Microeconomics Essay Example | Topics and Well Written Essays - 500 words - 12

Microeconomics - Essay Example Work submitted for assessment must be accompanied by a completed copy of the Faculty Cover Sheet (available on MUSO Blackboard ‘assignment’ link). Each student must attach their own signed cover sheet to the assignment. No assignment will be accepted or marked if it is not accompanied by a signed Cover Sheet by all students. Your name, I.D. number, the tutorial day/time, and the name of the tutor should be shown on the Cover Sheet. An electronic copy will not be accepted. You should retain a copy of the work submitted. 4. Faculty Style Guide - Work submitted for this assessment must follow the Faculty Style as outlined in the Faculty Q Manual. Copies of this Manual can be obtained at the bookshop or online at: http://www.buseco.monash.edu.au/publications/qmanual/. 5. Applications for extension of time - All applications for an extension of the time allocated to an assessment task must be made in writing to the Unit Leader (see special consideration for within the semester assessment on page 9 of the Unit Outline). Approval, if granted, will be in writing and will be recorded on the Faculty Assignment cover sheet accompanying the assessment task by the responsible lecturer/tutor. b) Choose one of the policies you describe in part (a) to be the focus of the rest of your analysis. Consider the European Union to be one country, and show graphically the demand, supply, and equilibrium in the sugar market. Before any trade is allowed, where would the domestic (European) price for sugar be located with respect to the world price? d) Now construct a new graph of the market for sugar in the EU that shows, in addition to the equilibrium with free trade, the equilibrium that would be reached under the trade protection policy you chose in part (b). Show clearly the areas of consumer surplus, producer surplus, and government revenue (where relevant) that result from this policy, and compare them to the corresponding areas under