Explain what the cross-price elasticity of demand

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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

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