ECON5541 Assignment Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

ECON5541 Assignment Case Solution Case Study Help

Question 1

After analyzing the answer obtained from ChatGPT, we can assess that it is right on the supply side as severe bushfires can affect the overall production of crops in Australia. It presents extensive destruction to farms and crops as well as life-threatening substructures because of exceptional bushfires that impact the values and obtainability of fresh crops. On the other hand, it is presented that this harm from the bushfires creates a high impact on crop growers because the bushfires disturb most parts of Australia, which affect the supply of crops because of farm damages.

The data shows that the damages put an impact on the internal supply of crops including wheat that puts high pressure on food prices. This harm presents that there is a 12% decline in crop production from 2017 to 2019 and there is also the expectation of a 5% decline in the coming year 2020. The production of wheat, grains, and barley has fallen and also faced high prices as compared to its traditional prices. The factor of bushfires presents a decay in rural exports by about 18% in 2017.

While on the demand side, we can say that the obtained answer from ChatGPT is partial as Australia is said to be one of the largest food exporters around the world producing 11% of wheat and 16% of beef along with other food products traded internationally which is the fact is omitted by ChatGPT. The bushfire crisis will probably affect the price of the goods because the recovery from the bushfire will be expensive.

There will be a shortage of food due to the destruction of crops so the demand will likely be high. The loss of fodder and stored grains is also expected which will eventually lead to higher demand for the crops. However, there is a fact that people will migrate because the destruction can reduce the demand.

Question 2

The evaluation of the student’s explanation of the demand and supply of the fall in the price of the computer hard drives on the personal computer market by ChatGPT would be considered limited as here without any evidence or reasoning to support the notion, the student presumes that the impact on supply is more significant than the impact on demand, which is a flaw in the argument. Nonetheless, there is the possibility that the impact on demand could surpass the impact on supply, leading to a greater overall quantity at equilibrium but a decrease in equilibrium price. In reality, ceteris paribus isn't always a given, as the student presumes.

There's a chance that fluctuations in factors can occur, leading to unforeseeable consequences. Take, for instance, a decrease in hard drive prices that could trigger a surge in demand. This might, in turn, raise the expense of producing personal computers, thus nullifying the initial reduction in cost. Consideration of all possible factors that can affect the equilibrium price and quantity of personal computers is critical as the student's argument oversimplifies the complex interactions between supply and demand in a market.

Source: (Hubbord, 2008)

Question 3

The responses obtained from ChatGPT states that the price floors are not the main cause of ticket scalping but a contributing factor. The scalping is a result of market inefficiencies and high demand due to the limited supply of tickets which is considered to be correct as ticket scalping is not solely a product of price floors being established. Indeed, setting a minimum price for a product or service can facilitate ticket scalping, but these floors are far from being the exclusive stimulus.

Entertainment supporters may fall victim to scalpers, who are folks or groups that purchase tickets to concerts or athletic events, for instance, to sell them for more money. The lack of a minimum price does not prevent this from happening. Suppose a particular exhibition is oversubscribed and stock runs low, scalpers may procure tickets and then charge exorbitant prices to fans who are happy to pay more just to get into the event............

ECON5541 Assignment Case Solution Case Study Help

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