microeconomic principles

The Individual Assignment relates to the following Learning Outcomes:
• Recognise and communicate the importance of microeconomics in the Australian and global economies
• Knowledge and understanding: Recognise how principles of microeconomics are relevant in understanding decision-making by individuals, business and government
• Problem solving: Apply theoretical understanding of microeconomics to real life economic problems
• Ethics: Demonstrate ability to evaluate economic theory and real world applications in the context of equity considerations
These learning outcomes support development of the following Graduate Capabilities:
• Engaged and Ethical Local and Global citizens
• Discipline Specific Knowledge and Skills
• Problem Solving and Research Capability
• Effective Communication
SUBMISSION
• The assignment must be submitted via Turnitin by 4pm on Friday October 6. The submission link is available on iLearn under the assignment tab from 4pm on Friday September 29.
• No extensions will be granted except in cases where an application for ‘Disruptions to Study’ has been approved.
• Late submission will incur a penalty of 10% per day of total available marks.
• Submissions will not be accepted beyond 96 hours past submission deadline.
PLAGIARISM
• Avoid plagiarism. The consequence of plagiarism is zero mark.
• You may work with other students at the preparatory stage. However, the final version of the assignment should be written in your own words.
• Note that Turnitin will compare your submission against others’ as well as internet sources.
• Get familiarised with the academic honesty policy: https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policies/academic-honesty
ECON111 MICROECONOMIC PRINCIPLES S2 2017
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DOCUMENT PREPARATION CHECKLIST
 All questions are answered with the working and reasoning where needed.
 All written answers are typed using a Word Processor (e.g. MS Word).
 All answers are presented in the sequence of the questions in the assignment.
 All answers are written in full sentences and in clear language.
 All answers are proofread and grammatical errors and typos are minimised.
 The answers are written under the word limit where applicable.
 All diagrams are drawn clearly and fully labelled, as I am aware that poorly drawn diagrams reflect poor communication, which may result in loss of marks.
 [If computer-drawn, e.g. MS Word, PowerPoint, OneNote] Diagrams are not distorted and properly inserted into the master document.
 [If hand-drawn] Diagrams—scanned or taken photos of—are properly inserted into the master document as image files.
 I have read the assignment rubric (available on iLearn) and made sure that my answers are up to the criteria.
 The master document is saved as a pdf file of a size less than 40MB, as I am aware that Turnitin may distort diagrams and the text in non-pdf files.
AFTER-SUBMISSION CHECKLIST
 I have double-checked whether the document was properly uploaded.
 I have seen my originality report.
 I have received the Turnitin receipt via email.
ECON111 MICROECONOMIC PRINCIPLES S2 2017
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PART 1 (32 MARKS)
Suppose that the market for unskilled labour is a competitive market and can be described by the following demand and supply curves:

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