Assessment 1

Assessment 1
Question 1
Suppose the government imposes a ban on cigarettes. What is the impact of this on the illegal market of cigarettes? Use the concept of demand and supply to explain. (5 marks)
Question 2
Suppose there is a reduced supply of canned tomatoes from China to Australia during Covid-19. Also, consumers are increasingly feeling concerned about supply shortages. What will be the impact of this on the canned tomato industry? Use the concept of demand and supply to explain. (5 marks)
Question 3
Suppose QD=QS in the clothing industry, then how can there be waste in the clothing industry? Use the concept of demand and supply to explain. (5 marks)

Maximum Marks
15%

Instructions
1. Assignment must be typed and submitted in Microsoft Word format.
2. Format the assignment with 1.5 line spacing and size 12 point Arial font.
3. Submit the completed assignment (as a Word document) electronically via “Assessment 1 Submission Point” in the Assessment 1 folder.
4. You must clearly label the answer to each question.
6. Word count: 800 words (total). The suggested word limit for each question will be discussed in class.
7. You should be familiar with the materials covered until week 2 to answer this assignment. You may also use library resources and other online articles to support your answers.
8. You must clearly acknowledge all sources using the Harvard referencing system, including the textbook.
9. Keep a copy of your submitted assignment in case of problems with the electronic submission.
10. Use diagrams to explain your answer.