Principles of Economics ECON1008

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Subject: Principles of Economics

Code: ECON1008

word limit is 500 words

“Lemon shortage and high demand for fresh fruit sends prices skyrocketing”

Please read the article attached and answer the questions:

1. Using demand and supply model and assuming that lemons are sold in a perfectly competitive market, explain the reasons for the price of lemon to skyrocket. Please make sure you clearly explain the equilibrating process. [5 marks]

2. Clearly explain and illustrate the impact of the increase in the price of lemon on a substitute good for lemon. In your discussion provide an example and explain the equilibrating process and the impact on market equilibrium price and quantity of the substitute good. [5 marks]

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

Presentation and referencing: 2 marks

TOTAL MARKS for this part of the assignment: 12 marks

Please use the following checklist to make sure you have done your assignment correctly. Checklist:

1. Provided a clear definition of key economic terms.

2. Included well-drawn diagram/s (where appropriate) that are clearly labelled (both axis and curve/s) for each question.

3. Discussion and explanation of a diagram is included in the answer.

4. Answers provided are related to the topics that have been taught in ECON1008 course.

5. Questions are answered individually and NOT in an essay form.

6. Within the 500 word limit (+/- 10%). [NB: Anything <450 words would mean that you have not provided clear/detailed explanation of the concepts].

7. Check spelling and sentence structure. 8. In-text referencing. 9. Referencing list


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