Economics Answers

Climate change results from particular human activities in every country across the world. To
what extent can government intervention in any individual country such as Singapore be
effective in combating it?

According to economic theory, under what circumstances should a government intervene in issues of climate change?

An individual who is not an existing client approaches you in early November stating that the income tax return for the financial year has not been prepared or lodged. The individual is aware that tax agents can lodge later than the October 31 deadline so requests that you prepare and lodge the tax return to avoid penalties.

What advice do you give this individual?

1. A client wants to claim $300 for work-related expenses and says they might not have spent that amount but because the client has been told that it does not need to be substantiated they will still make the claim. What advice would you provide?

2. Calculate the medical expenses offset for a client who has a total of medical expenses of $5,500 for the financial year. The taxpayer has private medical insurance and received $2,200 in refunds.

3. Tax agents have a responsibility to ensure that their clients’ returns are prepared within the established timelines. What role do timelines have in satisfying client expectations and how would you develop a timeline to fulfil your obligations?

1. A new client has approached you and asked for advice on what documentation will be required for the preparation of their first tax return in Australia.

What advice would you provide and what documents would you indicate that would be needed?

2. A client has receipts for $50.00 from donations provided to door to door charity collectors. Can the client claim a tax deduction for this amount?

3. Is a taxpayer entitled to a spouse rebate if they have no children?

assume that there are four firms suppying a homogeneous product.they have identical cost functions given by C(Q)=40Q.
IF THE demand curve for the industry is given by U=100-Q
find the equilibrium industry output if the producers are cournot competitors.
what would be the resultant market price?what are the profits of each firm?

assume that a perfectly competitive market, firm costs and revenue a;
marginal cost=average variable cost at $20
marginal cost=average total cost at $30
marginal cost=average revenue at$25
with the aid of a diagram explain how the firm will determine the profit maximizing level of output, state price this firm will charge and explain how the firm determined the price, given information above should this firm produce in the short run? why or why not?, will this firm earn a profit or a loss?why? evaluate 3 factors that influence economic development.

Suppose the given is S=100+50P and D=4000-P, how do you get the Producer surplus and the Consumer surplus?

Suppose that expected inflation to equal 6 per cent in 2015, but in fact price rise by only 3 per cent. How would this unexpectedly low inflation rate help or hurt the following?
a) The federal government
b) A homeowner with a fixed-rate mortgage
c) A worker with a 5-years fixed term wage contract
d) A causal worker who has no labour contract
e) A private school that has invested some of its endowment in Government Bonds.

Explain the following:
a) Why the long-run aggregate-supply curve is vertical.
b) Three theories for why the short-run aggregate-supply curve is upward-sloping.