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TASKAssignment consists of two essay questions based on the subject material andrequire some additional research. Sources used in your answer should be fully referenced in Harvardstyle.You are advised to access media items for further elaboration and illustration of the issues raised inyour essays. It is expected that you use at least 5 references for each essay (10 in total).Complete the following essays ensuring that you apply economic principles or theory whereverpossible to support your discussion. Communicate your ideas with correct grammar, spelling andwriting style and support your answers with diagrams and illustrative examples as necessary.Essay 1 (10 marks) (Approximately 1,000 words)Drawing on your knowledge of the theory of demand and supply – supplemented byappropriate media reports – explain what has been happening to the price of gas in Australiaover the last ten years.Essay 2 (10 marks) (Approximately 1,000 words)Explain the impact that the COVID 19 pandemic has had on each of the four expenditurecomponents of aggregate demand and on aggregate supply. Assess the consequences of thisimpact on the equilibrium level of real GDP and the price level, and on the unemploymentrate in the economy.PRESENTATIONAnswers should be typed (font size-12, spacing – 1.5, font family-time new roman) and diagramsmust be clear and neat and preferably drawn electronically. Hand-drawn diagrams are acceptable.Sources used in your answer should be fully referenced in Harvard style.REQUIREMENTSSources used in your answer should be fully referenced in Harvard style.Assignments must be submitted through Turnitin.
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