TASK 1: Against the backdrop of the above article, write an essay explaining the changes that occur in the market price of milk. Use appropriate economic model/s (both descriptively and with the use of diagram/s) in writing your answers, and include assumptions you have made in your economic analysis. Discuss comprehensively both the demand and supply forces which occur in the dairy market. In addition to the article provided, you should also refer to at least two additional articles which support your analysis.
Question 2 – Write an essay to address Tasks 2A, B and C below
“Economists argue that competitive markets provide the most effective system to allocate resources efficiently.”
TASK 2A: Explain the above statement with reference to appropriate economic model/s (both descriptively and with the use of diagram/s) whilst incorporating a discussion on consumer surplus and producer surplus. Moreover, discuss other methods of resource allocation apart from the market system which may improve diversity and inclusion.
“There are however diverse views on whether or not market would provide an outcome that will be fair to all members of the society.”
TASK 2B: Discuss the above statement with reference to how stakeholders with diverse identities, for example: age, socioeconomic, cultural, religious, gender or other background, may view and describe fairness in resource allocation. You are to research for at least two relevant articles and discuss them as examples in your essay.
TASK 2C: Following your analysis for Task 2B, discuss a number of policies which the government can utilize to better balance efficiency and fairness in the allocation of resources.
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