The RBA posted its latest "Summary of economic conditions" video just at the time I'm writing this! If you haven't seen these before, the RBA does a brilliant job of unpacking the latest economic data. It's a brilliant example of how to analyse and evaluate the latest figures -- crucial for all economic students. I often pause the video, just as a new graph is shown (but before they explain it) to
challenge the students to conduct their own analysis first and see how well their insights match.
Explain how the following would impact the market for electricity in Australia. Draw a supply and demand diagram to supplement your answer
a) Increased consumer rebate for solar panel installation for home owners.
b) Severe flooding forces the closure of coal mines
c) The reintroduction of a carbon tax
Draw a diagram of the economic cycle, highlighting a period of strong recovery and a diagram showing an inflationary gap. Annotate each
diagram to show what would likely happen going forward, in the absence of demand-side economic management.