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Article - Lemon shortage and high demand for fresh fruit sends prices skyrocketing
Please read the article attached and answer the questions:
1. Using demand and supply model and assuming that lemons are sold in a perfectly competitive market, explain the reasons for the price of lemon to skyrocket. Please make sure you clearly explain the equilibrating process.
2. Clearly explain and illustrate the impact of the increase in price of lemon on a substitute good for lemon. In your discussion provide an example and explain the equilibrating process and the impact on market equilibrium price and quantity of the substitute good.
Attachment:- Assignment part.rar
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The paper is related to the economic graphs and the assessment of the demand and supply. This paper also highlights the requirement of the market structure around the perfect competition.This paper has been prepared in Microsoft Word Document.
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4. Answers provided are related to the topics that have been taught in ECON1008 course. 5. Questions are answered individually and NOT in an essay form. 6. Within the 500 word limit (+/- 10%). [NB: Anything <450 words would mean that you have not provided clear/detailed explanation of the concepts]. 7. Check spelling and sentence structure. 8. In-text referencing. 9. Referencing list
1. Provided clear definition of key economic terms. 2. Included well-drawn diagram/s (where appropriate) that are clearly labelled (both axis and curve/s) for each question. 3. Discussion and explanation of diagram is included in the answer
1. Provided clear definition of key economic terms. 2. Included well-drawn diagram/s (where appropriate) that are clearly labelled (both axis and curve/s) for each question. 3. Discussion and explanation of diagram is included in the answer. 4. Answers provided are related to the topics that have been taught in ECON1008 course. 5. Questions are answered individually and NOT in an essay form. 6. Within the 500 word limit (+/- 10%). [NB: Anything <450 words would mean that you have not provided clear/detailed explanation of the concepts]. 7. Check spelling and sentence structure. 8. In-text referencing. 9. Referencing list
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, 2 marks will be awarded for effective writing including proper grammar, referencing and formatting. Importantly, make sure you use appropriate diagrams in your analysis. Presentation and referencing: 2 marks TOTAL MARKS for this part of the assignment: 12 marks Please use the following checklist to make sure you have done your assignment correctly.
2. It is worth 10% of your overall assessment. 3. ALL assignments need to be submitted via TURNITIN. 4. The word limit is 500 words. 5. You will be required to support your arguments with information from a range of sources. Failure to cite properly is evidence of academic misconduct and will result in marks being deducted. You can access guides and information about referencing 6. Extensions to assignment submission dates are not granted for some courses. Any arrangements in place for extensions will be indicated by the Course Coordinator or Lecturer. Requests closer to the submission date need to be negotiated with the Course Coordinator, and will require at minimum, a medical certificate or other documentation regarding your reason for seeking an extension. 8. Assignments and feedback will be returned to you within two weeks of you submitting your assignment.
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