Understanding Supply, Demand and Elasticity of Bitcoin

Business Economics 1
Business Economics

Business Economics 2
Table of Contents
Introduction...........................................................................................................................................3
Task 1.1.................................................................................................................................................4
Task 1.2.................................................................................................................................................6
Task 1.3.................................................................................................................................................7
Conclusion.............................................................................................................................................9
References...........................................................................................................................................10
Friedman, M. (2017) Price theory. UK: Routledge.............................................................................10

Business Economics 3
Introduction
The main of the report is to develop an understanding of the supply, demand and elasticity of
Bitcoin with the help of diagram for supply curve, demands curve and elasticity. The report
also explains the reason for increase in the price of Bitcoin in the market. In addition to this
the report analyzes the impact on GDP of Australia and monetary policies if cryptocurrencies
will be used as a medium of exchange and transactions for specific activities.