这是一篇来自美国的关于使用适当的经济概念和技术来分析问题的Essay代写

Assignment Instructions:

1. This assignment requires clear and logical answers to the questions listed on pages 3-4. You should use appropriate economic concepts and techniques(aslearned in class) to analyse the questions. You should also make explicit any assumptions that you make.

2. Your answers should not exceed 700 words, not including diagrams. It is perfectly fine to write fewer than 700 words. We recommend that you write your answers as concisely as possible and aim for a range of 500-600 words.

3. On the front page of your submission, please include your SID and a word count.
4. Please use subheadings (a) – (e) to structure your answers. Please do not copy the full question into your answers.

5. Writing: You need to use appropriate language and submit a professional piece of work.

Avoid slang or colloquial terms, check spelling and grammar. A maximum of 3 marks may be deducted if your writing is difficult to understand, contains excessive grammatical errors,or exceeds the 700-word limit. Should you need help with academic writing, the learning hub(https://canvas.sydney.edu.au/courses/36842) provides excellent help and support,including a Zoom workshop on 10 October 10 – 11 AM that help with your writing in this assignment. Space at the workshop is limited, and you must sign up here to enrol:

https://lh-enrol.sydney.edu.au/lh/register.php?w=8501

6. Referencing: You do not need to use external sources in your work. However, if you do,please make sure that you reference the sources used in your work completely, consistently,and accurately. Please use APA 7th Referencing and Citation Style, as explained on this page:

https://libguides.library.usyd.edu.au/citation/apa7 Any reference list is not included in the word count and not subject to the 700-word limit. The reference list is not needed if you do not cite any content from external sources.

7. Submission: Please upload your answers as a single word or pdf file to the Canvas assignment page. The assignment is due at 11:59 PM (Sydney time) on Friday 28 October (Week 12). Please make sure that your answer is original and independently written in your own words. We will use Turnitin software to check the originality of answers. See details here: https://www.sydney.edu.au/students/academic-dishonesty/detecting.html

8. Late penalties: For every calendar day up to and including ten calendar days after your deadline, a penalty of 5% of the maximum awardable marks will be applied to late work (i.e.,-1 mark/day up to 10 days). The penalty will be calculated by first marking the work, and then subtracting 1 mark for each calendar day after the due date. Work submitted more than ten  calendar days after the due date will receive a mark of zero, and we will not provide feedback to your work.

9. Extension: If you have suffered illness, injury, or misadventure and have been unable to complete this assignment by the due date, you can apply for a simple extension of 5 calendar days from the due date with no penalty. You need to apply through the special consideration portal (https://www.sydney.edu.au/students/special-consideration.html) and provide a student declaration form. Start completing the form and select this assignment “Short Essay”.

You will have the option to select ‘yes’ if you would like to request a simple extension. Should you need a longer extension due to misadventure or illness, you must also apply for special consideration with documented evidence supporting your request. Remember, you need to submit your extension request BEFORE the original deadline. We will reset or recalculate your late-submission penalty once we are notified of your official special consideration approval. Please note that we will not accept informal extension requests through emails or messages.

10. If you need us to clarify the rules of this assignment, please post your question on Ed.

However, please do not discuss the answers on Ed or in person with your tutors and lecturers.

Hope you enjoy this assignment, and we look forward to reading your submission!

Please turn to the next page for questions.Analysis: Rental market in the short run and the long run

Total marks: 20 marks + 2 bonus marks (1 mark = 0.5% of your final mark in this unit)

Consider the market for off-campus rental accommodations suitable for students in Sydney (rooms, studios, and small apartments in the private market). Assume that this market is perfectly competitive and satisfies the laws of demand and supply. Suppose that the market is originally in a long-run equilibrium. Please discuss the following questions.

(a) [3 marks] Consider the market supply curve in this rental market in the short run.

Discuss what sort of slope one would expect this market supply curve to have (1 mark) and the price elasticity of supply (1 mark). Provide logical arguments to support your answer (1 mark).

Since the lift of the Covid-related travel bans in early 2022, a large number of international students have returned to Sydney. Analyse the impact of this event on the market for offcampus rental accommodation in parts (b) to (e).

(b) [6 marks] How does the arrival of international students after the lift of travel bans impact the market for off-campus rental accommodation in the short run?

Explain the impact on both short-run demand (1 mark) and short-run supply (1 mark), if any.

Considering your answer in part (a), describe the impact on the short-run market equilibrium: how do price and quantity change compared to the original market equilibrium,and which one changes more (1 mark)? How do landlords’ profits change (1 mark)?

Support your answer by drawing the short run changes in a clear and well-labelled diagram that shows (i) changes to the market demand and supply (if any), and (ii) the old and new market equilibria. (2 marks) [For simplicity, you can draw the market demand and supply curves as straight lines. You do not need to draw a diagram for the landlords’ profits.]

(c) [4 marks] Now suppose that the rental property industry is a constant-cost industry with free entry and exit in the long run. Based on your answer for (b), discuss how the arrival of international students after the lift of the travel bans impacts the market equilibrium in the long run.

Explain how the market adjusts from the short-run equilibrium (that you described in part b) towards a new long-run equilibrium (2 marks).

Comparing the new and original long-run market equilibria, how do price and quantity change, and which one changes more (1 mark)? How do landlords’ profits change (1 mark)?

[No diagram needed here.]

(d) [5 marks] Consider the long run market supply curve in this market. What is the slope (1 mark) and price elasticity (1 mark) of the supply curve in this rental market in the long run? Motivate your answer (1 mark).

Support your answer with two clear and well-labelled diagrams side by side. The first diagram is a market demand-supply diagram that illustrates (i) the market adjustments from the original long-run equilibrium to the short-run equilibrium in part (b), (ii) the adjustments from the short-run equilibrium in part (b) to the new long-run equilibrium, and (iii) the long run market supply curve. The second diagram shows a landlord’s long-run cost curves and profits. For simplicity, you can draw the market demand and supply curves as straight lines,and the long-run MC and ATC of a typical supplier as U-shaped curves. (2 marks)

(e) [2 marks + 2 bonus marks] Suppose that a friend of yours who has never studied economics asks you: “How can one tell when this rental market has reached a short-run equilibrium? How to tell when it has reached a long-run equilibrium?”

Please answer these questions in plain English, without using any jargon from economics (e.g., if, hypothetically, that your answer involves the word “cost”, you must explain to your non-economist friend exactly what type of cost you are referring to). You will receive 2 marks for identifying the correct conditions for short-run and long-run equilibria. You will receive up to 2 bonus marks if your answer is clear and easy to understand for people without a background in economics.