-HND经济学导论Outcome1考试题及翻译.doc

Assessment task instructions
Read the following passage and answer the questions which follow.
SteamScot is a privately run rail company, which provides steam train journeys in Scotland. At present they operate three specific rail journeys in various parts of Scotland. These journeys are aimed at the tourist market and operate throughout the summer months. Around 70% of passengers are domestic tourists with the other 30% overseas visitors.
The company has been fairly profitable over the last decade, and with the help of various grants available, they are considering an expansion of its operations. However, it is also aware that within the next five years a major overhaul of its capital stock as well as major repairs will have to be undertaken. It is this dilemma that the board of the company faces.
It is estimated that in the coming year it will have £2.5 million to spend. This money could be used to open a new line between Inverness and Fort William, or to begin the repair and replacement plan on its current routes.
A recent report has highlighted that following recent terrorist threats, visitors from the USA are expected to fall within the next three years, but that European visitors are likely to increase as the Euro rises in value. It is also expected that Visit Scotland (the tourist organization) will mount a major advertising campaign in England to encourage more visitors from that country.

The boards of directors of SteamScot are also considering a change in their pricing but are unsure if this is a wise move. At present the average price of a journey is £4 and 60,000 tourists use the services. A report commissioned by the board on price, supply and demand is shown on the following table.
Price of tickets
Quantity demanded
Quantity supplied

£6
20,000
100,000
£5
40,000
80,000
£4
60,000
60,000
£3
80,000
40,000
£2
100,000
20,000
£1
120,000
0
1 SteamScot face a ‘basic economic problem’!
What is this ‘problem’ and what is the opportunity cost of the replace and repair programme?
2 From the table in the previous passage, construct a demand and supply schedule on a diagram and identify the equilibrium price and quantity.
3 (a) Calculate, using total revenue, the price elasticity of demand when: (i) price rises from £4 to £5
(ii) price falls from £4 to £3
(b) If you were a member of the SteamScot board, what would you recommend the company does in both situations? Give reasons for your advice.
4 How would the advertising campaign by Visit Scotland affect demand for SteamScot journeys?

Show the effect on a diagram.
5 Apart from an increase in price, what other determinant would encourage SteamScot to increase its supply of rail journeys?
6 If the Chancellor of the Exchequer was to reduce income tax, would this affect demand for SteamScot’s products? Explain your answer with reference to income elasticity of demand.
7 Using a diagram, show what would happen to the equilibrium if the Scottish Executive gave SteamScot a subsidy. Explain any changes and how the market would return to equilibrium.

评估任务说明
阅读下面的文章,回答下列问题。
SteamScot是一个私有的铁路公司, 在苏格兰提供蒸汽火车旅行。他们目前在苏格兰各部操作三个具体铁路旅程。这些旅行目的是旅游市场并在夏季经营几个月。大约有70%的旅客国内游客与其他30%的外地游客。
公司在的过去十年来一直相当有利可图,借助各种可用的奖助金,他们正在考虑扩大其运营。然而,它也知道在未来五年内主要检修的资本存量以及大修必须实行。这种进退两难的局面,是该公司的董事会面对的。
据估计,在未来的一年里会有£2500000可用。这笔钱可以用来在因弗内斯堡和威廉之间打开一个新线,或在其目前的路线开始修复和更换计划。
最近的一份报告强调,伴随着最近恐怖分子的威胁, 来自美国的游客预计将跌在3年内减少,但欧洲游客可能由于欧元的升值而上涨。但同时预期Visit Scotland (旅游组织)将在英国安排一个重要的广告宣传活动,以吸引更多英国游客。
SteamScot的董事会也正在考虑改变他们的价格,但不确定这是一个明智的做法。目前的平均价格是一个旅程£4并且60000名游客使用我们的服务。一份报告董事会委托价格、供给与需求显示在下面的表格。
票价
需求量
供给量
£6
20,000
100,000

£5
40,000
80,000
£4
60,000
60,000
£3
80,000
40,000
£2
100,000
20,000
£1
120,000
0
1 SteamScot面临一个基本经济问题”!
这个问题是什么,更换和维修计划的机会成本是什么?
2从先前的表格中,构建供给和需求图表,并确定均衡价格和数量。
3(a)用总收益计算下列情况的价格需求弹性。
(i)价格从£4上涨至5£
(ii)价格从£4下跌至£3
(b)如果你是一个SteamScot董事会的成员,你会建议公司在这两种情况下如何做呢?给出理由,听听你的意见。
4 Visit Scotland的广告如何影响SteamScot旅行的需求量?
在图形显示作用。
5 除了涨价之外,还有什麽其他决定性会鼓励SteamScot增加铁路旅行的供应?
6如果财政大臣将减少所得税,是否会影响SteamScot的需求?请解释你的答案,参照收入需求弹性。
7使用一个图表,显示如果苏格兰行政院给SteamScot一种补贴平衡会发生什么。解释如何变化,市场会回到平衡。

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