non equilibrium (1 Viewer)

[Drifting95]

I have an exam coming up and need some help on the following question. "Analyses non equilibrium market situations." It's been difficult to find much information, in my textbook " Tim Dixon" i cannot find anything... any help would be appreciated.

btw this is preliminary, not hsc.

Thanks

 

[iRuler]

Seems more like a marking criteria than an actual question to me.

 

[barbernator]

You need to be able to talk about how the market reacts to a change in demand or supply to reach a new equilibrium I guess...

 

[Drifting95]

Seems more like a marking criteria than an actual question to me.

Yeah that's what it pretty much is, our teacher gave us a list of the things we need to know like that to help us with our study.

 

[fortune_cookie]

economics is easy son

 

[chrisman9519]

its referring to where the market is not in equillibrium such as where there is a supply shortfall/surplus and a demand surplus/shortfall.
they would want you to learn about price floors/price ceilings to redistribute income back to suppliers/consumers through price intervention. putting these in place would create a non-equilibrium situation. research previous examples where either have been put into place specifically in australia.

if u have the dixon textbook 2011 edition it is on pages 109-111. also it is 8.5 government intervention in the marketplace