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The demand and supply curves of the egg market in Victoria.

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Read the article titled " Christmas egg shortage expected after bird flu outbreak" (by Jared Lynch, Source: The Age, Date: Dec 3, 2013) and provide the analysis for the following statements in 3 different sections. 1. What are the possible reasons for the price rise mentioned in the news article? Use demand and supply models to illustrate what has happened in the egg market. Make sure that you clearly state any underlying assumptions in your analysis. (7 marks) Due to serious bird flu in the economy, there was a massive decline in the production of egg. This had triggered a dra...

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Read the article titled " Christmas egg shortage expected after bird flu outbreak" (by Jared Lynch, Source: The Age, Date: Dec 3, 2013) and provide the analysis for the following statements in 3 different sections. 1. What are the possible reasons for the price rise mentioned in the news article? Use demand and supply models to illustrate what has happened in the egg market. Make sure that you clearly state any underlying assumptions in your analysis. (7 marks) Due to serious bird flu in the economy, there was a massive decline in the production of egg. This had triggered a drastic impact on the sale of eggs in the market especially in the festive season. Due to this expected shortage of eggs in the market just before the festive season, prices of the egg are expected to increase tremendously. There are many possible reasons for the price hike mentioned in the news article. One of them is them is about 450,000 chickens have been destroyed at a free range and caged egg farm in Young, NSW, creating a national shortfall, which caused prices after the news of severe bird flu is out. The second is the shortage of one of the good category of eggs is reflected in the price of eggs. The people have to move from the good category to normal category as the shortage has already in and this lead to hike in prices. In fact, prices have risen by 10 cents a dozen. Because of this shortage of eggs in the market, the supply curve shift to the left.. These changes are reflected in the accompanying graph. Due to decreased supply, the equilibrium quantity has declined but price of the eggs have increased tremendously. This too much increase in price of eggs was reflected so that it could able to justify the eggs market because there is not enough of supply of eggs. The graphical representation is based solely upon the assumption of law of demand and supply. Law of demand states all else constant, there is an inverse relationship between price and quantity of commodity. Similarly, law of supply means all else constant, there is a positive relationship between price and quantity supplied. In this, there is shift in demand and supply because the quantity demanded and supply is affected to change in other factors than supply. Basically, the environmental factors hamper the eggs market. Please download the attached file.

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