Question 1 (10 marks)
Read the article “Croissantonomics” and use the demand and supply model with graphs to
demonstrate the changes in the market for croissants at different times of the year. Briefly
explain.
Question 2 (10 marks)
Read the article “MH370 deep in minds of Australians, Malaysia Airlines CEO Christoph
Mueller says” and discuss the consumer choice of airlines. Are Malaysian Airlines tickets
normal (or luxury), or inferior goods? Use a graph to show the substitution and income
effects of a decrease in the price of Malaysian Airlines ticket.
Question 3 (10 marks)
Read the article “Privatization of state-owned electricity assets” and answer the following
questions:
(i) Draw a graph representing the profit of electricity companies before privatization.
Briefly explain.
(ii) Draw a graph representing the profit of electricity companies after privatization
which leads to increased competition. Briefly explain.
Question 4 (20 marks)
Read the article “What’s Behind the Bottle Price” and answer the following questions:
(i) How much substitutability do you suppose exists between inputs in winemaking?
How might this factor affect efforts to cut costs?
(ii) If a firm was to find a new technology that cut the required ageing time in half, how
would it affect the demand for other inputs?

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