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sample_assignment_1 assignment_guide_sem_2_2010_3 sample_article_rice_prices_to_drop_by_mid_4 economics_report_2 x
Micro Economics
Assessment Two You are to select a newspaper/magazine/web article for economic analysis. The article must relate to one or more of the topics (chapters) covered in the lecture program. The article must also have been written after 1st October, 2011. You are to apply your economic theory to explain and analyse the newspaper/media article. Refer to the „An Inside Look‟ section at the end of each chapter in the textbook for examples. The assignment should be approximately 1400-1500 words in length and include well labelled diagrams. A copy of the article showing date and source is to be included with the analysis. Complete the assignment cover sheet and submit Page 8 of 13 with your assignment. It is also very important to discuss the choice of topic/article with your tutor well before the submission date. I would suggest that you present your assignment as a report – include an introduction, economic concepts/theories to be applied, analysis, conclusion and references. Samples can be viewed on the Moodle site for Economics 100.The assignment is worth 20% (will mark out of 100%) – 14 marks (around 70%) will be allocated for content and analysis (appropriate choice of article, relevant concepts and depth of coverage, sound application of theory, logical structure) and 6 marks (around 30%) will be allocated for professional skills (presentation, correct written expression, correct grammar and spelling, referencing) please use micro economic aspects such as demand and supply, shortage, subsidy, elasticity, imports.please use some graphs to support
Economics 100
Assignment 1
Student Name
Student I.
D
Table of Contents
1.0 ARTICLE SUMMARY ………………………………………………………………………………………………………. 1
2.0 INTRODUCTION ……………………………………………………………………………………………………………… 1
3.0 ANALYSIS ……………………………………………………………………………………………………………………… 2
3.1 DEMAND AND SUPPLY……………………………………………………………………………………………………… 2
3.2 SHORTAGE……………………………………………………………………………………………………………………. 4
3.3 SUBSIDY ………………………………………………………………………………………………………………………. 5
3.4 ELASTICITY …………………………………………………………………………………………………………………… 6
3.5 IMPORTS ………………………………………………………………………………………………………………………. 8
4.0 CONCLUSION ………………………………………………………………………………………………………………… 9
5.0 REFERENCES ………………………………………………………………………………………………………………. 10
Tutorial Day/Time
The article by GMANews.TV, titled “Rice prices to drop by mid-March, NFA says” was
posted on 10 February 2009. It reports consumers’ reaction to high prices of commercial
rice in the Philippines by queuing for subsidised rice from National Food Authority (NFA)
stores.
With last year’s global rice shortage crisis, consumers are still wary with regards to rice
issues in Philippines and uncertainty remains high in 2009. In fact, the International Rice
Research Institute has warned that “rice prices may increase this year because of high
demand amid uncertainties in production due to tight credit access” (Morales and
Sarmiento 2009).
As various issues pertaining to current rice market situations were brought up in the
article, this report aims to analyse the rice market in Philippines with the aid of economic
theories and models. This report will examine its market in action, discussing demand
and supply, shortage, subsidy, elasticity and imports. In addition, a summary of all
areas discussed will conclude this report.
Student Name
Student I.D
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TutorialDay/ Time
3.1 Demand and Supply
Demand is defined as “the amount of goods and services that consumers are willing and
able to buy at a particular price and time” (Nyunt 2008).
Symons (2008) stated that “the rice panic… is being linked directly to overpopulation”
because Philippines has “the highest birth rate in Southeast Asia” with its annual
population growth exceeding 2% and twice that of regional average.
As indicated, the increased population
size in Philippines has simultaneously led
to an increase in number of consumers.
Hence, ceteris paribus, the demand for
rice also increases. The increase in
demand, attributed to population size—a
non-price determinant, is represented by a
rightward shift of the demand curve from
D0 to D1 in Figure 1.1. Hence, new
equilibrium quantity and price increases
from Q0 to Q1 and P0 to P1, respectively.
QQ
Quantity
Price
D0
D1
S0
P1 Figure 1.1
Rice Market
P0
Student Name
Student I.D
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TutorialDay/ Time
Supply is defined as “the amount of goods and services that producers are willing and
able to sell at a particular price and time” (Nyunt 2008).
Arthur Yap, agriculture secretary of Philippines, attributed high rice prices to “the high
price of fertiliser and other inputs in the last planting season” (GMANews.TV 2009).
Rice Market
Price
Quantity
S1
S0
Q
P1
Q
P0
Figure 1.2
D0
Increase in input prices is a non-price
factor that shifts supply curve to the left
from S0 to S1. Supply of harvested rice
decreases because rice producers are
less willing and able to produce at given
output in the last planting season. Hence,
quantity of rice supplied decreases from
Q0 to Q1, resulting in increased price of
rice from P0 to P1, as shown in Figure 1.2.
However, NFA spokesman Rex Estoperez
assures consumers that rice prices are
expected to fall by mid-March “because of
our summer harvest” (GMANews.TV 2009).
With the anticipated summer harvest,
supply of rice is expected to increase,
shown by rightward shift of supply curve
from S1 to S2 in Figure 1.3. Hence,
expected fall of rice prices from P1 to P2 is
explained with increase in quantity
supplied from Q1 to Q2, ceteris paribus.
Rice Market
Price
Quantity
S1
S2
Q
P1
Q
P2 Figure 1.3
D0
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Student I.D
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3.2
Shortage
Due to excess demand and limited supply of rice, there has been a resulting shortage
which has consequently led to price hikes in the Philippines since 2008.
At P0, as demand shifts from D0 to D1 in
Figure 2.1 and supply shifts from S0 to S1
in Figure 2.2, there is a resultant shortage,
shown by the shaded region. In Figure 2.1,
quantity demanded (Q1) exceeds quantity
supplied (Q0), likewise in Figure 2.2,
quantity demanded (Q0) also exceeds
quantity supplied (Q1).
Due to the shortage, an upward pressure
is applied on the price of rice, resulting in
new equilibrium at point E where price is
Pe and quantity demanded is Qe, as
shown in Figures 2.1 and 2.2.
Rice Market
Q
Shortage
Pe
P0
Quantity
S1
S0
Q Q
Figure 2.2
.E
D0
Price
Rice Market
Shortage
Q
Pe
P0
D0
D1
S0
E.
Figure 2.1
Quantity
Price
Student Name
Student I.D
4
TutorialDay/ Time
3.3
Subsidy
According to Symons (2008), “A sharp hike in the subsidy for rice growers to buy seeds
has also been promised”. A subsidy can be regarded as negative tax to help reduce cost
of supplying rice (Nyunt 2008).
With production cost lowered by the
subsidy, rice producers in the Philippines
will now be willing and able to produce
more, shown by a rightward shift of supply
curve in Figure 3. Consequently, quantity
supplied increases from Qe to Q1 and price
falls from Pe to P1. The shaded region
represents the total cost of subsidy to the
Philippines government.
P2
Price
Quantity
S + subsidy
S
Q
Pe
Rice Market
Figure 3
Subsidy
P1
D
Q
Student Name
Student I.D
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TutorialDay/ Time
3.4 Elasticity
According to Nyunt (2008), elasticity is “a measure of responsiveness of quantity
demanded or quantity supplied to one of its determinants”.
Price elasticity of demand (PED) is “the responsiveness of quantity demanded to a
change in price” (Sloman 2006, 48). Demand for rice is price inelastic because it is an
essential food product—a necessity in the diets of Filipinos; hence, changes in its
consumption are not significant with changes in price.
Inelastic demand for rice in the Philippines is
represented by a steep downward-sloping
demand curve D0 in Figure 4.1. It can be
observed that there is a less than
proportionate or insignificant decrease in
quantity demanded from Q0 to Q1 even
though price has increased greatly from P0
to P1, ceteris paribus.
Income elasticity of demand (YED) measures the responsiveness of demand to changes
in consumers’ incomes (Sloman 2006, 58). Rice is a normal good for majority of Asian
countries; hence, YED for rice is positive in value because when income rises, demand
for rice will also increase. In the Philippines, demand for rice is income inelastic because
changes in quantity demanded will be less than proportionate since there will still be rice
consumption no matter how consumers’ incomes may change. From the table below,
income elasticity of rice, a type of cereals, at 0.387 is small (0 P1 QuantityQ
D0 Rice Market
Figure 4.1
Q Source: http://documents.wfp.org/stellent/groups/public/documents/manual guide proced/wfp187903
Student Name 6
TutorialDay/ Time Price elasticity of supply (PES) is “the responsiveness of quantity supplied to a change
in price” (Sloman 2006, 57). Not only is rice a staple and necessity in the Philippines, it
is also a primary product whose production is seasonal with long gestation periods.
Therefore, its supply is also inelastic. The main factor affecting PES is time period so in
the short run, with changes in price or demand, supply cannot be changed easily.
P1 SD
D0 Figure 4.2
Domestic Rice Market
Quantity Price producers or farmers in the Philippines is
perfectly inelastic (PES=0) because rice
takes months to grow and when
harvested, its quantity cannot be
changed. With rice supply at SD, as
shown in Figure 4.2, any change in price
of rice such as from P0 to P1, quantity of
rice supplied will remain at QD.
Although a producer of rice, the Philippines
government has to import rice from other
countries to meet all of its rice needs.
Given time in the short run, with imported
rice supplies from the global rice market,
supply of rice in Philippines remains
relatively inelastic at SSR though not
perfectly so like SD, as shown in Figure 4.3.
Rice Market QSR
P1
P0 QD Quantity
S
D0 Figure 4.3
SSR
Price Student Name 7
TutorialDay/ Time 3.5 Imports
The “world’s largest rice importer” is Philippines (Symons 2008) and for the lean months
of 2009 (July—September), 500,000 metric tons of rice have already been imported
(GMANews.TV 2009). The imported rice contributes to the government’s buffer stocks
which are “stocks of a product used to stabilise its price” (Sloman 2006, 80). Therefore,
if rice prices do not fall by mid-March as expected, NFA will “bring it out to stabilize
prices in the market” (GMANews.TV 2009).
In Figure 5, before trade of rice, consumer
surplus is region E while producer surplus
is regions A and B. With the import of rice,
consumer surplus increases to regions B,
C, D and E while producer surplus
decreases to just region A. As such, total
surplus after trade increases from regions
A, B and E to include regions C and D
gained. Hence, domestic producers of rice
will lose while domestic consumers gain
from increased consumer surplus and
lower prices.
Rice Market QDD QDS Q Quantity
Price Figure 5
DD
DS
P
Pe A B
E
Student Name 8
TutorialDay/ Time In conclusion, the rice market in Philippines faces fluctuating demand and supply,
adding to uncertainties and fear of shortages in 2009. Despite the Philippines
government’s intervention through subsidies and imports, consumers and producers
remain sceptical. As there are many contributing factors affecting the rice market, the
analysis of the article, using economic concepts and theories, is based on the ceteris
paribus assumption. Hence, although not true reflections of the rice market in real world
context, the assumption helps in the explanations while the economic models aid in
anticipating effects on the rice market depending on the causes or factors involved.
Student Name 9
TutorialDay/ Time Student Name 10
GMANews.TV. 2009. Rice prices to drop by mid-March, NFA says.
http://www.gmanews.tv/story/148050/Rice-prices-to-drop-by-mid-March-NFA-
says# (accessed March 28, 2009).
Morales, N. J. C., and R. S. Sarmiento. 2009. Rice supply, imports for 2009 secured —
Yap. http://www.gmanews.tv/story/144643/Rice-supply-imports-for-2009-secured-
-Yap# (accessed March 23, 2009).
Nyunt, H. H. 2008. Economics 100. http://203.59.97.2/myibt/ui/main.php (accessed
March 3, 2009).
Sloman, J. 2006. Economics. 6th ed. England: Pearson Education Limited.
Symons, E. 2008. Arroyo pressured on birth control as rice shortages create chaos. The
Australian, April 21. ProQuest. http://proquest.umi.com.dbgw.lis.curtin.edu.au
(accessed April 6, 2009).
Table: Income elasticity by food groups in the Philippines [Image]. n.d.
http://documents.wfp.org/stellent/groups/public/documents/manual_guide_proced
/wfp187903 (accessed April 1, 2009). http://www.gmanews.tv/story/148050/Rice-prices-to-drop-by-mid-March-NFA-says http://www.gmanews.tv/story/148050/Rice-prices-to-drop-by-mid-March-NFA-says
assignment guide – htay 1
Microeconomics 100
ASSIGNMENT GUIDE assignment guide – htay 2
Assignment 1. It is important to spend time in selecting an
appropriate article to analyse. A ‘good’ article can assignment guide – htay 3
2. The article can relate to any concepts 3. Mark Allocation: 70% for content Assignment assignment guide – htay 4
4. There is no set structure for the Assignment assignment guide – htay 5
5. Include an introduction where you Assignment assignment guide – htay 6
6. The analysis – this is the main part Assignment assignment guide – htay 7
DO NOT devote your analysis to writing Assignment assignment guide – htay 8
7. Conclusion – a summary of key points Assignment assignment guide – htay 9
8. Reference list – the bare minimum is Assignment assignment guide – htay 10
8. Reference list –MUST USE Assignment assignment guide – htay 11
Reference Lists – example plasma, LCDTVs’, Sunday Gazette-mail • Dabkowski, S. 2004. Plasma TV demand hard to • McTaggart, D., C.Findlay and M. Parkin. 2007. Rice prices to drop by mid-March, NFA says Article posted February 10, 2009 – 07:48 AM
MANILA, Philippines – Amid government assurances rice prices may go down by mid-March, Radio dzRH reported that many of the buyers said the high prices of commercial rice, which went The report said queues were reported in Nueva Ecija and Aurora provinces, where consumers For its part, the regional NFA office instructed its managers to monitor rice supplies closely. On Monday, agriculture secretary Arthur Yap said the high price of rice was due to the high price Meanwhile, NFA spokesman Rex Estoperez said in a radio interview Tuesday they expect rice “Expect natin hanggang mid-March bababa ang presyo dahil meron tayong summer harvest [We He said the NFA is ready to intensify its distribution if the prices do not go down by mid-March. On the other hand, Estoperez said the NFA has already initially imported 500,000 metric tons of If we need to, we will bring it out to stabilize prices in the market, he said. – GMANews.TV GMANews.TV. 2009. Rice prices to drop by mid-March, NFA says.
http://www.gmanews.tv/story/148050/Rice-prices-to-drop-by-mid-March-NFA- http://www.gmanews.tv/story/148050/Rice-prices-to-drop-by-mid-March-NFA-says http://www.gmanews.tv/story/148050/Rice-prices-to-drop-by-mid-March-NFA-says Evelyn Calvina 15168485 Table of Contents
1.0 Article Summary
The article by The Jakarta Post, titled “Demand for Beef to Rise during Fasting Month” was posted on 27 July 2011. It reports an increase of consumers’ demand for beef during fasting month and nearly to the celebration of Islamic holy month. During this fasting month, there are approximately 117 live cattle demanded per day in Pekanbaru, Indonesia. In addition, it is estimated that 1,611 live cattle will be needed for Muslim’s people consumption and sacrificial during this fasting month. (The Jakarta Post, July 27, 2011).
2.0 Introduction
Due to an event such as Islamic Fasting Month that started on 1st August 2011, there has been a new market situation for beef. During this month, there is an increase in the demand for beef due to several non-price factors, such as increase in people’s salaries, change in consumers’ preference and change in population. However, there has been a new issue that Australia’s government has ban its export of live cattle, such as cows as the input for beef to Indonesia and cause a decrease in supply of beef. In this report, there will be further analysis on demand, supply, elastic and shortages of beef in Indonesia. Furthermore, some suggestions are also given to Indonesia’s government (The Jakarta Post, July 27, 2011).
3.0 Analysis
3.1 Demand and Supply
Demand can be defined as the amount of goods and services that customers are willing and able to purchase at a period of time (Hubbard, et al. 2010, 62). In Pekanbaru, Indonesia, during normal days, there are 30-40 cows demanded daily in order to produce beef. However, during Ramadan days, there is a significant increase in the demand for live cattle such as 117 cows demanded per day (The Jakarta Post, July 27, 2011). According to The Jakarta post (July 27, 2011), during Islamic Holy Month, the income of workers tends to increase since there is an additional salary given by the company they are working on. As cows are classified as normal goods, therefore as the consumers’ income rises, the demand will also rise as they have more purchasing power. The habitual of consuming beef during fasting month has caused Muslim people to change their preference to consume beef. Moreover, during Ramadan month, Muslim people usually will buy more live cattle to be sacrificed according to their beliefs. Therefore, the demand for live cattle will increase during Ramadan month. According to U.S. Department of State (2011), Indonesia’s population is 204.3 million and 86.1% of the total population’s belief is Muslim. As the number of Muslim population increases, the demand for beef will increase as well (U.S Department of State 2011).
Demand for Beef
Price
D1 S D0 P1 Q0 Q1 Quantity As there are increases in non-price factors, there will be an increase in the demand for beef in Indonesia. Based on the graph in Figure 1.1, there will be a rightward shift of demand curve from D0 to D1. According to Figure 1.1, the equilibrium of quantity and price will both increase. Supply refers to the amount of goods and services that firms are willing and able to produce at any given time (Hubbard, et al. 2010, 62). Price P1 P0 Figure 1.2 Quantity 3.2 Elasticity Elasticity refers to the ability of quantity demanded of products react to the changes in the prices of the products (AS Market & Market Systems 2011).
P0
Price
Student I.D
P0
Q
D1
In the very short-run, rice supplied by
D1
Student I.D
DC
Student I.D
Student I.D
Student I.D
TutorialDay/ Time 1.0 Article Summary
2.0 Introduction
3.0 Analysis
3.1 Demand and Supply
3.2 Shortage
3.3 Subsidy
3.4 Elasticity
3.5 Imports
4.0 Conclusion
5.0 References
help to focus your analysis and lead to a better
assignment mark. Remember the article must have
been written after 1st July 2010. Show the article
to your tutor – get some feedback on its
suitability.
Your’ Article MUST BE Written In ‘ENGLISH’
covered in the set chapters – it may
relate to just two or more chapters.
(correct application of theory to explain
the article); 30% marks for professional
skills (presentation, style, referencing).
assignment – you can write it as an
essay or you can present your analysis
as a report with suitable sub-headings.
provide an overview or ‘essence of the
story’ – explain what the article is about.
What is the purpose of your
assignment?
What economic models/concepts are
you going to use to analyse the article?
(100 words)
of the assignment (700-800 words).
Incorporate diagrams into your
analysis – they can be hand drawn. Do
not put them into an appendix. Make
sure you refer and explain your
diagrams and link them to the article.
out detailed notes from your text.
You are required to analyse the article –
not summarise your textbook.
Incorporate quotes from the article into
your analysis to support your arguments.
from the analysis. Do not introduce any
new material. How well did the theory
explain the article? (100-150 words)
the article you used and an economics
text. Try and find other related articles;
perhaps find some data to add to your
analysis. Do some simple research, use
the web to locate other sources of
information that may relate to your topic
– this will impress the marker.
CHICAGO Referencing
system – please download from
CURTIN LIBRARY for ‘how to use
Chicago referencing system’.
• Andrick, M. 2004. ‘Prices keep dropping on
(accessed April 27, 2004).
fill. The West Australian, April 13.
Microeconomics. NSW: Pearson Education
Australia
buyers are queuing up for rice in National Food Authority (NFA) stores in Central Luzon, a radio
report said Tuesday.
up to P30 or more per kilo, drove them to line up for rice at NFA stores.
also lined up at parish centers and “Tindahan Natin” centers of the social welfare department for
subsidized rice.
of fertilizer and other inputs in the last planting season.
prices to start going down in mid-March.
expect prices to go down mid-March because of our summer harvest],” he said in an interview on
dzXL radio.
rice for the lean months from July to September.
says# (accessed March 23, 2009).
1.0 Article Summary 2
2.0 Introduction 2
3.0 Analysis 3
3.1 Demand and Supply…………………………………………………3
3.2 Elasticity…………………………….………………………………..6
3.3 Shortage………………….…………………………………………..8
4.0 Recommendations 9
5.0 Conclusion 10
Reference List 11
Figure 1.1
P0
When the demand for beef has increased, the government of Indonesia has encountered a new problem in which Australia has decided to ban the its export of cows, which are used to produce beef to Indonesia due to several displays in television which showed how the live cattle are being treated poorly and slaughtered in Indonesia. Furthermore, there is a case where the meat of the cows is injected by water in order to increase the weights of the cattle because as the weights of the cattle increase, the prices of the cattle will become more expensive. As a result, there is a decrease in the supply of live cattle in Indonesia (The Jakarta Post, July 13, 2011).
Live Cattle Supply
D S1 S0
Q1 Q0
As there is a decrease in supply due to the restriction of export of live cattle from Australia government to Indonesia, the supply of the live cattle in Indonesia will decrease and cause the supply curve to shift inward from point S0 to S1 while the demand remains the same. In Figure 1.2, it shows that there is an increase in the equilibrium of price of live cattle and a decrease in the equilibrium of quantity. As a result, the price of live cattle in Indonesia will be more expensive.
Price elasticity of demand (PED) is defined as the percentage change of quantity demanded over percentage change in price (Parry and Kemp 2009, 43). Based on the article, the demand for live cattle as the input to produce beef has become inelastic since the intention of beef as convenience goods has changed into necessity goods. This means that no matter how much the prices of live cattle increase, the quantity demanded will still remain the same as the consumers need cows’ meat (The Jakarta Post, August 28, 2011).
Beef Market
Price D0
P1
Figure 2.1
P0
Ed<1
Quantity
Q1 Q0
In Figure 2.1, the downward-sloping curve shows that the demand for beef is inelastic. It is proved that when the prices for beef increase, there is only a slight decrease in the demand for beef from Q1 to Q0. The demand is said to be inelastic when the result of the calculation of the price elasticity of demand shows the result of less than one.
Price elasticity of supply (PES) refers to the responsiveness of the quantity supplied to a change in price. It is calculated by dividing the percentage change in quantity supplied and the percentage change in price (Parry and Kemp 2009, 50).
According to The Jakarta Post (July 13, 2011), the supply of live cattle as the input for beef production has become inelastic since the Australian government has restricted its export of live cattle to Indonesia. Therefore the PES< 1. In this case, Indonesia government is trying to convince Australia government that the live cattle are well managed in Indonesia. In the short run, the supply of live cattle in Indonesia will be very elastic due to the limited number of live cattle in Indonesia.
Live Cattle Market
Price S0
D1
P1 D0 Figure 2.2
P0
Quantity
Q0
In Figure 2.2, it shows that there is an increase in the price of live cattle, as the stocks are getting lesser due to the restriction to import live cattle from Australia. As the result, the supplier of live cattle is not able to respond to the demand for beef and therefore the supply will be inelastic because the quantity remains the same.
3.3 Shortage
Shortage occurs because the demand for beef exceeds the supply of live cattle as the raw materials of beef production during Ramadan days.
Price Beef Market
D1 S0 Figure 3.1
D0
P1
P0
Q Q Q Quantity
Beef Market
Price D S0 S1
Figure 3.2
P1
P0
Q Q Q Quantity
In the short term, at P0, there is an outward shift of demand curve from D0 to D1 in Figure 3.1, while in Figure 3.2, the supply curve shifts inward from S1 to S0. Both graphs have shown that there is a shortage in the shaded region. In addition, both graphs also show the quantity demand exceeds the quantity supplied. As a result of this shortage, there is a new point of equilibrium of price such as at P1 that shows new equilibrium price and quantity demanded.
4.0 Recommendations
There are several suggestions that are given to the government of Indonesia in order to prevent further shortage of live cattle supply such as:
· Government could help by giving subsidy to the supplier of chicken meat as the substitute for beef with the purpose of changing some customers’ preferences to consume chicken meat instead of beef in order to prevent the scarcity of beef.
Demand for Beef
D0 S
Price D1
Figure 4.1
P0
P1
Quantity
Q1 Q0
· Government could search for another supplier of live cattle in order to increase the number of live cattle in Indonesia to meet the customers’ demand for beef.
Beef Supply
Price S1 D
S0
P1 Figure 4.2
P0
Q0 Q1 Quantity
5.0 Conclusion
In conclusions, there has been a shortage in the supply of live cattle as the input of production of beef due to Australia’s government regulation that ban its export of live cattle to Indonesia, while there is an increase in demand for beef. This situation has forced Indonesia’s government to take some actions in order to prevent worse situation, such as to reduce the price of substitute products for beef to influence consumers’ demand and increase the number of supplier to increase the quantity of live cattle as input of beef.
Reference List:
AS Market and Market System. 2011. http://tutor2u.net/economics/revision-notes/as-markets-price-elasticity-of-demand.html.
Beef prices up due to high demand. 2011. http://www.thejakartapost.com/news/2011/07/27/demand-beef-rise-during-fasting-month.html.
Demand for beef to rise during fasting month. 2011. http://www.thejakartapost.com/news/2011/07/27/demand-beef-rise-during-fasting-month.html.
Hubbard, R. Glenn, Anne M. Garnett, Philip Lewis, and Anthony Patrick O'Brien. 2010. Essentials Economics. French Forest NSW 2086: Pearson Australia.
Parry, Greg, and Steven Kemp. 2009. Discovering Economics. South Perth: Tactic Publications PTY LTD.
HH
U.S Department of State. 2011. http://www.state.gov/r/pa/ei/bgn/2748.htm.
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