The University of Adelaide Economic Issues Supply and Demand Questions

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Questions
X
S Principles of Economics Ex
de.edu.au/courses/88890/quizzes/116631/take/questions/1460316
Question 46
15 pts
Question B1 (15 Marks)
Read short excerpts below from ‘Pineapple growers
want you to carve some spooky fruit to stop bumper
crop going to waste’ ABC Rural News, 26 September
2021
Australians are being urged to embrace “spooky pines” for
Halloween to stop tonnes of pineapples from going to waste
as farmers emerge from drought with bumper crops.
Growers say they are hurting from a COVID-related slump
in sales due to cancelled cruises, fewer flights and
lockdowns cutting into restaurant, cafe and restaurant
trade. […]
Good seasonal conditions and market closures have created
the perfect storm to push pricing down, putting the squeeze
on growers. […]
Sam Pike’s father Murray emphasised growers had done
everything they could make their farms more efficient
with mechanisation.
“It’s a case of have to, unless you become more efficient we
wouldn’t be here,” he said.
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“It’s a case of have to, unless you become more efficient we
wouldn’t be here,” he said.
“There’s not that many pineapple farmers left now
considering what was there 20 years ago, we’re probably
half of that number.”
Question B1:
Utilise the model of demand and supply to analyse the
market for pineapples in Australia at the time of the
article.
Make sure to use key terminology and course concepts
where appropriate, and showcase your understanding
not just of demand and supply curves, but also topics
such as competitive markets, costs, profits, firm exit,
elasticity, and long run dynamics.
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Principles of Economies ile
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du au/courses/68890/quizzes/118631/take/questions/1460317
10 pts
Question 47
Question B2 (10 marks)
Read the short excerpt below from the Reserve Bank of
Australia’s October Monetary Policy Decision (5th
October) where the decision was made to ‘maintain the
cash rate target at 10 basis points’, amongst other
things.
The restrictions on activity have had a significant effect on
the labour market. Hours worked – the best indicator of
labour market conditions at the moment – declined by
nearly 4 per cent in August. Looking forward, the Bank’s
business liaison and data on job vacancies suggest that
many firms are seeking to hire workers ahead of the
expected reopening in October and November.
Question B2
Explain why the unemployment rate and labour market
conditions are usually relevant in the RBA’s intereft rate
decisions, and also explain why the ‘unemployment rate’
is not used in the case of this recent month to reflect
labour market conditions.
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Explanation & Answer:
2 Questions

Tags:
economic issues

supply and demand

market for pineapples in Australia

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