Microeconomics assignment
Consider you are an economic adviser to the Australian government. The government is of the
opinion that variations in commodity prices have implications for the commodity producers as
well as for the overall economy. Australia is a major supplier of commodities to the world. You are asked to study the commodity price movements in Australia vis-à-vis the global economy.
So, prepare a report (assignment) analysing the commodity price movements in Australia vis-àvis the global economy.
You may select a few commodities (say 4 – 5 commodities) of your own choice and analyse their prices. TIME DURATION for the price movement is at least 10 years period. Alternatively, you may analyse overall (all) commodity prices (i.e. Index of Commodity Prices). Either of these two approaches is fine. The key is the ‘analysis’ of price movements.
● NOTES:
You need to support your reasoning using economic theory; for example, demand and supply tools/principles, elasticities, ….
Also, use data and/or charts/graphs, and the citations from academic journals, books, business, and financial press to support your reasoning.
The proper referencing within the text, and a reference/bibliography list in the assignment is required. If you are making a statement, please ensure you include references particularly when using statistics or referring to particular patterns.