1. What type of market do you consider the market for hops to be? (0.5 mark)
2. Use a supply and demand diagram to explain why the price of hops has increased in Australia, even quadrupling for some varieties, since. What would happen to Australian consumer and producer surplus with the increase in price? (Hint: Australia is an importer of hops with a very small share of the world market.) (1 mark)
3. What has been the short-run impact on the profits and output of Australian hop growers? Use a diagram to illustrate your answer. (1.5 marks)
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4. What has been the long-run impact on the market for Australian hops? Use a diagram to illustrate your answer. (1.5 marks)
5. How efficient is the market for hops? Explain why. (0.5 mark)
ECF1100 MICROECONOMICS SEMESTER 1 2018 Individual Assignment 2 Instructions: Due Date: Week 10 during your allocated tutorialWeighting/Value: 5%Word limit: Must not exceed 500 wordsPresentation requirements: Must be submitted typed, one-sided, and double spaced on white A4 paper. An electronic copy will not be accepted. You should retain a copy of the work submitted until results are finalised.Estimated return date: Marked assignments will be returned to students during tutorials in week 12. Criteria for marking: 1. Logical consistency 3.5%; 2. Presentation 1.5%. No additional citation is required to complete this assignment.Learning objectives assessed: This assessment task is designed to test your achievement of learning objectives (outcomes) 1 to 5. It is an individual assessment task. Submission details: Assignment should be submitted to your tutor during your allocated tutorial class. Submission to lecturers is NOT allowed. Electronic submission is NOT allowed Penalties for late lodgement: A maximum penalty of 1 mark per day (5% of the total mark) allocated to this assessment will be deducted for each day that it is late (or any fraction of a day). Assessment coversheet: Work submitted for assessment must be accompanied by a completed copy of the Faculty Cover Sheet (downloadable at Moodle) which has been signed by the student. No assignment will be accepted or marked if it is not accompanied by a signed Cover Sheet. Your name, I.D. number, the tutorial day/time, and the name of the tutor should be shown on the Cover Sheet Question: Please read the following article and write an essay to address the following questions: What type of market do you consider the market for hops to be? (0.5 mark) Use a supply and demand diagram to explain why the price of hops has increased in Australia, even quadrupling for some varieties, since. What would happen to Australian consumer and producer surplus with the increase in price? (Hint: Australia…