Explain and illustrate the impact of the increase in price

Assignment Help Business Economics
Reference no: EM132263888

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

Verified Expert

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.

Reference no: EM132263888

Questions Cloud

Advantages and disadvantages of the dfd : What are some advantages and disadvantages of the DFD (Data Flow Diagram)? Describe the difference between a PFD (Process Flow Diagram) and DFD
Create the spreadsheet model based on your conversations : First, you need to create the spreadsheet model based on your conversations with Steve and your understanding of the questions he would like to have answered.
Discuss why your chosen assessment purpose is important : Discuss why your chosen assessment purpose is important for young children and what some of the detriments or problems are, if any.
Which one is the opcode : Add R1, R2, R3, R7 given R2 204, R3 15, R7 141
Explain and illustrate the impact of the increase in price : ECON 1008 - Principles of Economics - University of South Australia - explain the reasons for the price of lemon to skyrocket. Please make sure you clearly
Compare the file-per-process and shared-file access patterns : Compare the file-per-process and shared-file access patterns. Pros and cons.
What type of workspace environment configuration : What type of workspace environment configuration will allow an employee to work in a virtual space for some projects
Summarize your understanding of reliability and validity : Discuss whether you will be using this tool to observe social/emotional development, physical development, cognitive development, or language development.
Human computer interaction : Describe at least two characteristics of tree-structured menus, and acyclic and cyclic networks as combination of multiple menus to differentiate between them

Reviews

inf2263888

9/3/2019 1:39:53 AM

I got my support at the late night. Thanks to the team for helping me out in my need. I got the services as per my convenience. Really appreciate your efforts.

len2263888

3/22/2019 11:37:28 PM

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

len2263888

3/22/2019 11:37:22 PM

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

len2263888

3/22/2019 11:34:55 PM

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

len2263888

3/22/2019 11:34:43 PM

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.

len2263888

3/22/2019 11:34:29 PM

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.

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd