microeconomic and macroeconomic

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NOTE: This assignment is worth 30 marks (scaled to 30% of your marks for the trimester) and is to be done individually.
Assessment Description
Your Instructions:
 This Assignment covers Topics 5-11 and is very good practice for the exam
 You may need to do research of your own as well as reading/interpreting the articles and graphs provided. Marks are awarded for this. You may need to read ahead to topics not yet covered.
 Address each question directly. You do not need to present answers in essay or report form.
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Assessment Information
http://elearning.kbs.edu.au/pluginfile.php/96066/course/section/20681/KBS_Harvard_Referencing_Concise_Guide_v1_2015.pdf
o 5 marks are awarded for correct use of in text referencing and a reference list at the end of the assignment.
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Part A: Microeconomics (20 marks)
Consider the following sources and answer the following questions: Source 2 Australian Airline Industry
Research Paper Index Research Paper no. 10 2002-03 …Economic Characteristics of the Airline Industry Economies of Scale Parts of the airline industry are characterised by economies of scale. Economies of scale occur when expanding the production of a service results in a lowering of the average cost of its production. The implication of this is that a larger service provider will achieve lower costs than his smaller competitors. This could be relevant in today’s airline industry, with its ‘David and Goliath’ structure in the form of an emerging, relatively modestly sized and resourced Virgin Blue versus a dominant and well ‘cashed-up’ Qantas. … Competition between Qantas and Virgin Blue is arguably more limited than between Qantas and the Ansett group under the former industry structure. Virgin Blue focuses mainly on leisure travel over major trunk routes rather than an integrated trunk and regional network and it offers only one-class service and relatively infrequent flights. In this sense, it is not a comprehensive replacement for the former full-service Ansett operation. …Qantas is trying to defend its market share through service upgrades and innovations such as the CityFlyer services on key trunk routes. Virgin Blue’s strategy seems to be one of ‘cherry picking’that is focusing on a limited number of high-density routes and not operating a more traditional route system of a nationwide network that cross-subsidises less profitable routes. Virgin Blue has also sought to minimise costs through more flexible working arrangements including multi-skilling (relative to past standards and to Qantas), and low overheads (for example not having lounges or catering). Source:http://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/rp0203/03RP10#dthe
1. What are economies of scale? In what market types (i.e. perfect competition, monopoly, oligopoly, monopolistic competition) are economies of scale most important? Why? (10 marks)

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