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

Ask Question & Get Answers from Experts
Browse some more (Macroeconomics) Materials
A firm in a perfectly competitive market invents a new method of production that lowers marginal costs. What happens to its output? What happens to the profit it receives and
Assume the United States economy is currently operating at full employment. A. draw a correctly labeled graph of aggregate demand and aggregate supply and show each of the fol
Why might you expect to see flat royalty payments in home-based franchises but revenue-based royalties in franchisees that operate from commercial buildings. Among the most
Where Qt represents the quantity of widgets sold per period t, Pt represents the price of widgets during period t, and Mt represents average household income of customers du
In times of a struggling economic situation, determine the key steps that the Federal Reserve should take to help stabilize the economy. Next, explain how your proposed step
Use do while loop AND for loop to write Java program to calculate the factorial. In mathematics, thefactorial of a non-negative integer n is the product of all positive inte
Write a program that uses a stack and that outputs an appropriate message for grouping symbols, such as parentheses and braces, if an arithmetic expression matches. For exampl
Suppose MPC=0.75 and the government pay for the new spending of 100,000 by increasing taxes by 100,000. Calculate the new Y. Could you provide the answer with specific formu