Apply the Theory of Edgeworth Price Cycles to predict the average regular unleaded petrol prices on Wednesday, Sep 22, 2021 in Sydney and Perth. Provide step by step explanation on how you reach your prediction. Also briefly discuss how lockdown restrictions may affect the duration of the cycle and the "Trough-TGP" difference. ( 2Recall that a trough is the stage of the cycle that marks the end of a period of declining. wordlimit 600)

Apply the Theory of Edgeworth Price Cycles to predict the average regular unleaded petrol prices on Wednesday, Sep 22, 2021 in Sydney and Perth. Provide step by step explanation on how you reach your prediction. Also briefly discuss how lockdown restrictions may affect the duration of the cycle and the "Trough-TGP" difference. ( 2Recall that a trough is the stage of the cycle that marks the end of a period of declining. wordlimit 600)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.12P

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