Drawing on your knowledge of the theory of demand and supply – supplemented by appropriate media reports – explain what has been happening to the price of electricity in Australia over the last ten years.
Drawing on your knowledge of the theory of demand and supply – supplemented by appropriate media reports – explain what has been happening to the price of electricity in Australia over the last ten years.
Essay 2 (10 marks) (Approximately 1,000 words)
Explain the impact that the Russo-Ukrainian War has had on each of the four expenditure components of aggregate demand and on aggregate supply. Assess the consequences of this impact on the equilibrium level of real GDP and the price level, and on the unemployment rate in the economy.
RATIONALE
This assessment task will assess the following learning outcome/s:
• be able to apply demand and supply analysis to make a range of market related decisions.
• be able to make decisions that incorporate the relevant benefits and cost analysis.
• be able to explain and defend why it is important to understand the structure of the market
• be able to critically examine and demonstrate why it might be necessary for government to intervene in the production of goods and services and in the distribution of income.
• be able to examine critically the health of the economy as a whole through the analysis of major economic variables and advise on likely policy alternatives. This assignment provides an opportunity for you
• to demonstrate that you are familiar with the use of the model of supply and demand, the concepts of costs and benefits, the importance of market structure and the role of government intervention.
• to present a detailed analysis of some of the factors that give rise to government intervention in the market through the application of your knowledge of theory supported by evidence drawn from sources of your choosing.
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