Question: With reference please Search results - yelisha Megmal. Question 2 (15 marks) With a number of new orchards coming into production, Australia is expecting a

With reference please

With reference please Search results - yelisha Megmal. Question 2 (15 marks)

Search results - yelisha Megmal. Question 2 (15 marks) With a number of new orchards coming into production, Australia is expecting a bumper crop, with volumes up 9% from last year's, says Avocados Australia CEO John Tyas. Based on the industry's latest quarterly forecasting, the nation is set to produce 95,000 metric tons (MT) for the April 2019 - March 2020 period. Australia's avocado supply for January, February and March of 2019 increased by 20%, compared to the same three-month period last year. Source : Australia expects bumper avocado crop, plans export growth https://www.freshfruitportal.comews/2019/07/05/australia-expects-bumper-avocado-crop-plans-export- growth/accessed on 11 July 2019 (a) Explain any two possible (2) factors/scenarios which could possibly result in an increase in demand (NOT quantity demanded) for avocados. (4 marks) (b) Besides a bumper crop, explain any two possible (2) factors/scenarios which affect the supply of avocados. (4 marks) (c) Describe how a market equilibrium "clears" the market of avocados. (3 marks) (d) Describe how a government intervention such as price controls (price ceilings or price floors) may not (4 marks) always lead to a desirable market outcome. Lasted Updated: March 2020

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!