Referencing Styles : APA Assignment 1 consists of two short answer questions based on Text material. Before attempting this assignment you are expected to have read Text chapters 1, 2, 3 and 4. Sources used in your answer should be fully referenced in APA 6th style. Answer the following questions ensuring that you apply economic principles or theory related to (a) the concepts of supply and demand for Question 1 and (b) the concepts of specialisation and exchange for Question 2 to inform your analysis and support your decisions. Communicate your ideas with correct grammar, spelling and writing style and support your answers with diagrams as necessary. Question 1 You are the only supplier of a product and you are seeking to increase your revenue. Under what conditions would you (a) take the decision to lower the price of your product or (b) take the decision to raise the price of your product in order to achieve your goal of increased revenue. Question 2 A country that can produce all goods more efficiently than any other country has no need to engage in trade. Discuss. Rationale This assignment provides an opportunity for you to demonstrate that you have engaged with the subject and that you are familiar with the use of the model of supply and demand and concepts of specialisation and exchange. The questions address the following learning outcomes: Learning Outcome 1: be able to apply demand and supply analysis to make a range of market related decisions. Learning Outcome 2: be able to identify and critically evaluate opportunities for specialisation and exchange.