Bird flu and christmas season influence the equilibrum price

Reference no: EM13903979

1. You need to submit this assignment via Learnonline Gradebook.

2. The word limit is 1000 words.

3. Provide adequate referencing. Check this site for how to cite properly (https://roadmap.unisa.edu.au/). Failure to cite properly is evidence of academic misconduct and will result in marks being deducted or even 0 mark for the whole assignment in serious cases.

Instructions:

Read the article titled "Christmas egg shortage expected after bird flu outbreak" (by Jared Lynch, Source: The Age, Date: Dec 3, 2013) and provide the analysis for the following statements in 3 different sections.

1. What are the possible reasons for the price rise mentioned in the news article? Use one demand and supply model to illustrate how bird flu and Christmas season influence the equilibrium price and output in the egg market. Make sure that you clearly state any underlying assumptions and equilibrium process in your analysis. Include appropiate diagrams.

2. Discuss the determinants of the ‘price elasticity of demand’ for eggs as they apply to consumers, and explain whether demand for eggs is elastic or inelastic. Illustrate the effect of price rise on the total revenue of a farm that has not been affected by the bird flu. Include appropiate diagrams.

3. Considering the egg market in New South Wales (NSW), assume that the state government has decided to intervene and introduce a ceiling on prices. Illustrate the likely impact of such government intervention on the market. Conclude your analysis with a comment on the benefits and problems of the government's maximum pricing policy.

Your assignment will also be assessed on how effective you can communicate with the reader; i.e. how well you have presented your arguments and ensured your analysis is logical and consistent. Consequently, 4 marks will be awarded for effective writing including proper grammar, referencing and formatting. Importantly, make sure you use appropriate diagrams in your analysis. For more information on analysing the article, refer to the Learning and Teaching links on the course website.

Reference no: EM13903979

Questions Cloud

Demand curve facing the firm is relatively elastic : Does this mean that the demand curve facing the firm is likely to be relatively elastic or relatively inelastic? What does this imply about the ability of the firm to ‘mark up’ its price above marginal cost?

Prepare a trial balance : Open Ledger accounts (T-format or Running-balance format) for the above accounts and enter the balances as per the Trial Balance.Record the transactions listed below in the General Journal, using the accounts listed in the Trial Balance.

Journalize the transactions for the month : Journalize the transactions for the month and Compute cost of goods manufactured.

Discuss economic theory and the available empirical evidence : Discuss whether economic theory and the available empirical evidence justifies high executive compensation.

Bird flu and christmas season influence the equilibrum price : What are the possible reasons for the price rise mentioned in the news article? Use one demand and supply model to illustrate how bird flu and Christmas season influence the equilibrium price and output in the egg market.

Calculate the effective rate of production for steel industr : Calculate the effective rate of production for steel industries. Question files are available when you purchase as they are images.

Evaluate the potential benefits and risks with swot analysis : Evaluate the potential benefits and risks, a SWOT analysis might be appropriate on scrum methodology

You have two types of customers high end and low end type : Suppose as a manager of a profitable department store you are con-fronted with a pricing problem. You have two types of customers: a high-end type that are willing to pay a price of $25 for a pair of Levis jeans

The current exchange rate between japan and u.k. : What would you expect the Forward Rate to be between Japanese Yen and British Pounds, one year from now?

User Account

All Pages