Australia Day lamb ad: Are lamb producers getting in for their chop?

http://www.abc.net.au/news/2016-01-13/australia-day-lamb-ad-are-producers-getting- the-chop/7085878 (Referring to https://www.youtube.com/watch?v=7i15OPuFvmA )

There is an old adage that there is no better advertisement than word of mouth, and that appears to be a strength of Meat and Livestock Australia's annual Australia Day lamb campaign.

Their current advertisement is the story on everyone's lips just now and that is exactly where Meat and Livestock Australia wants it to be.

With just under a fortnight until Australia Day and on day five of the 2016 lamb promotion, the advertisement is attracting attention and comment on social media.

[...]

She said the campaigns were good value for money for lamb producers.

"I think they're downright entertaining and I love the idea that they are promoting a lamb-based Australia Day culture," Ms Davies said.

"Lamb sales skyrocket over summer; it actually gets pretty expensive around Australia Day."

Ms Davies said she thought the industry should be pleased with the results the campaigns had delivered in previous years as well.

"Over time, lamb prices for us have soared; prices ten years ago would have been maybe two dollars a kilo cheaper," she said.

1. a) Explain what characteristics of the market for lamb might make the model of âperfect competitionâ appropriate to apply. [2 marks]
2. b) If the advertising is successful, it will increase the demand for lamb. Use the model of perfect competition to explain the impact of an increase in demand for lamb on individual firms and on the market in the short run. [4 marks]
3. c) Use the model of perfect competition to explain what would happen to in the overall market and to individual firms in the long run if the increase in demand was permanent. [4 marks] 

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