+1-415-670-9189
info@expertsmind.com
Draw a second supply and demand graph
Course:- Macroeconomics
Reference No.:- EM131350334




Assignment Help
Assignment Help >> Macroeconomics

Question: Imagine that the entire Australian national economy could be depicted as a single market with supply and demand for all goods and services produced by that economy. (In other words we are assuming that whole economy behaves just like the sum of its parts, i.e. the individual markets for particular goods and services added up).

(a) Depict the Australian economy in a single supply and demand graph (properly labeling curves and axes).

(b) Now draw a second supply and demand graph for the national economy depicting how the recent fall in Australian mineral exports has affected the overall economy. (Remembering that the minerals market is a major part of the overall national market).

(c) Use your first and second diagrams to tell a story about why minerals prices are falling. Keep in mind this is not necessarily the whole or even the correct story but the one implied by your model.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Macroeconomics) Materials
Suppose that the demand for Federal funds curve is such that the quantity of funds demanded changes by $160billion for each 1 percent change in the Federal funds interest ra
Explain how each of the following scenarios would cause the aggregate demand, short-run aggregate supply, and/or long-run aggregate supply.
When installing UTP cable for a horizotnal link, it is very important to minimize crosstalk. Explain what crosstalk is, why crosstalk can be a problem, and how it is minimiz
Retirement of baby boomers threatens the Social Security system because number of retirees will be relatively large compared to number of workers remaining by 2020
Suppose there are 10 consumers in the industry. Each has the following demand: p = 10 - q-Calculate aggregate demand and aggregate supply in the market.
Some believe that the federal government has much influence on the country's economy when implementing fiscal and monetary policies. Do you agree that this is true? Why?
In the 2010, the U.S. government ran a budget deficit. It issued a large quantity of bonds. How would this program affect the bond market price, yield, and quantity of bonds
Consider the following marginal abatement costs (MC) for a firm using an old abatement technology, where costs are in thousands of dollars. MC=0.5Q a) Assume that the reg