Course Learning Outcomes: 1 & 4Topic/s of Primary Focus: Supply in Perfectly Com

Course Learning Outcomes: 1 & 4Topic/s of Primary Focus: Supply in Perfectly Competitive MarketsDemand in Perfectly Competitive Markets Demand and Supply – An Equilibrium Analysis (May also include content from previous topics.)Read the following ABC News article ‘Avocados are dropping in price — great news for some, lousy for others’ (15 Jun 2021) https://www.abc.net.au/news/rural/2021-06-15/huge-avocado-supply-means-better- prices-for-consumers/100208446 A recent drop in avocado prices may help relieve some of the guilt you feel about splurging on smashed avo on toast at a Sunday brunch when you ought to be saving money.Peak industry body Avocados Australia’s online retail pricing report has listed the price of an avocado at about $1 each in major supermarket chains across the country.Chief executive John Tyas said there had been a significant increase in avocado production and supply, pushing prices down.”Compared with last year, we’re going to [see] … 65 per cent more Australian avocados harvested this year,” he said.While that was great news for consumers, it could mean problems for growers. Tim Keogh, owner of MMM Mangoes and Avocado’s near Rockhampton in Central Queensland, said the increase in supply would hurt growers.”It’s pretty tough at the moment in terms of price, just because of a huge supply that’s come into the market,” he said.”This season we’ve probably had the biggest crop we’ve ever had within our trees and I’m sure that’s right across the board.”Everyone’s having a big season.”Mr Tyas said demand for avocados had not quite matched up with the sheer volume of product available this year.There were, he said, a few factors at play leading to reduced levels of demand:The pandemic had led to cafes and restaurants within the major cities periodically going into lockdown
More people were choosing to eat at home
There was generally a natural dip in the numbers of avocados consumed duringcooler months
“Supply is definitely exceeding demand at the moment,” Mr Tyas said.”A lot of growers are doing it pretty tough at the moment — the prices have come back, they’re very marginal.”But, he said, it was not all bad news for growers.”There’s definitely a lot of pain for individual businesses but, as an industry as a whole, there are some benefits from the current situation as well,” he said.”With the prices where they are at the moment, it makes us very competitive on a price basis in export markets.”So, we’re seeing a real increase in volumes that are going offshore.”Mr Keogh said growers would need the support of Australian consumers as more and more trees came online.”It’s probably time for the consumer to get on board and multi-buy while they’re cheap and make the most of it,” he said.”I think it’s going to be challenging in years to come with the larger supply coming through and that’s going to increase as the years go on.”Despite the issues with demand, he said, it was clear consumers were still passionate about avocados.”Our consumption, I believe, is still going up and I think consumption still around the world is increasing,” Mr Keogh said.”I think there are plenty of mouths to put them in.”Task:Utilise the model of demand and supply to analyse the market for avocados in Australia at the time of the article. Clearly explain the impacts on demand and on supply, as well as the resulting impacts on the outcomes of price and quantity at the time of the article. Also provide a prediction and explanation of how the outcomes may change in the long run.Ensure that you use diagrams where relevant to support your answer, and make sure to use key terminology and course concepts where appropriate.Format:The format of your response should be an essay-style response.You do not need subheadings or subsections.You do not need to spend as much attention on formal essay structure as you might for a persuasive or research-based essay. Instead you should focus on communicating your ideas in a clear and concise manner and making sure there is a logical flow of ideas and explanation.Word Limit:800 words (excluding diagrams and references)Diagrams:As stated in the task, you should include diagrams where relevant. Where you use diagrams, they should be created by you. You could either draw them by hand and scan/photo them into your document. Or prepare them electronically. However, they must be your own work. You should not paste in diagrams from the internet or the textbook, even with referencing, as this will not adequately show the grader your understanding of these diagrams and models.Referencing:This is not a research assignment. So you do not necessarily need to find other references. You should answer the question based on what you have learnt in the course and the excerpt provided.However, it is important that if you do take content directly from other sources including course materials, both quoting and paraphrasing, that you appropriately reference to show what is your own original thoughts and what ideas you have borrowed from others. Please refer to the Academic Integrity Module within the course for further guidance and links regarding referencing, plagiarism, and academic integrity.Where referencing is used, it can be in any standard style, so long as it is consistent. The Harvard referencing style is preferred, as it is the standard in Economics and is also common in Business disciplines.https://www.adelaide.edu.au/writingcentre/resource…All submissions will be analysed with the assistance of Turnitin, checking for plagiarism against other students in the class and external sources.Submission and FeedbackStudents must submit the assignment by the due date via the electronic submission portal on MyUni (the same page you downloaded this pdf!). https://community.canvaslms.com/t5/Student-Guide/How-do-I-upload-a-file-as-an- assignment-submission-in-Canvas/ta-p/274 It is students’ responsibility to ensure that it is correctly submitted by the due date. Make sure that you see and check that is says ‘Submitted’.Late submissions will generally *not* be accepted at all. Not even one minute late. This might seem more strict than some of your other classes, but do keep in mind that we also have a ‘best 4 of 5’ policy on the Assignments.If you have a medical or other circumstance that you believe may allow an extension, please email the course coordinator as soon as practical, and generally this must be before the due date has passed.Assignments will be graded, with grades and feedback provided within MyUni approximately one week after the submission due date.GradingThe assignment will be graded against the Assessment Criteria in the Rubric attached to the MyUni Assignment and detailed below.Grades will be allocated in-line with the University’s grade descriptors.For example, a grade between 75-84 is a Distinction, which should indicate ‘A very high standard of work which demonstrates originality and insight’.Your grade is not matter of where you ‘lost marks’, but rather the evaluation of what you have presented against the standards and the criteria. Assessment CriteriaResponse provides a convincing economics-based explanation of changed market outcomes in the short runResponse provides a convincing economics-based explanation of the how the outcomes may change in the long runEvidence is shown of understanding of all relevant economic concepts and terminology, which are correctly applied throughoutDiagrams are correctly depicted and are used wherever relevant to support the explanationAppropriate writing style, word count and referencing (where relevant)
Requirements: not more than 800   |   .doc file