Assignment
Word limit: Must not exceed 500 words
Presentation requirements: Must be submitted typed, one-sided, and double spaced on white A4 paper. An electronic copy will not be accepted. You should retain a copy of the work submitted until results are finalised.
1. What type of market do you consider the market for hops to be?
2. Use a supply and demand diagram to explain why the price of hops has increased in Australia, even quadrupling for some varieties, since. What would happen to Australian consumer and producer surplus with the increase in price? (Hint: Australia is an importer of hops with a very small share of the world market.)
3. What has been the short-run impact on the profits and output of Australian hop growers? Use a diagram to illustrate your answer.
4. What has been the long-run impact on the market for Australian hops? Use a diagram to illustrate your answer.
5. How efficient is the market for hops? Explain why.
Attachment:- Individual-Assignment.rar