Explain what the cross-price elasticity of demand

Assignment Help Business Economics
Reference no: EM132183821

Instructions:

1. You will need to answer each question individually and not in a whole essay.

2. You will need to include well-labelled diagram/s in your answers.

3. Please remember to include a reference list in your essay. Failure to do so will result in possible plagiarism.

Please read the article attached and answer the questions:

1. Explain what the cross-price elasticity of demand of chicken and red meat is likely to be.

2. Assume that there was a tax on red meat and the government has now decided to remove this tax. Explain how this will impact the efficiency of the market.

Your assignment will also be assessed on how effective you can communicate with the reader, i.e. how well you have presented your arguments and ensured your analysis is logical and consistent. Consequently, 2 marks will be awarded for effective writing including proper grammar, referencing and formatting. Importantly, make sure you use appropriate diagrams in your analysis.

Article - NSW drought: Analysts warn shoppers to expect a number of items to rise in price by Jack Morphet, The Sunday Telegraph

Checklist:

1. Provided clear definition of key economic terms.

2. Included well-drawn diagram/s (where appropriate) that are clearly labelled (both axis and curve/s) for each question.

3. Discussion and explanation of diagram is included in the answer.

4. Answers provided are related to the topics that have been taught in ECON1008 course.

5. Questions are answered individually and NOT in an essay form.

6. Within the 500 word limit (+/- 10%). [NB: Anything <450 words would mean that you have not provided clear/detailed explanation of the concepts].

7. Check spelling and sentence structure.

8. In-text referencing.

9. Referencing list

Attachment:- Assignment part.rar

Verified Expert

The assignment is related to the application of microeconomics theory on article analysis. Two questions on microeconomics concepts were thoroughly answered after going through the article. The cross price elasticity between red meat and chicken is analysed. Graphs are presented in both the questions as required.References are given in APA style.

Reference no: EM132183821

Indebted to the young men and women in the military

We are deeply indebted to the young men and women in the military who choose to serve and risk their lives for their country. All of us benefit from their sacrifices. Now, the

Two inputs in the production function-labor and capital

Suppose there are two inputs in the production function, labor (L) and capital (K), which can be combined to produce Y units of output according to the following production fu

European consumers buying goods and services imported

When the Euro was introduced in 1999, the exchange rate was $1.19 per euro. In March 2011, the exchange rate was $1.42 per euro. Was this change in the dollar-euro exchange ra

Discounting severely future consequence of criminal behavior

Many individuals commit crime under conditions of temporary diminished rationality by discounting severely future consequences of criminal behavior (see chapter 12, Cooter and

The basis of a rate of return analysis

A plastics company is considering two injection molding processes. Process X will have a first cost of $700,000, annual costs of 300,000, and a salvage value of $150,000 after

Optimize production by employing variable amount

The production function of a restaurant includes items such as labor (i.e., cooks, waiters, a manager), capital (i.e., ovens, counters, tables, chairs, and a building), and la

Calculate the external rate of return

A public private initiative in Texas will significantly expand the wind generated energy throughout the state. The cash flow for one phase of the project involving Centrals po

Market for gilders is initially competitive-market demand

The market for gilders is initially competitive and the market demand is: P=315- 0.6QD . The combined marginal costs of the firms in the gilder industry are: MC= 9+ 0.3Q. Draw

Reviews

Write a Review

 
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