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Talk to an Expert| Category | Assignment | Subject | Economics |
|---|---|---|---|
| University | Monash University | Module Title | ECM1953 Principle of Economics |
| Unit Name | Principle of Economics |
|---|---|
| Unit Code | ECM1953 |
| Assignment Name | Group Assignment |
| Assignment Number/Reference | 2 |
This assignment assesses the following learning outcomes:
| Learning Outcome Number | Learning Outcome Description |
|---|---|
| 1 | Analyze the causes of shifts in the demand and/or supply, and their effects on market prices and quantities |
| 2 | Analyze the trade restriction using demand-supply framework (microeconomic analysis) |
| 3 | Analyze the short-run impact of trade restriction using aggregate demand-aggregate supply model |
| 4 | Analyze the long-run impact of climate change using aggregate demand-aggregate supply model |
| 5 | Analyze the macroeconomic policy |
This assignment is worth 30% of your overall grade for this unit. Please see the assignment rubric for the weightings of each assessment criterion.
This assignment has the following requirements:
| Assignment Type | Small Group See details below regarding group formation. |
|---|---|
| Response Format | Essay |
| Response Specifications | Essay: 2000 words Indicate word count at the end of essay (based on +/- 10%) |
| Submission Process | Online (Moodle) with the following attachments (one member submits on behalf of the group): |
Summer 2023 sees multiple global temperature records broken. Sadly, scientists warn that this weather pattern due to climate change is going to persist in the future. The media all over the world shows the rising concern about the food security threat resulting from multiple heatwaves. Specifically, many countries, e.g., the U.S. and China, reported a lower yield in crop production and fruit production.
In the latest action to protect national welfare, India’s government imposed an export ban on non-basmati white rice on 20 July 2023, effective immediately. It is known that Malaysia highly depends on rice imports from India.
Statistics:
https://oec.world/en/profile/bilateral-product/rice/reporter/mys
(Notice that Malaysia also exports rice but the export value is significantly smaller than the import value, so assume Malaysia is an importer of rice (no exporting)).
Form a group of 2–3 members. Assume that your team is hired by the Malaysian government to urgently evaluate the issue. You are required to provide a report to the prime minister to analyze the effect of this export ban and suggest a follow-up action to mitigate the impact (if any). You need to perform both a microeconomic and macroeconomic analysis.
a. Analyze how the export ban has affected the world market of the non-basmati white rice and the Malaysian market of the non-basmati white rice.
b. Analyze the effect of the export ban on the Malaysian economy overall in the short-run. Analyze the long-run impact of climate change on growth and inflation if no action to address climate change is made.
c. What actions could the government take to address the short-run impacts identified in part (b)?
Using the demand and supply framework to explain the impact of the export ban on the world market of the non-basmati white rice
Using the demand and supply framework to explain the impact of the export ban on the Malaysian market of the non-basmati white rice
Assume Malaysia is a small country in the world non-basmati white rice market.
Hint: This part should be linked to the previous analysis of the world market.
Using the AD-AS model, explain the short-run impact of the export ban on the overall Malaysian economy
Using the AD-AS model, explain the long-run impact of climate change on the overall Malaysian economy
(Application of theories learned is essential – not counting towards the overall word limits.)
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