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Answers: 1. a.An increase in demand along with a fixed supply of water creates a shortage of supply. The supply short creates an upward pressure on price (Fine 2016). This is described in the figure below. Figure 1: Effect of an increase in water demand (Source: as created by Author) The rise in demand causes a rightward shift in the demand curve from DD to D1D1. The suppliers can supply only 22.50 million waters per day. This makes the ...Read More
Answer: Introduction Australia having a mixed market economy is in the list fastest developed nation of the world. The nation has made rapid progress by exploring its huge reserves of minerals. Production and export of minerals fueled economic growth of Australia. The nation however is dominated by its service sector (Azad et al., 2014). Financial, travel and tourism and professional services of Australia are of particular interest. Economic pe...Read More
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