Assignment questions
1. Think about a competitive market in which you participate
regularly. For each of the characteristics of a competitive market,
explain how your market meets these requirements. Please indicate
four
characteristics in your answer.
2. Please follow below instructions carefully to answer this
question:
i) Open this link. https://allaplusessays.com/order
ii) Under the “Annual Commodity Statistics” for 2018, select
one particular agricultural
commodity of interest, and download its data file.
iii) Collect the statistics of production and price for 10
continuous years. Feel free to start from
any point you would like.
iv) Calculate price elasticity of supply for individual years
(e.g. repeat calculation for each year).
v) Provide a table indicating years and the calculated price
elasticities for each year and
then, draw the trend of price elasticities in a graph by
showing years on horizontal
axis and elasticity on vertical axis (use only line chart).
vi) VI. Provide brief explanation about: a) interpretation of
the general elasticity of this
commodity (e.g what does the elasticity mean for this
commodity and why the
elasticity is in this range) and b) the main cause of changes
in variation of elasticity
during the time by looking at the trend of changes in
elasticity (e.g. quantity, price or
both).
3. Think about a business/activity with negative externality:
i) Explain the reason(s) you believe that this business has
negative externality.
ii) Illustrate consumer, producer and total surplus by
drawing relevant diagrams for this
business/activity.
iii) Explain how the negative externality could be
internalised through the demand side.
iv) Illustrate what happens to consumer, producer and total
surplus due to this policy.
Please note: no mark is allocated to answers which use the
same examples or copy and pastes
the graphs and numbers as instructed in the lecture notes.
Your graphs and values used
in them should be matched with your example. You need to
clearly explain the values have
been selected in graphs and their measurement units.
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