This assignment delves into introductory economics, focusing on the effects of trade agreements and import quotas, particularly within the context of Australia and Canada. It examines the impact of trade on consumers, producers, and the overall economy, using graphs to illustrate these effects. Furthermore, it analyzes how import quotas influence beef prices, consumer and producer surplus, and the efficiency of the beef market. The assignment also explores the dynamics of the espresso coffee market in Australia, classifying it as monopolistic competition and explaining the surge in coffee chains. Finally, it addresses market equilibrium by calculating equilibrium price and quantity and analyzing the impact of government subsidies on the tea market, including the new equilibrium quantity, price paid by buyers, amount received by sellers (including subsidies), and the total cost to the government. Desklib provides a platform for students to access similar solved assignments and resources.