Homework answers / question archive / ECON1101 Assignment Part I (resubmission) and Part II (new submission) • Assessment weight: 20% of the unit total [Part I: 10%, Part II: 10%] • Due date & time: Friday 13 May 4:00pm • Word limit: 2000 [1500 (Part I) + 500 (Part II)] excluding references • Submission mechanism: Cadmus (LMS, online – follow instructions within Cadmus) Wheat and petrol: Consequences of the conflict in Ukraine on the Australian economy (II) The final stage of your assignment submission involves re-submitting Part I of the assignment, having addressed key areas of improvement as identified by your tutor; and submitting a new Part II

ECON1101 Assignment Part I (resubmission) and Part II (new submission) • Assessment weight: 20% of the unit total [Part I: 10%, Part II: 10%] • Due date & time: Friday 13 May 4:00pm • Word limit: 2000 [1500 (Part I) + 500 (Part II)] excluding references • Submission mechanism: Cadmus (LMS, online – follow instructions within Cadmus) Wheat and petrol: Consequences of the conflict in Ukraine on the Australian economy (II) The final stage of your assignment submission involves re-submitting Part I of the assignment, having addressed key areas of improvement as identified by your tutor; and submitting a new Part II

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ECON1101 Assignment Part I (resubmission) and Part II (new submission) • Assessment weight: 20% of the unit total [Part I: 10%, Part II: 10%] • Due date & time: Friday 13 May 4:00pm • Word limit: 2000 [1500 (Part I) + 500 (Part II)] excluding references • Submission mechanism: Cadmus (LMS, online – follow instructions within Cadmus) Wheat and petrol: Consequences of the conflict in Ukraine on the Australian economy (II) The final stage of your assignment submission involves re-submitting Part I of the assignment, having addressed key areas of improvement as identified by your tutor; and submitting a new Part II. The resubmitted Part I is worth 10%, and is evaluated based on your effort and success in addressing the feedback from your tutor. The new Part II is worth 10%. In part II, we zoom in on the individual firm in the Australian wheat market, to consider production, costs, and profits. Specifically: a) Start with a model of the situation before the crisis in Ukraine. Draw a model of a representative individual firm in the market for wheat, i.e. an Australian wheat farmer who is a price-taker in the global market for wheat, in long-run equilibrium. Comment on the assumed market structure. Show and explain the amount of wheat the farmer will produce to the market, and explain revenue, costs and profits. b) Now consider the short-run effects of the conflict in Ukraine from the perspective of the Australian wheat farmer. We will do this in two sequences, in the interests of clarity. i. First, consider the increase in the world price. Show how this affects quantity produced, costs, revenue and profit for the farmer. ii. Second, consider the increase in the price of fertiliser. Show how this now affects the quantity produced, costs, revenue and profit for the farmer. c) If the world price of wheat, and the price of fertiliser, remains high into the future, what would be the long-run effects on the Australian wheat market and for the individual Australian wheat farmer? Tips: a) Here, the price observed by the individual farmer is the world price, so you can refer back to your model for 1a in Part I of your assignment to explain this. There is no need for a side-by-side double diagram. So: 1 diagram here. b) Both the increase in the world price and the price of fertiliser has been covered in Part 1 (1b) of your assignment, so you can refer back to this (don’t repeat yourself unnecessarily). I recommend 2 diagrams here: One which shows your diagram for (a) with the added change in the price of wheat; and one diagram which further adds the change in the price of fertilisers. Hence, we have 3 sequential diagrams in total, which shows stage 1, stage 2 and stage 3 of these dynamics. c) It’s up to you if you want to add diagram for this part, or just refer back to your other diagrams. It will depend on what your answer is. Rubric for assessment for Part 1 resubmission: (see original rubric for Part 2) Grade Description of overall assessment Fail [<50] Part 1: Fails to address feedback meaningfully. Part 2: Fails to demonstrate adequate understanding of fundamental aspects of the task. Analysis contains significant flaws, and/or failure to convey key information due to significant problems with presentation and/or written expression. Pass [50-60) Part 1: Addresses some feedback sensibly, but fails to address key issues identified in the original submission. Part 2: Demonstrates adequate understanding of the most fundamental aspects of the task, and some capacity for sound economic reasoning; but (i) the nature of errors and omissions indicate comprehensive understanding of elements beyond the essential needs developing, or (ii) the assignment exhibits significant flaws in readability and/or presentation. Credit [60-70) Part 1: Addresses many issues sensibly, but with some flaws and omissions. Part 2: Demonstrates good understanding of fundamental aspects of the task, with some evidence that understanding of more complex elements is developing, but not yet well developed. Demonstrates some capacity for sound economic reasoning. A good assignment (distinction) with flaws in written expression or presentation may be placed in this range. Distinction [70-80) Part 1: Addresses most issues sensibly, with few flaws and omissions. Generally very good and intelligent response to feedback. Part 2: Demonstrates good understanding of both fundamental and more complex aspects of the tasks. Demonstrates fair capacity for sound economic reasoning. However, the nature of errors, omissions or other flaws indicate that the top tier grade is not yet justified. High Distinction [80-100] Part 1: Addresses most issues intelligently and sensibly, showing thoughtful and comprehensive response to feedback. Part 2: Demonstrates very good understanding of both fundamental and more complex aspects of the task, with some aspects being done particularly well. Demonstrates high capacity for sound economic reasoning. Errors and/or omissions are minor only. Evidence of excellent efforts made.