Is the issue discussed in the article a microeconomic or a

Is the issue discussed in the article a microeconomic or a

Question 1: Is the issue discussed in the article a microeconomic or a macroeconomic issue?Justify your answer. (2 + 3 = 5 marks) Answer here: Question 2: Has the market demand for fruit and vegetables increased or decreased? As a result, what will be impact of this on market price and quantity demanded for fruit and vegetables? Provide an appropriate demand and supply graph showing the outcomes. (5 + 5+ 5 = 15 Marks) Answer here: Question 3: Identify a non-price determinant of demand for fruit and vegetables from the article and explain how this could affect the market price and quantity demanded for the items. (2 + 8 = 10 marks) Answer here: SECTION B: PROBLEM SOLVING QUESTIONS (50 MARKS) Question 1 (20 marks) (a) What are the main categories of economic resources and how are they different one from the other in terms of their characteristics? (b) What role does entrepreneurship play in managing the resources? Explanation and example are required. (10 + 10 = 20 marks) Answer here: Question 2 (30 Marks) (a) Using appropriate graphs explain what causes a change in demand and a change in quantity demanded. (5 + 5 = 10 marks) (b) Price of oranges in Adelaide market increased from $3.00 to $4.00 per kg. As a result, the quantity demanded for oranges decreased from 350 kg to 300 kg per day. Using the midpoint formula: (i) Calculate the price elasticity of demand (Ed) for oranges. (8 marks) (ii) Is the demand for oranges elastic or inelastic or unitary elastic? Why? (2 marks) (iii) Interpret theEd coefficient of oranges.In your interpretation, please mention in percentage points by how much the quantity demanded has changed (%?Q) as a result of the change in price (%?P). (5 marks) (iv) Will the above change in price cause total revenueto increase, decrease or remain unchanged? Show how you worked it out?

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