ECON1008-Tasmanian beekeepers Article Analyses - Economics Assignment Help

Assignment Task

Task 

AIMS
The purpose of this task is to demonstrate your understanding of the economic concepts and models you have learned in the course in topics 2, 3, 8 and 9 by relating them to a real-world situation.

Course Objectives
These course objectives are covered by the assignment.
CO1. Describe and utilise the fundamental tools, methods and language of economics to analyse resource allocation issues
CO3. Describe the impact of incentives and use economic models to illustrate how agents and economies respond to incentives
CO4. Identify the limitations of the market mechanism and analyse the role of government in affecting markets and decision-making in the general economy
CO5. Apply economic principles and concepts to analyse business cycles and monetary and fiscal policy in an open macroeconomy, and to demonstrate the significance of trade and globalisation.

Task Description
1. Read the article written by Lachlan Bennett “Fragile' leatherwood flowers after dry spell have Tasmanian beekeepers on edge” published in ABC Rural dated 7th February 2022.
2. Answer the questions that follow the article using economic models where appropriate.
3. Answer each question separately and do not include an introduction and conclusion.
4. Wherever you use ideas from sources to support your arguments make sure you cite them according to UniSA Harvard conventions.

Framework For Each Answer
1. Identify the key issue in the questions provided.
2. Use the appropriate economic model to illustrate the key issues graphically. Fully label the model and indicate where changes occur.
3. Explain the model and discuss the outcome.
4. Outline the assumptions.
5. Provide the list of references used in answering the questions

Fragile' leatherwood flowers after dry spell have Tasmanian beekeepers on edge

In the remote mountain towns of Tasmania's west coast, they say the rainforest is no place to complain about the rain. But this year, it is a dry spell that has workers worried."The last time I saw it this dry was in 1973," third generation apiarist Ewan Stephens says. The Stephens family first brought beehives into the western wilderness in the 1930s. They rely on a tree that only grows in these rainforests, the leatherwood, to produce a world-famous delicacy known as leatherwood honey. But this year the leatherwood flowers are withering within a few weeks. A single, bright white flower hangs on a leatherwood tree. "The whole forest is dry, the moss is dry," Mr Stephens says."If you dropped a match, it would go like a bonfire and it wouldn't stop. I'd hate to see a fire in this area because once a leatherwood is burnt out, it's finished. "Arrowsmith was burnt out in 1956 and not one tree ever came back — not in our generation anyway." The west coast typically receives about 200 millimetres of rainfall every month of summer but weakening westerly winds have driven wet weather away from the region. The result has been rainfall "in the lowest 10 per cent of historical records", according to senior research scientist at the Bureau of Meteorology Andrew Marshall.
"What we saw was less than 100 mills per month over large parts of western Tasmania. So that's less than half of what we normally get over those regions since December," Dr Marshall says. If it weren't for a short burst of rain just before Christmas, the leatherwood might not have bloomed at all near Mr Stephens' hives.

Article Analysis 1A - Questions
Q1. Using the demand and supply model, explain and illustrate graphically, the effect of historically low levels of rainfall on equilibrium price and quantity in honey market.
Hint: Make sure you discuss the equilibrating process, and clearly outline the assumptions in discussing the factors causing the change in price and quantity.

Q2 (a). Assume honey are sold in a perfectly competitive market and firms are making breakeven profit. Explain and illustrate graphically, the effect of change in market price on the shortrun position of a single firm selling honey.
(Hint: Make sure your graph includes the firm’s demand curve, marginal revenue curve, marginal cost curve and average total cost curve and also explain the profit maximising position of a firm)

Q2 (b). Based on the short-run position identified in Q2 (a) explain and illustrate graphically the effect of entry/exit on the long run position of the firm.
(Hint: your answer should include graphs for both market as well as individual firm.)

Your assignment will also be assessed on how effectively you can communicate with the reader, i.e. how well you have presented your arguments and ensured your analysis is logical and consistent. In addition, 2 marks will be awarded for correct grammar, referencing and formatting. Importantly, make sure you use appropriate diagrams in your analysis.

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