitants (O'Neill, 2021). Recent economic growth is attracting tourists and investors to this place. At the present time, there are two giant businesses namely, Dhiraagu and Wataniya Telecom competing in the telecommunication industry of Maldives. However, before 2006 (entry of Wataniya), Dhiraagu was the only player in this industry or it can be said that Dhiraagu firm was the industry ...

Defining recessionGlobal financial crisis of 2007 has its long-term effect on many countries, making it a great recession of that period. The main driving factor behind the crisis was identified as the breakdown of financial system and consequent financial bubbles. The great recession until reached to its lowest point, destructed approximately $20 trillion assets of U.S household. Consequently, unemployment rate rose significantly in US. Impac...

Section A: Wind Power GenerationBy the end of 2011, the United States’ wind generation will be the following percentage of the world’s installed wind generation capacity; = Total US generation capacity  x    100%  Total world generation capacity = 46919 x 100% 237,669 =19.7413% Thus, by the end of 2011, US produced 19.7413% of the worlds’ installed wind generation capacity. Assuming that all o...

Effort-based Payment Method1. a) Figure 1: Demand and Supply Curve (Source: As Created by author) As it can be observed from the above stated demand and supply curve the market will be assumed at the equilibrium level if the price of the quantity demanded is 4.20 per unit. At a price higher than the market equilibrium demand will be less than 8835 unit with a price of 4.20 per unit. From the above stated graphics it can be said that the d...

Essence of the storyNotably, education is regarded as a universal right in most developed countries. Despite this not all students have access to education without various challenges. This article focuses on the various shortcomings in the Australian Education sector. Primarily, unattractiveness of the teaching profession has led to shortage of teachers. Further, inequity in both private and public sector is experienced in some Australian States...

Main ideas of Hamilton and ListInternational political economy, which is also acknowledged as the Global Political Economy is the study of economics with respect to the international relations. It includes both the economic theories specially the macroeconomics and the politics to determine the present situation of the economy (Abdelal, Blyth and Parsons 2015). Whether it is Keynes or the Adam Smith, all of them have considered the internation...

Natural MonopolyIn general, monopolies are distinguished by high investment cost and high fixed cost. A natural monopoly is different in context to the existing concept of monopolies. It is characterised by a condition where a single firm is in a better position to serve in the market in comparison to two or more firms. In other words, where a single large business can serve the entire market at a lower price than other two or more smaller f...

Why do Americans value bottled water more than gasoline?Question 1: Water is not scarce as gasoline in America. However, according to Americans bottled water has more value than gasoline and that is why they are willing to pay more for the water that is a renewable resource than for gas that is a non-renewable resource. Question 2: Water itself Culture When the Americans purchase bottled water at a higher price, it is because they are...

Part 1: Elasticity The law of demand ‘expresses a relationship between the quantity demanded and its price’.( Economicsdiscussion.net, The Law of Demand) . For any good the law states state that as price rises the quantity demanded will fall, ceteris paribus assuming other things remain unchanged. The latter include the following  determinants of demand. We give examples for oil in brackets): Income of the buyer of oil ...

Challenges and benefits of e-learningE learning is highly influencing the entire world because of the benefits, which the system is bringing to the educational system. It has enhanced the educational system. It took it to a different level, which has its governance under the hands of information and communication technology. It has helped in changing the style of learning by adding certain dimensions to the educational styles that had never be...

Equilibrium analysis The production posibility frontier (PPF)  is shown below with cars on X axis and bicycles on Y axis. A PPF is the locus of combinations of two goods that can be produced in an economy with available resources and given technology. So it assumes: The level of available resources is constant. This level covers the physical units as well as the efficiency levels, which remain constant for every PPF drawn. Technol...

Economic Outlook of AustraliaUndoubtedly,economic conditions vary in each and every country.However,some macroeconomic variablesmay be affected  by global,regional or national events.Australia ,Canada and India have recorded different rates in unemployment and inflation over the years for some reason.A comparison of the economic conditions and performance of these three countries is compared and the reason for the disparities pointed out....

Aims and Objectives of the AssignmentIn relation to the letter the letter received from the prime minister, the success of the forthcoming budget is crucial to the next general election. This budget is a reflection of the direct outcome of the economic, social, and political policies that the government stands for. The objectives and importance of preparing this budget is evident in the fact it will play a big part in the reallocation of resou...

DiscussionAustralian economy is a developed economy and it stands as one of the largest economy in the world. Australia also considered as one of the wealthiest nation in the world. The economy considered as 14th largest in terms of national GDP, 20th largest with respect to purchasing power parity and 25th largest as exporter of goods and finally 20th largest with respect to importer of goods. Australian economy previously...

Purpose of PART 1 - Understanding Fundamental Economic Concepts and Factors Affecting Elasticity In a market system where producers cooperate in creating individual and aggregate output levels and prices, it is called a cartel. In the case of a perfect cartel type, the output and price of the whole industry as well as each member firm is determined by a common authority which allows the achievement of joint profits for the individual firms. T...

Economic AnalysisThe manufacturing sector’s contribution to GDP is significant and thus an important sector to the economy (Langcake, 2017).  The number of people employed in the sector are many; considering even those employed in related industries. The output produced are sold both in the domestic and international markets. It is therefore crucial to ensure that there is much development in this sector. The current contribution of m...

Interest rates and property investmentsAustralia has one of the most diverse housing markets in the world in terms of its drastic growth levels. The cities of Sydney and Melbourne are the prime examples of how the housing market is expanding at an alarming rate. The level of this growth is outpacing availability of houses for most of the population. The say takes an analytical perspective in delving into the factors that are contributing to th...

Limited Availability of Frequency Spectrum as a Barrier to EntryAccording to Premkumar and Rajan, (2012), the prices of services become efficient in the case of low entry barriers in the market. In any business this is the unset rule that in the absence of healthy competition the market leader suppose to add higher prices for its products and services. The mobile network companies are also not exception for this concept. In most of the EEA c...

Rent Control in Housing SectorIn economics, the concept of market has been prevailing for a long time. A market, in terms of economics, can be defined as the place of interaction of the buyers and the sellers of different goods and services, where these two sides interact to reach to a mutually agreeable point, which is known as equilibrium in the market. The willingness of the buyers to buy a product at different prices, is shown by the deman...

Problem DefinitionEverywhere around the world the problem of traffic congestion is gradually becoming a topic of alarming concern for the people. Travel times and number of vehicles go up abnormally and so do the fuels cost. Increased travel time would mean lower number of hours available for work – official or personal. This is adding on lesser work hour and more wastage of fuel.. The national waste and generation of carbon by the trave...

Research QuestionsA relationship between Australia and the United States is evident in various sectors: defence and national security, science and technological research, the creative industries, and – the centre of this report – economic relations. Economic historians classify Australia as resource-rich, but capital-wisely poor. Australia's technologically advancement, prosperous, is the legacy of generations of individuals, house...

AnalysisTrade protectionism measures refer to form of policies aiming to restrict unfair competition generated from foreign nation. Protectionist policy is generally a defensive measures motivated politically. One common method of implementing protectionists measure is to impose tariff or tax on import. Direct impact of this policy is to raise the price of imported goods. Second way is to provide subsidy to local industries. Government now a d...

Factors influencing the demand for Australian universitiesThe international education has started to become a growing export industry in case of developed countries such as UK, USA and Australia. The programs that are generally offered to the international students comprises of both onshore and offshore programs. One of the factors which affects the demand for the foreign education is the low tuition fees. One thing which will attract the in...