Instructions: This assignment is worth 10% of your assessment for this subject.
You are encouraged to work in small groups to complete the
assignment and to submit the assignment as a group. All members of a group submitting
a single assignment must belong to the same tutorial group and all members of this group
will be given the same mark. No more than four students may submit an assignment as
a group. Of course, you may choose not to work in a group and submit the assignment
on your own. No two groups may hand in the same assignment.
Assignments must be submitted in electronic format via the assignment submission
tool. You can access the assignment tool in the navigation menu from the LMS page for
ECON20002. Scanned copies of handwritten solutions are not acceptable. Further, you
are required to keep a copy of your assignment after it has been submitted, as you must
be able to produce a copy of your assignment at the request of your tutor or lecturer at
any time after the submission due date.
When answering the question below, please make sure to show all intermediate steps.
Correct answers where all relevant steps are not shown will not receive full marks.