the market for honey and the role of bees in Australia using externality theory
“”If the bee disappeared off the surface of the globe then man would only have four years of life left. No more bees, no more pollination, no more plants, no more animals, no more man.” There is some debate about who actually made this remark. It is often attributed to Albert Einstein, but few scientists now believe this doomsday scenario will actually happen. Nevertheless, the apocalyptic vision is an indication of how important honeybees are to the world’s agricultural economy. It is estimated a third of the food we eat is pollinated by bees.”
In this assignment, you need to discuss the market for honey and the role of bees in Australia using externality theory. First, find out where honey (beekeeping) is produced in Australia. Summarise this. Then, find out which countries import Australian honey. (Hint: You may like to use a map of the world).
Discuss what you have found out about the supply and demand (Australian and overseas) for Australian honey
and the positive externality in production in this market.
Then, draw a correctly labelled supply and demand diagram to show this market with the externality (Hint: draw
this diagram in MS Powerpoint using the draw tool, then copy and paste into your MS Word document). Explain
Finally, given the positive externality in production, suggest one way that commercial beekeepers can be
encouraged to produce the optimal amount of honey. Explain your answer.
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