BUS102: Introduction to Economics - Price of Water Soars as Farmers Buy in Panic - Business Assignment Help

Assignment Task:

“Price of water soars as farmers buy in panic” by Higgins Ean from  “The Australian” 24th October 2019 available at:

Access the article at the URL above and answer the questions in the spaces below. Use full sentences. Other references are not necessary, but, if you do use any (for example, online economics glossaries) please list at least the URL of your source. Please read the marking rubric provided in the separate file before answering the questions. Total mark for this assignment is 25.

1. The article states that the water market has been deregulated five years ago. Discuss two forms of regulation that the Government can use to reinforce the price mechanism.                                                                                                              
2. Use the demand and supply diagram below to illustrate and explain the effects of a surge in the water prices in the market for asparagus. 
3. Differences in market power seem a likely explanation of the water price hikes. The diagram below shows the demand and supply of water in a perfect competitive market. Use this demand and supply diagram to illustrate and explain how a monopolist can affect the price of water and carefully describe the changes in the economic welfare.

4. Consider the concept of elasticity of demand in answering the following questions:

a) Discuss whether the elasticity of demand for water is inelastic or elastic.

b) Based on your answer in a), complete the diagram below by illustrating and explaining the effect of an increase in the price of water on the quantity demanded. 

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