ECO10250 Economics For Decision Making - Assessment 1 Session 2

Question 5

1. Do you think that the Australian Banking industry is closer to a Monopoly or Perfect Competition market structure? Give reasons for your answer and explain with the aid of a diagram the difference between the two market structures. Also explain which market structure serves the public better? (4 marks)
2. The Australian government is considering different methods for pricing carbon emissions.

1. What is the general rationale behind introducing a price for carbon emissions? (1 mark)
2. Explain three methods for addressing the external cost of carbon emissions. (1.5 marks)
3. Demonstrate graphically carbon tax pricing to address the external cost of carbon emissions. (1.5 marks)
4. Discuss who you think would carry the cost of a carbon tax for elastic vs inelastic goods and services. (2 mark)

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