Principles of Economics ECON1008

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Principles of Economics ECON1008Applied Writing Assignment (Part 1)Semester 2, 20171. This assignment is due on week 5 Thursday 27th July 2017 (12noon).2. It is worth 10% of your overall assessment.3. ALL assignments need to be submitted via TURNITIN.4. The word limit is 500 words.5. You will be required to support your arguments with information from a range of sources.Failure to cite properly is evidence of academic misconduct and will result in marks beingdeducted. You can access guides and information about referencing from the following link:http://www.unisa.edu.au/ltu/students/study/referencing/harvard.pdf6. Extensions to assignment submission dates are not granted for some courses. Anyarrangements in place for extensions will be indicated by the Course Coordinator or Lecturer.Requests closer to the submission date need to be negotiated with the Course Coordinator,and will require at minimum, a medical certificate or other documentation regarding yourreason for seeking an extension.7. NO late assignments are allowed.8. Assignments and feedback will be returned to you within two weeks of you submitting yourassignment.Instructions:1. You will need to answer each question individually and not in a whole essay.2. You will need to include well-labelled diagram/s in your answers.3. Please remember to include a reference list in your essay. Failure to do so will result in possibleplagiarism.Read the attached news article and answer the questions following it.
 FEBRUARY 17 2017We’re about to suffer a worldwide olive oil shortage Amanda EricksonIt might be the saddest quote you read today: “Olive oil is becoming a luxury.”That comes courtesy of Italian chef Francesco Mazzei, who runs the Italian restaurant Sartoria inLondon. Mazzei depends on olive oil for much of his cooking. But because of a shortage, hesays prices are skyrocketing. He’s even had to raise menu prices to compensate.Among chefs in London, it’s a common refrain. Ben Tish, who runs a Spanish and Italian tapasrestaurant, says he buys about 100 litres of olive oil a week, to top grilled flatbread, mix intoaioli and prepare luscious olive oil cakes. He now pays about 13 per cent more, £26 ($42.20) forfive litres.And things are only going to get worse. Experts are predicting a worldwide shortage in the nextcouple of months, jacking up prices around the globe.The problem is several terrible years in the making. Erratic weather in Spain, Italy and Greece,where the bulk of the world’s olive oil is produced, has decimated crops. In Italy, unseasonablyhot and muggy temperatures have attracted fruit flies and bacteria, damaging groves. Farmerssay their yields will be cut in half this year.In Greece, a heat wave could cost growers more than a quarter of their crop. Flooding in Spain’smost fertile regions has decimated its harvest. Overall, experts say, global production is set tofall about 8 per cent.These shortages come as demand for the product has skyrocketed around the world.Soaring Chinese demandChina has recently become enamoured with the stuff, consuming nearly $US200 million ($260million) worth of olive each year. The country’s nouveaux riches see the product as a healthieralternative to other fatty oils. They import nearly 99 per cent of what they use.
Australian consumers are unlikely to be protected from global prices rises as we consume more than weproduce. Photo: Getty ImagesWith increased demand and less supply, prices are climbing. Since October, the cost of extravirgin olive oil has jumped 30 per cent in Italy, to $8 a kilogram. In Spain, the cost is up about10 per cent, near a seven-year high, according to the International Olive Council in Madrid. InGreece, it’s 17 per cent. And forecasters say the worst is yet to come.Brits may be particularly hard hit, paying a third more by the end of the year. It’s a big extracost, especially since the British pound is quite volatile in the wake of the Brexit vote.‘Very bad year’But olive oil lovers in Australia are unlikely to get away unscathed either. The countryconsumes more than double its own domestic annual production and is the largest consumer ofolive oil per capita outside the Mediterranean, according to Boundary Bend, Australia’s largestolive farmer.Locally made olive oil accounts for just about 1 per cent of global production, the olive oilmaker says on its web site.As Walter Zanre, head of the United Kingdom’s best-selling olive oil brand, told the Telegraph:,“2017 will be very bad for olive oil.”http://www.smh.com.au/business/world-business/were-about-to-suffer-a-worldwide-olive-oilshortage-20170216-guezrk.html
Answer the following questions:1. Using the concepts of demand and supply, explain and illustrate what is happening in theolive oil market. In your answer you need to clearly explain the equilibrating process and theimpact on price and quantity. [6 marks]2. Explain how this rise in price of olive oil will affect the demand of a related market? [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, 1 mark will be awarded for effective writing including proper grammar, referencing andformatting. Importantly, make sure you use appropriate diagrams in your analysis.Presentation and referencing: 1 marksTOTAL MARKS for this part of the assignment: 12 marksPlease use the following checklist to make sure you have done yourassignment correctly.Checklist:1. Provided clear definition of key economic terms.2. Included well-drawn diagram/s (where appropriate) that are clearlylabelled (both axis and curve/s) for each question.3. Discussion and explanation of diagram is included in the answer.4. Answers provided are related to the topics that have been taughtin ECON1008 course.5. Questions are answered individually and NOT in an essay form.6. Within the 500 word limit (+/- 10%). [NB: Anything <450 wordswould mean that you have not provided clear/detailed explanationof the concepts].7. Check spelling and sentence structure.8. In-text referencing.9. Referencing list.

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