QUESTIONS (30 Marks)
1. Australia food price are expected to increase this year. It is in this context answer the following questions:
(a) Explain why the law of demand applies to food just as it does to all other goods and services. Discuss the price elasticty of demand for food. [4 marks]
(b) Explain the drivers of rising food prices in Australia. Use the concept of elasticity to explain the changes in equilibrium price and quantity [6 marks]
Word limit: 600 words
2. Prices of houses in Darwin have been rising in 2020. It is in this context, answer the following questions:
(a) What are the major drivers of rising house prices in Darwin. [5 marks]
(b) Using an appropriate diagram, explain your answer in part (a) above. [2 marks]
(c) How will the widespread availabilty of vaccines impact the housing market in future. [3 marks]
Word limit: 600 words
3. Darwin gets plenty of sunshine throughout the year yet the power bills remain high in the Territory.
(a) Describe the costs and benefits of intalling solar panels in Darwin. Describe the externality that arises from the use of solar panels in Darwin. What is the best way to avoid or regulate externalities? Discuss. [5 marks]
(b) Draw a graph to illustrate how solar panels have an impact on social welfare. Use the concepts of allocative and social efficiency [5 marks]
Word limit: 800 words
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more