Explain the recent change in the price of grapes

Assignment Help Microeconomics
Reference no: EM131340679

MICROECONOMICS ASSIGNMENT

Question 1 - Read Attachment 1.

Answer the following questions. Use diagrams where appropriate. [Assume that the Australian grape and wine industries are perfectly competitive markets]:

Use demand and supply models to illustrate and explain the following: [Use the demand and supply model for a domestic market]:

a. Discuss any demand-side and/or supply-side factors that can explain the recent change in the price of grapes.

b. Illustrate and explain the impact these changes have had on the price and quantity traded of grapes?

c. What impact has these changes in the grape market had on the price and quantity traded of domestic wine?

Question 2 - Read Attachment 2.

a. Use the demand supply model to explain how changes in demand could cause seasonal variation in the equilibrium price of oil.

b. Use the demand supply model to show how the extent of seasonal variation in oil prices can depend on the elasticity of supply. Why would ' ....a shortage of refining and storage capacity' cause greater seasonal variation in oil prices?

Question 3 - Read Attachment 3.

a. In attachment 3 two possible explanations for the higher price of pork are proposed. Suppose you have data on the market equilibrium price and the total quantity traded of pork over time. Using this data would it be possible to distinguish between the two possible explanations to say which is correct?

b. Suppose that the possible explanations for the higher price of pork were a higher price of grain or higher incomes of consumers in China. Again using just data on the market equilibrium price and total quantity traded of pork over time, would it be possible to distinguish between these two possible explanations to say which is correct?

Attachment:- Microeconomics Assignment.rar

Reference no: EM131340679

Questions Cloud

What hr mechanisms can be introduced in international firm : What HR mechanisms can be introduced in international firm today to build a strategic business partnership, close the gap between management and employees while building a cohesive culture that add value, and reward human capital?
Completion of master of healthcare administration program : You are nearing the end of this course and the completion of the Master of Healthcare Administration program. Take a few minutes to reflect on your journey. What have you learned? What skills and competencies have you developed? How has your perce..
Hedge the interest-rate risk on these bonds : If the portfolio you manage is holding $25 million of 6s of 2032 Treasury bonds with a price of 110, what forward contract would you enter into to hedge the interest-rate risk on these bonds over the coming year?
Describe and analyze the tea party : Describe and analyze the Tea Party and the Occupy Wall Street movements and determine their underlying motives and their likely involvement in the upcoming DRNC event.
Explain the recent change in the price of grapes : Use demand and supply models to illustrate and explain the following: [Use the demand and supply model for a domestic market]: Discuss any demand-side and/or supply-side factors that can explain the recent change in the price of grapes
Organizational risks involved with using an edi system : What are the organizational risks involved with using an EDI system?
Estimate the after tax cash actual dollar cash flows : A project for a new refined petroleum product did not yield estimated sales and is being terminated with no ($0) market value, because the refining equipment will be converted to produce another product. Estimate the after tax cash actual dollar cash..
Discount pharmacies balance sheet : Mar.1 Borrowed $120,000 from Lessburg Bank. The six-year, 10% note requires payments due annually, on March 1. Each payment consists of $20,000 principal plus one year's interest. Dec 1 Mortgaged the warehouse for $150,000 cash with Sage Bank. Review..
Analyze gasoline price hike statistics : Analyze gasoline price hike statistics in the following scenario. In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon. This is a 33% increase in price from January 2008. During that time, the total quantity of gasoline purchased fel..

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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