3 econimics problems

Order Description total requirement words are 1800 A. Globally food price has in" rel="nofollow">increased durin" rel="nofollow">ing the past year. It is in" rel="nofollow">in this context answer the followin" rel="nofollow">ing questions: (a) Explain" rel="nofollow">in why the law of demand applies to food just as it does to all other goods and services. (b) Explain" rel="nofollow">in how the substitution effect in" rel="nofollow">influences food purchases. Provide some examples of substitutions that people might make when the price of food rises and other thin" rel="nofollow">ings remain" rel="nofollow">in the same. (c) Explain" rel="nofollow">in how the in" rel="nofollow">income effect in" rel="nofollow">influences food purchases and provide some examples of the in" rel="nofollow">income effect that might occur when the price of food rises and other thin" rel="nofollow">ings remain" rel="nofollow">in the same. Word limit: 600 words B. Prices of houses in" rel="nofollow">in Australian metropolitan cities, particularly in" rel="nofollow">in Darwin" rel="nofollow">in, Sydney and Melbourne are on the rise in" rel="nofollow">in recent year, which is main" rel="nofollow">inly due to surgin" rel="nofollow">ing land prices. It is in" rel="nofollow">in this context, answer the followin" rel="nofollow">ing questions: (a) Why is the land price risin" rel="nofollow">ing in" rel="nofollow">in the metropolitan cities and what are the major drivers of risin" rel="nofollow">ing house prices in" rel="nofollow">in these cities. (b) Usin" rel="nofollow">ing an appropriate diagram, explain" rel="nofollow">in your answer in" rel="nofollow">in part (a) above. (c) Is the supply of land in" rel="nofollow">in in" rel="nofollow">in the metropolitan cities perfectly in" rel="nofollow">inelastic? Why? Discuss. Word limit: 600 words C. Some Australian state and territory governments have banned or are plannin" rel="nofollow">ing to ban plastic shoppin" rel="nofollow">ing bags due to negative externalities risin" rel="nofollow">ing from their excessive use. (a) Describe the externality that arises from plastic contain" rel="nofollow">iners and bags. What is the best way to avoid or regulate externalities? Discuss. (b) Draw a graph to illustrate how plastic contain" rel="nofollow">iners and bags create welfare loss. Word limit: 600 words (please in" rel="nofollow">includin" rel="nofollow">ing relevant in" rel="nofollow">inference)