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BUS114 Introduction To Economics

tag 0 Download 8 Pages / 1,805 Words tag 16-07-2021

Question:

A section of meat sellers have already closed shop in protest but it has now become a state-wide agitation. Fish vendors are also said to have resolved to join the stir which has seen non-vegetarian delicacies go off the menu  in several parts of the state. “We have decided to intensify our strike...All shops will remain closed. Fish sellers too have joined us and are extending support to us,” said Mubeen Qureshi, an office-bearer of Lucknow mutton sellers’ association. “It will go on indefinitely,” he said.

  1. Using an appropriate diagrammatic model, show what would happen to the price of live cattle in UttarPradesh following the crackdown on slaughterhouses and cattle smugglers. Support your answer with economic theory.
  2. Using an appropriate diagrammatic model, show what would happen to the price of buffalo meat in Uttar Pradesh, one of the most preferred choices for many people that cannot afford more expensive meats, following the crackdown. Support your answer with economic theory.
  3. With many eateries forced to ‘shift to mutton and chicken’ show, using an appropriate diagrammatic model, what would happen to the prices of mutton or chicken. Support your answer with economic theory.
  4. What type of market structure best typifies the buffalo meat industry in Uttar Pradesh? Explain with reference to economic theory.
  5. How would rising prices for buffalo meat affect the individual meat producer? Demonstrate your answer with reference to a diagram showing only an individual producer’s cost curves. Would new buffalo meat producers enter the Uttar Pradesh market in the long-run? Why?

Using an AD/SAS/LAS model show diagrammatically the impact of increased investment in the defence and advanced manufacturing industries will have on the Australian economy. In your answer you are to assume the Australian economy is NOT at full employment equilibrium. What impact will this investment have on Australia’s unemployment rate? Answer with reference to macroeconomic theory.

Using an AD/SAS/LAS model show diagrammatically the impact of increased exports resulting from Australia’s new free trade agreements with China, Japan and Korea will have will have on the Australian economy. In your answer you are to assume the Australian economy is NOT at full employment equilibrium. What impact will increased exports have on Australia’s unemployment and where do you think many of these jobs will be? Answer with reference to macroeconomic theory.
 
Using an AD/SAS/LAS model show diagrammatically the impact of ‘combating tax avoidance’ or increased taxation will have on the Australian economy. Will the economy grow or will it contract? Answer with reference to macroeconomic theory.
 
What impact will increased spending on infrastructure like roads, rail and dams have on the Australian economy? Will this spending impact on short-run supply or long-run supply? Illustrate your answer with an appropriate AD/SAS/LAS model and with reference to macroeconomic theory.
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My Assignment Help. BUS114 Introduction To Economics [Internet]. My Assignment Help. 2021 [cited 03 February 2023]. Available from: https://myassignmenthelp.com/free-samples/bus114-introduction-to-economics/meaning-and-components-economics.html.


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