CASSESSMENT2:APPUEDWRIING Weighting Ed [Requirement ‘oawer the question relating ta newspaper ate Word it: 1250 words ‘ue date: ‘Week 7 Sunday 15 January at pm Stine ‘Submision method | Uetaiswilbe avaiable op the unt earn One ite Provide adequate referencing, Faure to ce propels evidence of academic ‘There willbe no e-submison af the assignment. f you equi an extension you winged to make an appeaton for an extension tote un coordinators by Eleking the Extensios" Ink under te Unit eserils section of he course te. Youreqare asstanee pease emit ousBunsa.edua- Late asignmens that do not have approved extensions wilincur a penalty. In ‘cordance wth the Dhvslon of Busines guideline, aesignments submited ate ‘without permision rom the course cotdnaty/s wil tact penalty of 10% of ‘he tal posile marks forthe assignment pee da for each da t,o par ‘reo afer the de date. Asignments more than even dys ate withot an ‘Youwil cove a suggested answer guid two weeks after the due date ad 2 {eecback sheet. Normal Harardreferencingconventons apply. Penalties willbe ‘pple ornare eltencig. ee: teu rare cu ae hae 16997780=1118872 recondut an leu inmack boing doe. SUBMISSION ANO RETURN OF ASSESSMENT PIECES {When preparing an asignment, please do the folowing: 1+ please attach the blow assignment cover sheet 10 yourasinment. Make sure Yyoutndude your lO number. See p3ge8. + Include your FULL NAME AND Don th es page of your asigment 4 Number the pages of your asinment 1+ Inde the wordt onthe Bota of he Fest pags ‘+ Adaonally, assignments are NOT, under any ccumstances, tobe submited ‘byemal This bypases he asgnment tracking systems setup by the Schoo of (Commerce and increas the chances that our spent wil bos. ‘when saving your document, lease ensure that yousave asthe folowing: “Ful ame Student id_Asiment 2_€CO 11" Pape6oet[Fall in cattle numbers drives up beef prices Je wig Wes Ann My 7.206238 on le ries is ting dive by lin the umber of cle eig ued ino et spaghets bologna ni -bone tsk re geting oo expensive, puting [Austalans tarde other fps of met Wie the cos of most goods iter static o ling the pice of ee sen 16 Iperceatover te past 12 mont [Mince as lined iowand IS Agra, and rime barbecue cus of bee ae well lve 30g. lore types of meat have not sen in pce by early as mach The pie of chicken Isat moved in mare than fie ye, [Te pce ss i eing driven ya sharp al te aber of ate eng tured io tect Figures fom the Australian Bureau of Satis reeasdyesterdo show the amount lati rode trough he hee mom 1 he end of Mach felts Lowest eel fn te yeas Iie nur of cate ott oa abs was down sharply, while the numberof sve proces fl ots owes evel on ocr ean le ed mest o the lf fade pies. le Muay, the het of he mea section ofthe WA Famers Federation sid it joule sometime before consumes sv cheap bee a the bute operat, he sa farmers ron doin herd numbers oer ecent year Hecate of dry Ioostons ur wih southern WA enjoying the best tt a Season in most oo decades, mers wuld stato restock thi ropes whieh imately, woud ead 30 lncease in production and cheaper bet. ‘Calves are pring tobe left pow ole and hat mean mee ent down hein IMeNaray ss. We've na a rat stat tothe season there's gras inthe poddock and so farmers lcs going oleae tne cate to faten up ames a beter sory if you ik rast Mor than 59 maiion fare were laughed tro the March quarter, the highest umber on econ lus ems akon contenu 61SS6O/ a catle-pumber- tives up fest niceraseest 4. Assuming beef I sld in a purely competitive market, use the supply and demand diagram to describe, ceters paribus, major factor {contributing the price of bef to rise in Australia. In your decusson make sure toexplai the proces of movingt the new equilriam tput and pice (@mars) 2, Discuss whether you thnk the price elasticity of demand for beef to be elastic or inelastic. Based on your discussion of elasticity lustrate and analyse the effect on total consumer expeneitue inthe beet ‘market flowing the impact ofthe price rs. (7 meri) 3 Use supoly and demand diagram to explain the impact ofthe rising price of beef on related market. In your discussion specty your assumptions and explain the equilbrating process in the related ‘market in terms ofthe new equllrium eutput and price. (7 marks) Your atsignment will so be assessed on how effectively you can ‘communicate wth the reader, fa. haw wall you have presented your “arguments and ensured your analysis fgleal and consistent Consequently, 3 marks willbe awarded for effective writing including proper trammar, referencing and formatting. Importantly, make sure you use spproprite diagrams in your analysis. Pease check the FAQS for Assignment 2ifyou ave further questions on this assignment. ‘otal marks: 25 marks Pagebot tt