BEA111 Principles of Economics Assignment Problem

Assignment Help Macroeconomics

Reference no: EM132389993 , Length: word count:500

BEA111 Principles of Economics Assignment - University of Tasmania, Australia

Report Instructions -

Purpose: Much of what we study in this unit drives everyday economic behaviour. The concepts and theories we study go a long way in explaining complex, real-world events. This writing assignment is designed to get you to apply the micro economic concepts you learn in this unit. This report requires you to use micro economic concepts to explain and analyse an event reported in a newspaper or magazine. Reading the popular press (magazines and newspaper etc.) like an economist will help illustrate the scope of economic reasoning. The report also intends to introduce you to writing in economics.

Report: This report is structured around supply and demand analysis. Find a 2019 article in a newspaper, magazine, or online news site that discusses a change or transformation in a market in Tasmania that can be explained with demand and supply analysis. The essay should be around 500 words.

1. Very briefly summarize the article. Please also attach the article to your report (at the end of the report as an appendix or upload it as a different document).

2. Define the type of market that the supply and demand model represent. This includes precisely defining the good or service and the structure of the market.

3. Using a supply and demand diagram, provide an explanation of the event/change described in the article. Carefully label all parts of the diagram. Illustrate all changes to supply and/or demand in your diagram. Importantly, you must provide economic arguments for the changes illustrated in the diagram. For example, if the demand or supply curve shifts you must carefully explain the cause of the shifts using economic arguments.

4. Explain the new equilibrium.

Reference no: EM132389993

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