University Economics ECO100: Microeconomics Problem-solving Assignment

This document presents a student's solution to an ECO100 Economics assignment, focusing on microeconomic principles. The assignment addresses three key questions: the determination of equilibrium price and quantity, the impact of positive externalities in the market for education, and the effects of supply and demand shifts due to events like bushfires and droughts. The solution includes graphical representations of market scenarios, analysis of deadweight loss resulting from externalities and tariffs, and discussions of government interventions such as subsidies and the imposition of tariffs. The assignment also explores the impact of trade, including free trade and tariffs, on market prices and consumer/producer welfare. Detailed explanations and diagrams support the answers, illustrating concepts like supply and demand shifts, equilibrium changes, and the effects of various economic policies.