Using your knowledge of basic market structures, briefly explain the type of market into which banana growing industry in Australia falls

Using your knowledge of basic market structures, briefly explain the type of market into which banana growing industry in Australia falls

Essay to be completed in Week 8 of Spring Session in your designated tutorial session.
Write your answers to each question clearly and sufficiently in the exam booklet provided.
This essay topic is based on a newspaper article covering the impact of Cyclone Yasi on Banana industry in Australia in 2011.
Article Source: https://ift.tt/2inedqS
1aew8.html
Title: “Yasi tipped to send banana prices soaring” SMH on 3 February 2011 (article is attached on page 2)
Note: Students are encouraged to undertake additional reading on this topic as part of their preparation to write the essay.
Answer All Questions
1. (a) Using your knowledge of basic market structures, briefly explain the type of market into which banana growing industry in Australia falls (5 marks).
(b) According to the article, “… banana prices soared as high as $15 a kilogram, against pre-cyclone prices of closer to $2 or $3 a kilo…”. Explain graphically why banana prices went up after the cyclone
(25 marks).
2. On the basis of your answer to question 1 (a) above, show a theoretical model explaining the equilibrium position (profit/loss situation) for an individual banana producer before the event (you may assume that the banana industry was in the long-run equilibrium before the cyclone) (20 marks).
3. Explain, using appropriate diagrams, the short-run effects of cyclone Yasi on the profitability of banana growing firm and the industry (impact of any cost/price changes should be clearly illustrated and explained along with the assumption(s) you make) (30 marks).
4. How do you expect the Banana market to adjust in the long-run? (20 marks

The post Using your knowledge of basic market structures, briefly explain the type of market into which banana growing industry in Australia falls appeared first on Ink Essays.

Using your knowledge of basic market structures, briefly explain the type of market into which banana growing industry in Australia falls



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