Description
Topics to use in answers:
Supply in Perfectly Competitive Markets
Demand in Perfectly Competitive Markets
Demand and Supply – An Equilibrium Analysis
1. Utilise the model of demand and supply to analyse the market for avocados in Australia at the time of the article.
2. Clearly explain the impacts on demand and on supply, As well as the resulting impacts on the outcomes of price and quantity at the time of the article.
3. Also provide a prediction and explanation of how the outcomes may change in the long run. Ensure that you use diagrams where relevant to support your answer, and make sure to use key terminology. As stated in the task, you should include diagrams where relevant. Where you use diagrams, they should be created by you. You could either draw them by hand and scan/photo them into your document. Or prepare them electronically. However, they must be your own work.
The format of your response should be an essay-style response. You do not need subheadings or subsections. You do not need to spend as much attention on formal essay structure as you might for a persuasive or research-based essay. Instead you should focus on communicating your ideas in a clear and concise manner and making sure there is a logical flow of ideas and explanation
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