Thai Sikh International School
E-Learning Programme – Online
Assignment – 07/ 05/2015
Name: Subject: Economics
Exercise 1
The
price of onions tripled in India in 2006.
Traders blamed the hike in price on a poor crop after unusually light
monsoon rains. In the same year in
India, the price of tomatoes rose largely due to higher demand caused by an
increase in urban incomes.
a. Draw a diagram, in each case, to
show why the price of onions and the price of tomatoes rose in India in 2006.
b. Explain how, in each case, the
markets responded to changing circumstances.
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