MK102-Global Food Markets Analyses – Management Assignment Help

Assignment Task

Task 

Chair of Agricultural and Food Market Analysis

Question 1: Market shocks and food security

You are an analyst with the International Rice Research Institute (IRRI) working in Cambodia. Rice is the main staple food both in rural and urban areas. Rice accounts for 2/3rds of the total dietary energy supply. In October 2020, flash floods triggered by a tropical storm caused severe flooding that destroyed thousands of hectares (acres) of rice just days before harvest.

a. Draw a simple supply and demand model that captures the influence of the weather shock on the domestic rice market in Cambodia. Describe the economic effect of the shock in terms of quantity and price changes. 
b. Now assume that because of the Covid-19 pandemic, Cambodia also experiences an economic downturn and a rise in unemployment rates. Add a second demand curve to your graph (label it D2) that captures this situation. Will the price change from the weather shock be smaller or larger with this new demand? 

c. Use the example of the weather shock on the domestic rice market in Cambodia to discuss what role international agri-food trade can play for ensuring food security in Cambodia. (In your answer, introduce the respective UN Sustainable Development Goal, address the general role of trade, and consider how the pillars of food security are affected).

Question 2: Trade theory
a. Explain reasons why countries trade and discuss reasons why some countries trade more with each other. 
b. You and your fellow classmates discuss whether international trade and specialization benefit a country even if it is not ‘competitive’ and whether trade can hurt individuals in a country that engages in international trade. You remember the Ricardian model of trade. Based on this model, what is your conclusion?
Explain your reasoning to your classmates.

Question 3: Trade policy
South Africa has a small, but emerging potato industry. Nevertheless, the country currently imports potatoes from the world market at a price of 10$. Its domestic market is illustrated in the figure below:

a. In an open economy, how many potatoes are produced and consumed domestically? How much is imported? 

b. What effect would a specific tariff t=10 have on the amount of imports when we assume the nation is a small country? Illustrate and explain the welfare effects of an import tariff (when compared to free trade). Show the changes in domestic consumption, production, and imports (using the graph). Assess changes in producer, consumer and total welfare. Show the changes in domestic consumption, production, and imports (using the graph) and assess changes in producer, consumer and total welfare.

c. South Africa wants to ensure a minimum level of domestic potato production. However, the government is unsure whether it should impose an import tariff or introduce a production subsidy for this purpose. As their agricultural policy advisor, what would you suggest? Your answer should consider producer, consumer and total welfare effects (you may or may not provide a graph; but a detailed verbal explanation is sufficient)

d. Egypt is a large exporter of raw potatoes, also supplying South Africa. Egypt complains about the newly introduced import tariff calling it “an unfair measure of trade protectionism”. How could the government of South Africa defend their introduction of the tariff in front ofthe WTO? Name and provide a detailed description of two qualified arguments.

Question 4: Consumer studies/behavior
Two of your friends, Bob and Andrew, differ in their acceptance of GM food. While Bob consumes GM food, Andrew does not. A third friend of yours, Cathy, is arguing that this is due to differences in their risk preferences. Do you agree with this statement? Please justify/elaborate your answer. 

Question 5: Food standards/labels and globalized food markets
a. The supply chains in Sub-Saharan Africa were historically dominated by tradition value chains. Following the food price crisis in 2007/8, governments implemented policies aiming at upgrading their agri-food value chains. Nigeria was especially successful and new forms of agrifood value chains have emerged.

Describe: how do traditional value chains differ from modern value chains (in terms of actors involved, length, scale, products, buyers, etc.)? 

b. You have a lively discussion with a friend about the topic of food standards. You friend is arguing that stricter food standards always restrict trade and hence are detrimental to producers in exporting countries as well as to total welfare. Drawing from evidence presented in class, what is your opinion on this? 

Question 6: Seminar reflection
In 150-200 words reflect on a topic presented/discussed in the seminar. In your answer,
1st: provide a description of a finding/result that you found important, interesting or puzzling;
2nd: describe how it relates to theories or issues presented in the lectures;
3rd: express what you learnt and why it matters, e.g., for reaching SDG2.

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