Analyses Economic problems/Issues – Economics Assignment Help

Assignment Task

Task

The purpose of this assessment task is to:

• Assess your knowledge and understanding of the topics on market mechanisms, market conditions and government policy which are fundamental to understanding the subsequent advanced topics in this unit.
• Measure your ability in using and integrating economic concepts, principles and theories to identify and analyse economic problems/issues and explain sequences of events on the ground of economic reasoning.

The unit learning outcomes assessed are:

LO 1: Implement and explicate core and advanced economic concepts. including recent developments in the discipline

LO 2: Assess and analyse business problems by applying economic reasoning and analytical skills to make informed judgements and Decision.

You are to answer the below questions in the context of the office space market in Australia. Please treat each question as a separate event:

Q1). Using separate diagram for each event, explain and illustrate how each event ceteris paribus will affect the supply curve, demand curve, equilibrium rental rate and quantity in office space market in Australia.

• Businesses downsize their office space.
• Businesses invest in technology to support virtual working so that employees can work from home permanently.
• About 400.000 square metres of new office space has been completed and is available for business leasing.
• Coronavirus pandemic affected a significant number of businesses. resulting in many tenants ending their lease early and handing back office space to landlords.
• A study found that staff is more productive when they are working in the same office under the same roof

A study found that staff is more productive when they are working in the same office under the same roof Rent control to help struggling businesses in Australia.
If the Australian government implements rent control in an attempt to help struggling businesses affected by the coronavirus pandemic, explain and illustrate using a diagram the difference between a binding and non-binding rental rate.