Your task is to select a market and present an analysis of the demand and supply changes that have occurred in that market over a recent period of time, and how the interaction of those changes impacted market outcomes such as price and quantity traded.

Market Selection

You must clearly define the market that you are analysing. Markets may be defined by product type (including how specific/broad) and location.

This could be for example be the 'market for organic Roma tomatoes in Sydney', or it could be the 'global market for tomatoes'. Both of those would be acceptable. Think carefully how best to define the market for analysis, as this will impact the arguments you can make, and your ability to support them with data.

Time Period

Select and communicate clearly the period of analysis.

For example, you may wish to discuss changes over the past 12 months until now.

Alternatively, you may wish to select a more limited period of time to focus the analysis. Such as the changes from February 2020 to April 2020.

Economic Analysis

You should seek to identify all relevant changes in demand and changes in supply. These changes should be based on evidence or data where appropriate, but can also include logically justified assumptions.

You should use a demand and supply model to discuss how the changes have jointly led to the price and quantity outcomes. These outcomes should be supported by evidence or data obtained through online research.

Where demand and supply diagrams are used, they should be your own diagrams, whether prepared in a computer software, or (often more easily) hand-drawn and a scan/photo embedded in the document.