+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
One method of price discrimination for firms is the use of coupons and rebates. Firms are basically allowing consumers to self-identify their respective price elasticities o
This would obviouslyr equire more pilots, stewardesses, and others that facilitate theair-travel experience. However, suppose at the same time that several of the major airl
Based upon your experience, does the soft drink industry resemble a monopolistically competitive industry or an oligopolistic industry? Explain your choice in detail using e
In this writing assignment, you will explore how organizations use business process management (BPM). Write a one-page (250-word) paper explaining how organizations use busi
A firm in a competitive industry has marginal revenue which depends on the shape of the consumers' demand curve. In a competitive industry, the price elasticity of the aggreg
Suppose that the black market for Internet providers arises, with internet service providers developing hidden connections. Illustrate the black market for inter access, inc
What is your opinion regarding our antitrust laws? Should they even exist? If so, what should the threshold be? Size/structure alone? Or is a rule of reason more appropr
A small-volume foreign auto maker limits the number of its franchised dealers in the United States and gives them exclusive territories. There are also non-dealers who have