HND经济学导论Outcome1考试题及翻译

1、Assessment task instructionsRead 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 Scotland. These journeys are aimed at the tour

2、ist 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. How

3、ever, 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

4、 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 withinthe nextthree years, but that European visitors likely t

5、o increase as the Euro rises in value. It is also expected that Visit Scotland (the touristorganization)willmountamajoradvertisingcampaigninEnglandencourage 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

6、 wise move. At present the average price of a journey is and 60,000 tourists use the services. A report commissioned by the board onprice,supply and demand is shown on the following table.Price of ticketsQuantity demandedQuantity supplied620,000100,000540,00080,000460,00060,000380,00040,0002100,0002

7、0,0001120,0000SteamScot face a basic economicproblem!What is this problem and what is the opportunity cost of the replace and repair programmeFrom the table in the previous passage, construct a demand and supply schedule a diagram and identify the equilibrium price and quantity.(a) Calculate, using

8、total revenue, the price elasticity of demand when: (i)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.HowwouldtheadvertisingcampaignbyVisit Scotlandaffect demandSt

9、eamScot journeysShow the effect on a diagram.Apart from an increase in price, what other determinant would encourage SteamScot to increase its supply of rail journeysIf the Chancellor of the Exchequer was to reduce income tax, would this affect demand for SteamScots products Explain your answer with

10、 reference to income elasticity of demand.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

11、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620,000100,000540,00080,000460,00060,000380,00040,0002100,00020,0001120,0000SteamScot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