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Economics Assessment Task

“More than one billion of cups of coffee are consumed in Australia’s cafes, restaurants and other outlets each year, an increase of 65 per cent over 10 years. People are drinking less ‘instant coffee’ as espresso becomes more popular and new speciality coffee shops have been popping up all over Australia to satisfy demand for daily caffeine fix. Not only are people drinking more coffee, they are becoming more coffee- savvy and want premium brew even if it costs more.”

Answer the following questions after reading the news clip above.

(a)       Under what market structure would you classify the espresso coffee market, are firms price takers or price makers? Explain.

(c)       Do you for see firms in the market making positive economic profit in the long run? Explain.

d)        Would the impact of government subsidy to each existing firm change your answer in part (c) in the short run? Explain.

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  • Uploaded By : Keith
  • Posted on : October 17th, 2018
  • Downloads : 112

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