Using the models and theories of either (1) the market or (2) market failure, perform a microeconomicanalysis of one appropriate economic issue or phenomenon of your choice. Clearly explain your...

Using the models and theories of either (1) the market or (2) market failure, perform a microeconomicanalysis of one appropriate economic issue or phenomenon of your choice. Clearly explain your chosenquestion, method and conclusions.
your task is to conduct economic analysis of an issue that you select yourself, just asbusinesspeople and policymakers do. You will be assessed on what you learnt in the course by correctlychoosing and applying definitions, methods and theories from lectures and tutorials. As this is amicroeconomics assignment you should not write a general or journalistic report or use concepts from othercourses not discussed in this course.• Look at the business and economics news for ideas for an appropriate issue. It needs to fit the purposeof microeconomics (lecture 1) - a topical, important example of resource allocation with questions youcan answer by applying microeconomic methods. State the question, why it’s interesting andeconomically significant. Present facts or data to illustrate.• Select the right method (i.e. microeconomic model, theory or tool from this course) to answer yourquestion. Explain your method. Assume your reader needs to be explained every concept needed tofollow your analysis.• Apply the method to your issue. Report the steps of your analysis and your findings. Typical analysisdiscusses the economic agents, how they exchange, the equilibrium and factors that change it andfinally welfare implications. Use diagrams or models as they answer the question better than only words.• Your conclusion will directly answer the question and maybe look at the big picture - the significance andlimitations of your work.Clearly structure your report (depending on topic), for instance using numbered sections for each of the partsof the task, e.g. introduction, model, analysis and conclusion. Introduction and conclusion will normally beshorter. Sample topics, questions relating to them and appropriate methods/analytical tools are given in thetable below. They are taken from lectures and the tutorial questions you tackled in class. Please do not usethese or indeed any examples from classes as choosing an original topic and analytic tool by yourself is partof the assessment. These and other cases discussed in lectures and tutorials give you an idea of how tocomplete this assignment.We strongly advise you to send your tutor a short email with a short summary your chosen topic andquestions (please do not send full drafts) for approval at least two weeks before the deadline. You mayappend a copy this approval email to your submission. It will be your responsibility to ensure you completedyour assessment in good time. Managing this project and your time will be critical for your success.Youshould complete the RMIT micro-credential ‘Managing Time and Priorities’ to help you do this. Note this iswill not be part of your grade for this course.