Referencing Styles : APA Students will complete 4 tests in Mye conlab. Each test may be attempted two times and the score is the better o fthe two attempts. The best 2 results of these 4 tests will count towards the final mark. These tests will count for 10%of the final grade, so each test is worth 5% of the overall mark.It is the student’s responsibility to ensure that these tests are submitted on time. Once the due date has passed Mye conlab submission will not be possible. The first Mye conlab test will be available 2 weeks prior to the due date,and all others will be available 1 week prior to the due date. Failure to complete a Mye conlab test on time will result in the award of a zero grade for that portion of the assessment. The assignment will demonstrate the student’s/group’s ability to: Represent the market of the chosen firm’s product diagrammatically and explain in words the key factors influencing: demand for the firm’s product; the supply of the product; the price elasticity of demand and the income elasticity of demand. Illustrate with separate diagrams and explain in words the effect of; i) an external shock and ii) a change in government policy affecting the market the firm operates in. The assignment will: Be less than 1000 words with a correctly labeled diagram(s).  Include a title, introduction and conclusion. Include diagrams where appropriate, not hand drawn.  Word processed in 12 point font at 1.5 spacing. Be properly referenced using the Harvard style.  Include a statement of authorship on the front page. Grading process:  Each student in the group will receive the same mark for this assignment. Each group will keep an attendance record for all group members and the class facilitator will monitor group members ‘performance. In extreme circumstances, the class facilitator may adjust the allocation of marks in line with individual contributions to the assignment. These adjustments will be at the discretion of the facilitator. Students are to choose one of the following firms: i. A farming company specializing in wheat and barley production (Silo Pty Ltd). The firm is one of many producers in the international market. ii. Dewey, Cheatem and Howe, a law firm specializing in compensation law. The firm is one of a number of local law firms. iii. Spend‐Easy, a retail chain specializing in the sale of white goods. The firm is one of four large white goods retailer’s with a 20% market share in Australia.iv. Ex Hoon Pty Ltd, a producer of auto parts, specializing in high tech safety systems. The company has recently patented a new technology that will revolutionize vehicle safety. v. Mc Mansion Pty Ltd, a housing construction business competing with a number of other construction firms in the State of Victoria. In the assignment you are required to describe the factors influencing the market demand and supply curves for the chosen firm’s product or service (e.g. how would a change in consumer income affect demand). This will include the factors affecting the price elasticity of demand and the income elasticity of demand and from this description whether demand is elastic (inelastic) in the long and short run, and whether the good (service) is a normal or inferior good (service). Students are to illustrate and explain, using comparative statics, the impact of the following shock in the market in which the chosen firm operates. i. A bumper harvest in the U.S. and South America increase the global wheat yield. ii. There is a reported dramatic increase in the compensation claims going to court. iii. A multinational white goods retailer launches a strategy to open 20 new stores in Australia. iv. Ford to close its Broad meadows and Geelong plants for which Ex Hoon Pty Ltd is a major supplier.v. The construction industry faces a significant increase in labor costs. Illustrate with the market demand and supply curve the expected impact of a change in government policy on the chosen firm/industry: i. The government introduces a tax on fertilizer used in agriculture due to runoff damages to rivers and streams ii. Government disbands the Traffic Accident Commission (TAC), a publicly funded compensation scheme iii. The government decides to increase GST from 10 to 15% iv. The government announces tough new safety standards for all new vehicles sold in Australia v. The government announces it will scrap the First Home Buyers Grant. Last for the firm chosen; what is the market structure that the firm operates in? Why? For example, does in operate in a competitive market, is it a monopoly, or somewhere in between such as monopolist competition or oligopoly?