ECON7200-Economic Principles Analyses – Economics Assignment Help

Assignment Task

Task

Your task is to select a market and present an analysis of the demand and supply changes that have occurred in that market over a recent period of time, and how the interaction of those changes impacted market outcomes such as price and quantity traded.

Market Selection
You must clearly define the market that you are analysing. Markets may be defined by product type (including how specific/broad), location and time period. This could be for example be the ‘market for organic Roma tomatoes in Adelaide’, or it could be the ‘global market for tomatoes’. Both of those would be acceptable. Think carefully how best to define the market for analysis, as this will impact the arguments you can make, and your ability to support them with data.
Note that the demand and supply model is most applicable to describing competitive markets; and you may wish to avoid markets where pricing and other outcomes are driven primarily by factors outside of the basic demand and supply framework. As this is an individual assignment, students should not select the same market as their classmates.

Time Period
Select and communicate clearly the period of analysis. For example, you may wish to discuss changes over the past 12 months until now.
Alternatively, you may wish to select a more limited period of time to focus the analysis. Such as the changes in the December quarter of 2021.

Economic Analysis
You should seek to identify all relevant changes in demand and changes in supply. These changes should be based on evidence or data where appropriate, but can also include logically justified assumptions. You should use a demand and supply model to discuss how the changes have jointly led to the price and quantity outcomes. These outcomes should be supported by evidence or data obtained through your own online search.Where demand and supply diagrams are used, they should be your own diagrams, whether prepared in a computer software, or (often more easily) hand-drawn and a scan/photo embedded in the document Make sure to refer to all relevant economic concepts that have been studied, for example elasticity, if/where relevant.

Topics of Primary Relevance
You will find topics ‘Demand and Supply’ from Week 2 and ‘Elasticity’ from Week 3 to be most relevant. You may of course find course content from other topics useful, but there is no need to try to force their incorporation if not relevant. To give you adequate time to work on this assignment, I consider that only topics up to Week 3 inclusive are expected to be included. Week 4 or Week 5 topics may be included if you specifically want to, however we will not be specifically expecting you to do so, and given they are not the focus of what we are looking for on this assessment task, I would suggest you do not waste too much time, effort or limited word count on that.