Econ7002: Markets in Action - Economics Assignment

Internal Code: MAS7473

Economics Assignment:

Task. Choose a real-world market and find a real-world company that operates in that market. and relevant diagrams to illustrate how a current or upcoming domestic and/or international government policy could affect the company and its competitiveness. 1) Briefly describe the nature and characteristics of the chosen company. 2) Which market structure does the market you chose possess? 3) Describe some plausible cause(s) why the government may want to influence the market (e.g. the market price and/or the market quantity), and explain by which means it could achieve this. How would this impact suppliers and consumers in the market? 4a) Describe one real-life example of government intervention in the market. What do you think the intervention was meant to achieve? 4b) (if applicable) How do the price elasticity of demand and the price elasticity of supply affect the magnitude of the impact of this market intervention? 4c) Overall, who is likely to benefit and who likely to be disadvantaged by the intervention from 4a)? Is the company you chose likely to benefit or likely to be disadvantaged by the intervention from 4a)? Frequently Asked Questions. (a) What is a “current or upcoming policy”? (b) Do the market and company I choose have to be Australian? (c) I do not have the data to exactly plot the aggregate demand/supply curve in my market. What can I do? (d) Do I have to format my essay in a particular way?