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ECO511 | Economics for Business Assignment 3 | Economics

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Task

Answer the following questions ensuring that you apply economic principles or theory related to (a) the concepts of supply and demand for Question 1 and (b) the concepts of specialisation and exchange for Question 2 to inform your analysis and support your decisions. Communicate your ideas with correct grammar, spelling and writing style and support your answers with diagrams as necessary.

Question 1 (10 marks)

Drawing on your knowledge of the theory of demand and supply – supplemented by appropriate media reports – explain what has been happening to the price of gas in Australia over the last ten years.

Question 2 (10 marks)

Drawing on your knowledge of the theory of specialisation and exchange – supplemented by appropriate media reports – explain what the consequences of rising energy costs will be for heavy industry in Australia.

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