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Law of demand
(a) Explain why the law of demand applies to food just as it does to all other goods andservices. (b) Explain how the substitution effect influences food purchases. Provide some examples ofsubstitutions that people might make when the price of food rises and other things remain thesame.
(c) Explain how the income effect influences food purchases and provide some examples ofthe income effect that might occur when the price of food rises and other things remain thesame.
Word limit: 600 words
Melbourne are on the rise in recent year, which is mainly due to surging land prices. It is inthis context, answer the following questions:
(a) Why is the land price rising in the metropolitan cities and what are the major drivers ofrising house prices in these cities.
(b) Using an appropriate diagram, explain your answer in part (a) above.
(c) Is the supply of land in in the metropolitan cities perfectly inelastic? Why? Discuss.
Word limit: 600 words
(a) Describe the externality that arises from plastic containers and bags. What is the bestway to avoid or regulate externalities? Discuss.
(b) Draw a graph to illustrate how plastic containers and bags create welfare loss.
Word limit: 600 words (please including relevant inference)
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