For each of the events described below you are required to explain the market you are representing(labour market ,automotive market). Does the events act on the demand side,supply side or both sides of the market Does the events lead to a quantity or price change or does the event lead to a shift in the demand ,supply or both Make sure to explicit what sort of assumption you are making on the elasticities of demand and supply ( plotting your demand and supply, describe whether you are assuming an elastic or inelastic demand/supply). 1. The implementation of a maximum rent program in the housing rental market 2. The implementation of a minimum wages 3.the implementation of subsidies to agriculture production in Australia
For each of the events described below you are required to explain the market you are representing(labour market ,automotive market). Does the events act on the demand side,supply side or both sides of the market Does the events lead to a quantity or price change or does the event lead to a shift in the demand ,supply or both Make sure to explicit what sort of assumption you are making on the elasticities of demand and supply ( plotting your demand and supply, describe whether you are assuming an elastic or inelastic demand/supply). 1. The implementation of a maximum rent program in the housing rental market 2. The implementation of a minimum wages 3.the implementation of subsidies to agriculture production in Australia
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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For each of the events described below you are required to explain the market you are representing(labour market ,automotive market).
Does the events act on the demand side,supply side or both sides of the market
Does the events lead to a quantity or price change or does the event lead to a shift in the demand ,supply or both
Make sure to explicit what sort of assumption you are making on the elasticities of demand and supply ( plotting your demand and supply, describe whether you are assuming an elastic or inelastic demand /supply).
1. The implementation of a maximum rent program in the housing rental market
2. The implementation of a minimum wages
3.the implementation of subsidies to agriculture production in Australia
4.the implementation of a carbon tax in the economy. A carbon tax is charged according to the level of emission of greenhouse gases in an economy
5.the implementation of a new loan program to university students in the education sector.
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