Demand and Supply Curve

Link to the core textbook, and rest articles are attached to this order:
LINK:
https://online.vitalsource.com/reader/books/9781292405407
email and password will be shared with the assigned writer

Required Reading, to be used as main reference

• Core text:
o Sloman, J., Garratt, D. and Guest, J. (2022). Economics. 11th edition. Pearson.

TASK 1:
Questions for discussion: 200 words
Discussion: Opportunity costs and production possibility curves
• What is a production possibility curve and what does it show? Why might a country’s production possibility curve shift (i) outwards or (ii) inwards? Give examples (UAE)
• In a household with young children and two parents in which one parent works full- time and the other stays at home to look after the family, what kind of information would you need to calculate the opportunity costs of the second parent taking on a full-time job? How would such calculations be used in deciding whether it is worth the second parent taking on that job or perhaps whether the parents should swap their roles? Why, more generally, is it important to consider opportunity costs in decision making?
TOPICS Covered:

TASK 2: Market Supply and Demand: 200 words

• Main reference book: Sloman, J., Garratt, D. and Guest, J. (2022). Economics. 11th edition. Pearson.
o Chapters 2-3 – This will give you an overview of the concepts of demand and supply and the analysis of price determination in market
systems. There are two parts to this assignment, as follows:

Part 1: Please read the following two articles:
• Lobstermen play waiting game while early prices spike Download Lobstermen play waiting game while early prices spike – ATTACHED
• Lobstermen are caught in pincer movement of supply and demandDownload Lobstermen are caught in pincer movement of supply and demand ATTACHED

Part 2: After reading the articles and studying the analysis in this unit please use demand and supply analysis, ideally with diagrams, to answer the following in 300 words
• How would an unusually low (or an unusually large) lobster harvest affect the supply of lobsters in Maine and how would this shift in supply impact on the price of lobsters?
• How would a weak (or a strong) US economy affect the demand for lobsters and how would this impact on the price of lobsters?
• How would increases in fishermen’s bait and fuel costs affect the supply
of lobsters and, consequently, the price of lobsters.
Hint: To explain what happens to prices in each of these scenarios you will need to think about the interaction between supply and demand (see lesson 3).
Thinking about just supply or just demand would not be enough to explain how prices change in response to either a supply shift, a change in demand or increases in costs.

Topics covered

TASK 3: 300 WORDS

Case study: A rise in tomato prices in India:

• Required reading article below
• Main reference book: Sloman, J., Garratt, D. and Guest, J. (2022). Economics. 11th edition. Pearson.
o Chapters 2-3 – This will give you an overview of the concepts of demand and supply and the analysis of price determination in market systems.

Have a look at this article in the Guardian which talks about the market for tomatoes in India and specifically about recent shortages as well as gluts and consequent changes in price:

India tomato shortage causes curry crisis and puts sellers under pressure | Trade and development | The Guardian

Your task

1. After reading this article, try to draw a demand and supply diagram which illustrates why price in this market has risen. (Hint: You need to construct a diagram that shows both demand and supply and shows a shift in supply.)
2. Share your diagram below.
3. Review your colleagues’ diagrams. Are they the same as yours? Are there differences you can learn from?

TASK 4: 200 words

Main reference from the required Reading book mentoned above.

How good a measure is the GDP?
In this discussion, you will be considering whether GDP is a good approximation of the welfare of a nation.
This question is currently at the core of a debate between economists and policy-makers.
Task: To start researching this question, take a look at these resources:

1. An article from the Economist entitled: ‘The Trouble with GDP’. – ATTACHED
2. Or a report from Oxfam entitled: ‘Radical Pathways Beyond GDP: Why and how we need to pursue feminist and decolonial alternatives urgently – ATTACHED.
3. A TED Talk from Michael Green entitled: ‘What the Social Progress Index can reveal about your country’.
   Select the Play button below to access his talk.

Your task is to research the GDP numbers and alternative measurements in UAE

In this discussion post, give your thoughts on this question:

Giving reasons for your conclusions, which measurement seems to you the most appropriate to measure the welfare of UAE?