1. Explain using a diagram what would happen in the market for car tires if at the same time there was an increase in the prices of rubber used in the
production of tires and a decrease in the price for cars. Explain the effects on price and quantity. (10 marks)
2. In a perfectly competitive market for apples explain would happen in the short run to the market and to individual producers if the price for pears went up.
Demonstrate your answer using a diagram. With reference to the same diagram show what would happen to the market and individual producers in the long-run. (10 marks)

a) What phase of the business cycle was Italy going through in 2012? Refer to the above sources and economic theory in your answer and demonstrate the
phase of the business cycle using an aggregate demand and supply model. (5 marks)
b) Based on the sources above and using your aggregate demand and supply model from a) describe what happened to the Italian economy from 2012 to
2013? Explain your answer with reference to theory. (10 marks)

3a) What are the key macroeconomic indicators in your country now? (2 marks)
b) What phase of the business cycle is your country’s economy most likely in now?

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Posted on May 24, 2016Author TutorCategories Question, Questions