Reference no: EM132607658 , Length: word count:2000
EFB223 Economics - Queensland University of Technology
Essay Assignment
Case study
To address the shortage of toilet paper, the Australian government has appointed you as their economic advisor and have tasked you to write up a document which addresses the following:
• Provide a background overview of the market for toilet paperin Australia (before and after the coronavirus outbreak).
• Analyse the events that led to the rise of price oftoilet paper. You are expected to produce relevant diagrams, which reflects these changes and outcomes.
• Critically discuss the impact on the economic welfare on both domestic consumers and domestic suppliers(i.e. supermarkets and others selling toilet paper; not manufacturers). (Hint: what is economic welfare?).
• In anticipation that the outbreak would be prolonged, you are asked to
o analyse the quota approach employed by supermarkets (i.e. limit of toilet paper per person).
o consider and analyse one other economic policy that may address the shortage of toilet paper in Australia.
o both analyses should consider the policy impact on the economic welfare of domestic consumers and suppliers.
While it is relevant to consider social and normative issues, your essay should focus on economic analysis and should address such aspects as consumer and producer welfare, efficiency, functions of market and government intervention amongst other things. In preparing for this essay you should read as widely as possible. As a first step you should read Chapters 1 - 7 of your text to get a good understanding of the relevant economic theories. Note also that although this is primarily a microeconomic case study, you are free to consider (but not essential)relevant macroeconomic theories/issues where appropriate.
Essay guide, format and word limit
• Where appropriate, consider and apply assumptions; and economic concepts.
• Citations from journal articles(not textbook) are essential in demonstrating in-depth research.
• Word limit (2000 words with 10% tolerance. The word limit excludes words in Tables, Diagrams and Reference list).
• You may use headings to help organise your ideas but they are not necessary.
• Abstract or executive summary is not required.
• You are expected to use appropriate diagrams to enable you to concisely demonstrate your line of reasoning.
Attachment:- Essay Assignment.rar
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