Task is a written analysis of any published news story regarding the Australian Market (newspaper, magazine or website) from 01 May 2021 and onwards. Your task is not to research and provide data. You are instead asked to analyse an ordinary event using your knowledge of economic principles. You will be required to apply the economic concepts you have learned to interpret events reported in your news story.

should state: a. Article Name/Title b. Date Published and Author/Writer

you are required to discuss the Demand and Supply interactions.

a) What are the Determinants of Market Demand for your chosen event? How do these determinants affect Total Demand?

b) What are the Determinants of Market Supply for your chosen event? How do these determinants affect Total Supply?

c) Who has power in the market? Analyse any shortage or surplus situation, if applicable. d) Characterize the elasticity of the product being analysed. Who bears the cost of any price increase?