Posted: December 30th, 2015

Droughts in Australia are generally associated with increases in the prices of some supermarket commodities, particularly fresh produce. In recent years, droughts in Australia have combined with global climatic and market trends to result in major increases in supermarket food prices across the board..

Question 2
This question is on fuel prices, droughts, and the prices of supermarket commodities.
You will need to read the following articles and do some research to answer the questions below.
John Quiggin, in his paper titled “Droughts, Climate Change and Food Prices in Australia,” 2010, concluded that “Droughts in Australia are generally associated with increases in the prices of some supermarket commodities, particularly fresh produce. In recent years, droughts in Australia have combined with global climatic and market trends to result in major increases in supermarket food prices across the board…”

Collect data on the world prices of oil, corn and wheat for the period 1990 to 2015. This data should be presented in a table and in a time-series line chart/graph using MS Excel. The graph must be titled and the sources cited.

a) Present a time-series line chart for each of the time-series mentioned above (1 table and graph for oil prices, and 1 table and graph for both corn and wheat prices).

b) Comment on the movements in the two graphs you have presented, giving reasons for the changes in prices for the commodities in the stated period.

c) What is ethanol? Use demand and supply graphs to explain why the demand for ethanol has influenced the price of corn (include two graphs).

d) Use Demand and Supply graphs to show how the increases in the price of corn have affected the price of milk and the price of cheese (two graphs).
(6+ 4 + 5 + 5 = 20 Marks)

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