ECOM4000 - Economics Assignment, Kaplan Business School, Australia
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Part A: Microeconomics
Q1. What type of market do Australian Banks operate in? How has the Global Financial Crisis affected competition in this market? Explain your answer.
Answer - It is to estimate, how there has been an Australian bank market which would be able to abide within the framework of the 'four pillars' policy, that can also cover the largest Australia's four largest banks. The four largest banks such as the Commonwealth Bank, Westpac and also includes the ANZ and NAB (Leamer, 2017). Even the banks which have been exclusively been operating under the framework of the oligopoly has given it to be anticompetitive, which would be able to substantial conclude if there can be emergence to Australia's financial system. It would be also set up on the basis of the banking sector that has been exclusively been operating on the basis of the collision along with the joint profit. It has also been able to reap profits through the process of investing and unlawfully. This has been designed exclusively on the basis of Australia's banking system that has also been able to face the rigorous competition which could make the politicians largely to be more involved in it. There has also been an exclusive role of the government in it. Not only it has designed the GFC which would be examining to the banking industry that would also make it as a lucrative step to suffer the consequences on the basis of the 'too much' competition that can exist in the given industry. There has been a phenomenal existence of the banking which includes the governance. This has been divulging on the basis of the Shareholders along with the asymmetric returns. The effect of the GFC has been including a balance on the basis fo the banks which have procured on the basis fo the loans or not, on account of the bankruptcy situation.
Q2. Assume the biggest four banks in Australia decided to collude and agree to charge a high price on banking products. Graphically demonstrate the price and output in this market and explain your diagram.
Answer - If at all the four biggest four banks would be jointly co-existing and also be colluding it would be forming a biggest four banks that would arise on the basis of the high price that can consider the banking products. It would lead to the duopoly and also make a monopolistic competition existence. It would lead to overcharging of the given customers. In here the concrete steps of the government would be to take a note of the joint collusion or the joint venture that can lead to such a situation.
As noted that on the basis of the Bank 1 and Bank 2 it would be leading to the basis of collusion on the basis of the joint cartel formation. It also is on the basis of the customers to overcharging price customers that we would be able to MR intersects on the MC (Hirsch 2015). This would lead to the formation of the monopoly situation and it would also be colluding and making the banks to be able to market, There can be existence to the profit abnormal earning which would lead to the deteriorating condition of the customers along with the extra charging from the customers. It would also be leading to intervene, forming a cartel that would lead to overcharging of the customers.
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Q3. How and why is the government seeking to increase competition in the banking sector? Explain your answer with reference to the diagram you constructed in Question 2.
Answer - There is also been the resultant approach of government increases which would form competition and can lead to the enhanced provision of the services. This would also make the customers to a sum of the nominal pay along with the process of the deterioration that would lead to the Banks which would be on the basis of and also be included to the process of the 'borrow short and lend long'. It would also be leading to the bank's services, in terms to be a monopoly and would be potential be considering how the customers would exclusively be facing the financial problems, creditors on the basis of the financial problems of other banks (Griffin, 2017). This would also be working on the basis of the bank's behavior that would lead to the services and also make the provision of the collision or the monopoly condition, on account of the banks.
Q4. Briefly describe what triggers entry in a competitive market and the process that ends further entry. Use a graph in your explanation.
Answer - It would lead to the incentive to review the abnormal profits which would be progressively be working on the market operation which would make the banks. It is also on the basis of the existing firms that would make the market entering to earn distinctive profits on the basis of the selling unique products or from the basis of the innovative products. This would help to build on an insight of the firms which would be the potential basis of the operating that can insight and be able to build the start to sell eventually be able to create barriers to entry that would be done on the basis of the increased advertisements. It would be on the basis of the competitive strategies, leading to the loses new firms along with the existing strategy.
Part B: Macroeconomics
Q1. Explain how "discretionary fiscal policy" can be "countercyclical" and be used to support aggregate demand. Use an AD/AS model to support your answer.
Answer - It would be described as the discretionary fiscal policy under which it would lead to the government in action that would consequently be leading to the situation of the lowering and also be governed on the basis of the increase the taxes due to the fiscal policies. It would also be economy inflation, and subsequent to this, it would also help to analyze how there can be the government that can step up and also is increasing the taxes, which would be consequently be leading to a low flow of the money supply in the market. It would also be leading to the condition of the concretionary or and would make the government be able to step up and lower the taxes so as to make and allow the people to invest more and spending. It would also be adhering to the government related policies which would also help to evaluate to the counter policies on the basis of the AD-AS
It would also lead to government fiscal policy that would be building on insight to the increased taxation, which would also be making an equivalent AD that would be moving from the AD1 to the ADO reaching the Equilibrium point to Eo and then reducing the money supply.
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Q2. Use an AD/AS model to demonstrate where the Australian economy was operating in 2014 in relation to full employment and explain the reasons for this. Based on your diagram, the above sources and your own research what phase of the business cycle do you think the Australian economy was in?
Answer - To understand how the Australian economy would be revisiting from 2014, that has been following the situation of the liquidity along with the sticky like scenario, has to examine how the AS level would be able to operate under the full equilibrium point as that has been describing on the basis of the LRAS that can examine the full employment condition and also be able to make a sticky situation.
Q3. Based on your research, evaluate the fiscal policy the government is pursuing. Do you believe this is appropriate given the state of the economy? Why or why not? Use an AD/AS diagram in your discussion.
Answer - TO describe the situation of the fiscal policy that would consequently be making a situation of the regulation of the high taxation policy along with the ability of government spending. It would also be governing with the RBA that would be able to regularly be able to cuts rates and also be making a alike rate cuts monetary policies reaching a sticky situation on the basis of the macro-prudential policies which would be able to manage on the basis of the mortgage lending which would centre on the ease household budgets and also allow to complicate the situation. It would be a government fiscal policy that would establish taxation along with the basis of the government spending that would reach a full equilibrium point and it would be like below
Q4. Based on your research, evaluate the monetary policy the RBA is pursuing. Do you believe this is appropriate given the state of the economy? Why or why not? Use an AD/AS diagram in your discussion.
Answer - It would be more like the RBA situation that would be able to pursue the monetary policy that would precedently be cutting down on the basis of the interest rates and it would also be working on the insights of the government methods that would be considering the fiscal policies (Adie, 2017). This would potentially be also hitting on the conditions related to the sticky situation along with the basis of the increased liquidity that would exclusively be having an economy that can operate at a potential levels, This would also be inline to the supporting employment conditions which would also help to build on the small share of real GDP and also including the policy to lead the market economists.
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Q5. What effect do you think the lower dollar could have on inflation in Australia? Why? If in 2015 inflation rose to 4% and unemployment rose to 7% what fiscal policy would you advise the government to pursue? Why? Demonstrate the effects of your proposed policy using an AD/AS model.
Answer - It would also be analyzing how there can be the 2 years of the inflation that would be contributing to the lowest point emerging since 2013 that has risen to the 4 % after which the government has subsequently been also increasing the spending on the basis of the increase the infrastructure.
This is best aligned on the basis fo the government spends and an ability to able to relax the taxation policy, which can also make the increasing AD and allow the government to be able to operate on the point of Y * position.
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