Mr Makgatho is a Livestock Fanner from Phethwane - Accounting Assignment Help

Assignment Task:

Task:

1. Mr Makgatho is a livestock fanner from Phethwane who has been owning goats and cattle for over 7 years. Unfortunately, he has been rearing his livestock without selling them meaning he never participated in a market, even though he invests Inc time, energy and money in the production of those livestock. One day he was approached by Mr Mulaudzi who was interested in purchasing some of the livestock since he owns a butchery. They discuss trading the livestock in exchange for money. Mr Makgatho was reluctant at first but finally agreed to exchange his livestock at a price that Mr Mulaudzi wanted. Based on this scenario, answer the following questions. 
1.1 Which type of pricing mechanism is this? And motivate your answer. (5)

1.2 Why fanner like Mr Makgatho are often cheated in the market and how can he be well equipped or knowledgeable about the market dynamics and activities. (10)

1.3 Why do fanners not find it profitable to perform other marketing activities in order to improve their prices? (5) 
2. Price war is common in every business and Agribusiness is no exception. Discuss in depth what price war is and provide any relevant example of a real-life situation that once took place in South Afrca. (10) 
3. Market failure is an economic situation defined by an inefficient distribution of goods and services in a free market. 
3.1 What are the causes of market failure? (8) 3.2 Explain the role of price signal and information asymmetry in addressing market failure. (8) 
 

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