Economics
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- Category: Politics: Economics
- Date Submitted: 06/05/2011 02:47 AM
- Pages: 5
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Assignment details |
Course code: ECON1008 | Course name: Principles of Economics |
Assignment no.2 | Due date: Week 8 |
Assignment topic (as stated in the Course Information Booklet): |
Student Declaration |
I declare the work contained in this assignment is my own, except where acknowledgement of sources is made.I authorise the University to test any work submitted by me, using text comparison software, for instances of plagiarism. I understand that this will involve the University or its contractor copying my work and storing it on a database to be used in future to test work submitted by others.I understand that I can obtain further information on this matter at http://www.unisa.edu.au/ltu/students/study/integrity.asp |
Student Signature: | Date: 25 April 2011 |
LODGING YOUR ASSIGNMENT ) |
Attach this cover sheet to your assignment and submit via AssignIT on your myUniSA course page. |
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1. Assuming a competitive market, explain with the aid of a market model how the price and quantity of Easter eggs is established.
Market model above is a display of balance between both the supply of Chocolate Easter eggs and the demand for Chocolate Easter eggs. According to Jackson (2007), the equilibrium point of this market model is indicated by the intersection point of the supply curve and demand curve of the product mentioned. We can then witness both the equilibrium price and quantity in the Easter egg market through applying the concept as stated earlier. Jackson (2007) also points out that whenever the demand increases, it will bring an effect to the supply, thus the market price will be affected as well. With other things being equal, an increase in demand will cause both price and quantity increment.
As we can see in the supply and demand model below, the demand...
Course code: ECON1008 | Course name: Principles of Economics |
Assignment no.2 | Due date: Week 8 |
Assignment topic (as stated in the Course Information Booklet): |
Student Declaration |
I declare the work contained in this assignment is my own, except where acknowledgement of sources is made.I authorise the University to test any work submitted by me, using text comparison software, for instances of plagiarism. I understand that this will involve the University or its contractor copying my work and storing it on a database to be used in future to test work submitted by others.I understand that I can obtain further information on this matter at http://www.unisa.edu.au/ltu/students/study/integrity.asp |
Student Signature: | Date: 25 April 2011 |
LODGING YOUR ASSIGNMENT ) |
Attach this cover sheet to your assignment and submit via AssignIT on your myUniSA course page. |
OFFICE USE ONLY |
Date received: | Received by: |
Academic staff member: | Assessment/grade: |
Date recorded and dispatched to student: | Recorded and dispatched by: |
1. Assuming a competitive market, explain with the aid of a market model how the price and quantity of Easter eggs is established.
Market model above is a display of balance between both the supply of Chocolate Easter eggs and the demand for Chocolate Easter eggs. According to Jackson (2007), the equilibrium point of this market model is indicated by the intersection point of the supply curve and demand curve of the product mentioned. We can then witness both the equilibrium price and quantity in the Easter egg market through applying the concept as stated earlier. Jackson (2007) also points out that whenever the demand increases, it will bring an effect to the supply, thus the market price will be affected as well. With other things being equal, an increase in demand will cause both price and quantity increment.
As we can see in the supply and demand model below, the demand...