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Question 1:
Describe each of the subsequent using supply and demand diagrams.
(a) When a cyclone hits Queensland, the price of bananas rises in supermarkets throughout the country.(b) When school holidays end, the price of interstate air travel in Australia falls.(c) When a war breaks out in the Middle East, the price of Petrol rises and the price a used Ford falcon falls.
Question 2:
The Australian government administers two programs that affect the market for cigarettes. First, media campaigns and labelling needs aimed at making public aware of the dangers of cigarette smoking. Second, there is a tax on cigarettes.
(a) With the use of a graph, describe how these two programs affect cigarette consumption and the price of cigarettes.
(b) "A tax on cigarettes is a good way of raising tax revenue for the government." Explain.
Describe how the market for Alaskan king crab will be affected if, at the same time that medical reports confirm that suspected health benefits from consumption of Alaskan king crab meat, wages are increased for trawler men
How much total utility does the consumer receive
Describe the market growth rate for product and service.
MICROECONOMICS
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