Question: Question 1 7 Marks After the devastating typhoon Haiyan in the Philippines, the government and donor agencies embarked on rehabilitating rice production to avoid hunger

Question 1 7 Marks After the devastating typhoon Haiyan in the Philippines, the government and donor agencies embarked on rehabilitating rice production to avoid hunger and starvation. As a result, Philippines experienced a rice bumper harvest which led to the equilibrium price to decrease to AUD 1 50 per kilogram. To reduce poverty, the government decided to increase the price of rice to AUD 2.00 per kg. Suppose the figure below represents rice production by Jane a farmer in rural Philippines, answer the questions below. 3.00 Fri AUDI 2.00 1.00 10 15 20 25 Cuantity Poca Tons) i. Examine the effect of government price legislation on Jane a farmer in rural Philippines (3 Marks) ANSWER: * Answer box will enlarge as you type ii. Calculate the price elasticity of demand using the midpoint formula for rice. (1 Mark)

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