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Supply and Demand Model Solved

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Question 1

When this area was hit by the Typhoon Goni, there was a huge destruction of many crops especially vegetables (Ranada, 2015). The damage to the vegetables affected the supply; less could now be supplied. Given the high demand of vegetable and the low supply, prices must have been forced to shoot up. The changes are shown in the figure below.

The equilibrium level before the Typhoon is at point e. the quantity and price at equilibrium is Q* and P* respectively. Supply falls to Q1. Since demand is high, the prices rise to P2. The shortage is responsible for the nearly doubling of vegetable prices.

Question 2

I don’t agree. The deregulation of tuition fees which allows higher education institutions to increase their tuitions schools fees may not help in reducing the heavy budgets the institutions hold. Some students will be discouraged from seeking higher education because on their inability to service the increased fees.

Q* and F* are the initial equilibrium quantity and fees respectively. If fees rose to F2, demand drops to Q1. The Deregulation will encourage establishment of more schools and supply will rise to Q2. An oversupply will cause fees to later drop to F1 and the schools won’t be able to raise more revenue.

The government regulates some products and services. QantasLink could be considered as a natural monopoly. If this airline made a decision to charge high prices, it would lose a high number of customers to the newly established airlines (Sandilands, 2014). Lower price creates a barrier of entry since small firms won’t be able to provide the services at the low price since the establishment cost is high (McKinley, 2015). Price determines the quantity demanded. For normal goods such as leisure, their demand falls with increased prices; they are price elastic. So it’s not possible for high prices to be charged on this. An increase in price has less effect to postponing of the business; they are price inelastic.

Question 3

Cartels formation allows charging of high prices. The alliance is formed since the price decision made by one of the firms affect the other. If one cuts the price, the other will follow to avoid losing a market share. If one raises its price, the other will fail to follow causing the one with the high price to lose a market share.
Fig: Loss of Efficiency when Monopoly is practiced

The efficiency loss is represented by area A. this is because the price charged (Pm) is higher than the competitive price (Pc). The potential benefits is that each knows the monopoly price (Trisha, 2015). The economic profit for a monopoly is high. Cartels helps in splitting the abnormal profit. The most important cost is that of advertising to achieve a level of product differentiation and the cost of efficiency loss.

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