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Solved Assignment on Economic

   

Added on  2021-04-21

13 Pages572 Words56 Views
Economic Assignment Name of the Student Name of the UniversityAuthor Note

IntroductionAvocado market in AustraliaCost of avocado remain unchanged No possibility of supply shortage Change in global supply and demandShortage in avocado supply California, Mexico and Peru Increased avocado demandConsumption increases in China and USStable avocado price in Australia

Relevant Economic ConceptsEquilibrium Demand and Supply Demand; willingness of consumers Supply; goods available in the market (Fine, 2016). Equilibrium; situation where demand matches with supply Change in demand; demand curve shifts outward or inward Caused by factors other than prices (Cowen & Tabarrok, 2015)Shortage of supply Sudden fall in supply; supply fell short of demand

Equilibrium Avocado; normal good Demand slopes downward Inverse relation between price and quantity demanded Supply curve slopes upward Direct relation between demand and supply (Fine, 2016). Equilibrium; demand and supply intersect Determine price and quantity Above equilibrium price; excess supply; move down towards equilibrium Below equilibrium price; excess demand; demand exceed supply; move upwards towards equilibrium

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