Political and Trade Tensions Between Australia and China - Economics Assignment Help

Assignment Task

Question 1 

Australia exports wine that are very popular in China. What determinants of demand would be influenced by the following events?

(a) Due to political and trade tensions between Australia and China, a 100% import tariff has been imposed on the Australian wine.

(b) Incomes in China grow rapidly

(c) The price of French wine becomes less expensive

Question 2

Using demand and supply analysis to explain the phenomenon of panic purchase of sanitary items during the beginning of the pandemic in Australia

(a) Describe your observation of the phenomenon of panic purchase, in particular, describe how the prices of the relevant items changed from the start of the pandemic and till the pandemic was under control the lockdown was lifted. 

(b) Use a demand and supply model to illustrate the increase of the price of the sanitary items during the beginning of the panic purchase and explain the causes of the increase in the price.

(c) Use the demand and supply model to illustrate the return of the price to the normal level when the pandemic was under control and explain the causes leading the return of the price to the normal level.

(Note your diagram in tasks (b) and (c) should be consistent with what you describe in (a).

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