Sky Tower celebrates 20-year anniversary – Identify the market structure in which SkyCity operates and describe any two characters of this market structure

Sky Tower celebrates 20-year anniversary – Identify the market structure in which SkyCity operates and describe any two characters of this market structure

Article 1

Sky Tower celebrates 20-year anniversary

The Sky Tower is turning 20 tomorrow and Kiwis can go up for free tomorrow.

Sky City is also letting New Zealanders choose the colours that will light the top of the tower tomorrow, Friday and Saturday nights between 6pm-9pm.

There will be two touch screens based at the forecourt of the tower where people can queue to select a colour to light up the top of the tower while the other screen will livestream it.

There are eight colours to choose from, orange, red, purple, blue, green, yellow, pink and a rainbow swirl. Each colour will light the tower for a minute.

“From day one the Sky Tower’s lights have held a special place in the hearts of Aucklanders, lighting to raise awareness for causes close to our hearts,” SkyCity’s chief operating officer John Mortensen said.

“This is an opportunity for the public to light for their special anniversary, proposal or baby reveal, in support of their charitable cause or awareness day and to share that moment.”

Standing 328m tall, the Sky Tower is the tallest man-made structure in New Zealand and tallest free-standing structure in the Southern Hemisphere. When it was first opened it was among the top 10 tallest buildings in the world.

Since opening on August 3 1997, nearly 15 million guests have travelled through its upper levels to dine, take part in a SkyJump or SkyWalk or enjoy views of up to 82km in any direction.

For those who miss out tomorrow, SkyCity is offering a deal from August 4-31 where it will cost only $20 for admission for one adult and one child.

SkyCity have also shared a TV advertisement from 1997, hyping the opening of the Sky Tower.

Questions:

a          Identify the market structure in which SkyCity operates and describe any two characters of this market structure.                                                                     (2 marks)

b          Using a diagram, discuss whether this firm will achieve allocative efficiency in the long run.                                                                                                       (2 marks)

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NZ dollar drops to 5-month low as market awaits policy details of new government

20 Oct, 2017 9:05am

The New Zealand dollar fell about 2 per cent to a five-month low. Photo / File

BusinessDesk

By: Jonathan Underhill

The New Zealand dollar fell about 2 per cent to a five-month low after the NZ First Party opted to form a coalition with Labour, bringing in a government that has vowed to reduce migration, potentially putting a brake on one of the nation’s economic drivers.

The New Zealand dollar was trading at 70.08 US cents as at 8:30am in Wellington from 71.29 cents yesterday, before the announcement on the new government. The trade-weighted index fell to 73.79 from 75.18.

See live rates for the NZ-US $ below. Click for more information:

The new coalition, with Labour leader Jacinda Adern as prime minister, has not yet named Cabinet ministers or set out its policy priorities but financial markets have already weakened the New Zealand dollar on speculation the new government may borrow and spend more, curb migration, tweak the Reserve Bank Act and may raise the minimum wage. In announcing the decision to go with Labour, NZ First leader Winston Peters said capitalism needed to regain its “human face”.

“Peters’ talk of fighting capitalism and his (and Labour’s) more populist agenda don’t sound market-friendly at face value, but the reality is that we’ll likely see only a minor shift in economic direction,” said Jason Wong, currency strategist at Bank of New Zealand, in a note.

“A cloud will overhang the NZD until we get more policy detail over the coming week, but we’d expect the negative impulse from domestic political forces to quickly fade before more important global forces take over.”

“Our currency forecasts can be considered under review until we get more policy detail, but we already had the NZD lower at 0.70 by year end and into the high 0.60s next year,” he said.

Ardern intends to wrap up the final areas of agreement in the next 24 hours and said Labour will hold a caucus meeting to elect cabinet positions today. She will confirm and announce ministerial portfolios later this week and sign and release agreements with NZ First and the Green Party early next week.

The kiwi fell to 53.29 British pence from 53.96 pence and declined to 89.13 Australian cents from 90.80 cents. It fell to 4.6348 yuan from 4.7273 yuan and dropped to 78.96 yen from 80.50 yen. The kiwi fell to 59.24 euro cents cents from 60.40 cents.

Share on FacebookQuestions:

a          Draw a graph to illustrate the depreciation of the NZ dollar against the US$                                                                                                                     (1 mark)

b          Evaluate the impact of the depreciation of the NZ dollar on the current account balance.                                                                                                (3 marks)

Please note that for each question, 1 mark will be awarded for professional presentation of work (including grammar, structure, and use of appropriate sources as well as source referencing and reference list using the APA6 format)

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