Microeconomics Assessed Coursework (form of a report) Using no more than 1,750 words, answer both questionsbelow

Microeconomics Assessed Coursework (form of a report)
Using no more than 1,750 words, answer both questionsbelow

1.  Identify and explain the main economic factors that determine the price of a good or service.
2. What economic factors have led to rises in the prices of cereals; corn(maize), soyabeans and wheat in the past 5 years?
Depth of relevant economic content within an answer will determine the overall grade, as will the quality of analysis and evaluation of arguments and examples. Description of cases and examples will result in lower grades.

use a range of sources in answering part (b) such as articles from the Financial Times and the Economist.
Sample articles:
Moment of truth for US grain as cost of drought revealed, Gregory Meyer, Financial Times 9 August 2012.
Russia heat spells more trouble for wheat supply, Emiko Terazono and Courtney Weaver, Financial Times 26 July 2012.
US buyers turn to Brazil for cheap corn, Gregory Meyer and Samantha Pearson, Financial Times 23 July 2012.

The micro economic assignment requires knowledge of :
1.    Introduction to Economics
2.    Issues related to Demand
3.    Production and Output decisions
4.    Markets in Action and
5.    Market structures