questions and answer

Modules 1 and 2 - Assessment 2

Page 1 of 5

ASSESSMENT BRIEF

Subject Code and Title ECON6000 Economic Principles and Decision Making

Assessment Module 1 and 2 - Assessment 2: Short written assessment

Individual/Group Individual

Length NA

Learning Outcomes 1. Interpret and successfully apply economic concepts of supply and demand for effective organisational problem

solving.

2. Apply quantitative and qualitative reasoning to

complex business variables including demand, supply,

production and costs.

3. Critically analyse production processes and cost functions

and classify the main forms of market structures as well as

recommend appropriate pricing and strategies.

4. Critically evaluate the role and impact of various forms of

government intervention in the economy including the

implications of competition and deregulation policy for

managerial practices.

Submission By 11:59 PM AEST/AEDT Friday at the end of every Module

Weighting 10% for each module

Total Marks 10 marks for Module 1 and 10 marks for Module 2

Context:

The short written module assessment allows you to apply your knowledge on the concepts

and ideas discussed during the Module. This assessment will prepare you for the final

report.

Modules 1 and 2 - Assessment 2

Page 2 of 5

Instructions:

Provide written answers to the following 2 problems. Discuss and explain sufficiently. Submit these answers in the Blackboard.

You will complete the answers at the each of each module; You are not expected to submit the answers for both the Modules together.

Module 1: (10 marks)

1) Draw a graph of the demand curve for a normal good like noodles

2) Suppose income increases, will consumers buy more noodles; explain

3) Why can we not get enough of organic food and products? Why is organic food more

expensive than their inorganic counterpart?

Module 2: (10 marks)

Kindly answer this only at the end of Module 2.

1) Technology and wage inequality – explain how the Information Technology revolution like

computer and network affects low and high skilled workers and their wages?

(AND)

2) Is there anything wrong in raising minimum wages?

(Or)

3) Calculate the Price Elasticity of Demand using midpoint formula with the following details.

For an increase in price from ‘G’ to ‘H’, has the elasticity increases or decreased?

G = (Quantity) 1800, (Price) 120

H = (Quantity) 1600, (Price) 130

Module 1 - Assessment 2: Short written assessment Page 3 of 5

Learning Rubrics

Assessment

Attributes

Fail

0-49

(Unacceptable)

Pass

50- 65

(Functional)

Credit

66-75

(Proficient)

Distinction

76-85

(Advanced)

High Distinction

86-100

(Exceptional)

Grade Description Evidence of unsatisfactory Evidence of satisfactory Evidence of a good level of Evidence of a high level of Evidence of an

(Grading Scheme) achievement of one or more achievement of course learning understanding, knowledge achievement of the exceptional level of of the learning objectives of objectives, the development of and skill development in learning objectives of the achievement of learning the course, insufficient relevant skills to a competent relation to the content of the course demonstrated in objectives across the understanding of the course level, and adequate course or work of a superior such areas as entire content of the content and/or unsatisfactory interpretation and critical quality on the majority of the interpretation and critical course demonstrated in level of skill development. analysis skills. learning objectives of the analysis, logical such areas as course. Demonstration of a argument, use of interpretation and high level of interpretation methodology and critical analysis, logical and critical analysis skills. communication skills. argument, creativity, originality, use of methodology and communication skills.

Knowledge and

Understanding of

economic concepts

presented in the

Module

25%

Limited understanding of

required concepts and

knowledge

Key components of the

assignment are not

addressed.

Knowledge or understanding of

the field or discipline.

Resembles a recall or summary

of key ideas.

Often conflates/confuses

assertion of personal opinion

with information substantiated

by evidence from the

research/course materials.

Thorough knowledge or

understanding of the field or

discipline/s. Supports

personal opinion and

information substantiated by

evidence from the

research/course materials.

Demonstrates a capacity to

explain and apply relevant

concepts.

Highly developed

understanding of the field

or discipline/s.

Discriminates between

assertion of personal

opinion and information

substantiated by robust

evidence from the

research/course

materials and extended

reading.

Well demonstrated

capacity to explain and

apply relevant concepts.

A sophisticated

understanding of the

field or discipline/s.

Systematically and

critically discriminates

between assertion of

personal opinion and

information

substantiated by robust

evidence from the

research/course

materials and extended

reading.

Mastery of concepts

and application to new

Module 1 - Assessment 2: Short written assessment Page 4 of 5

situations/further

learning.

Critical reasoning,

presentation and

defence of an

argument and/or

position in context of

organisational

problem solving

Specific position (perspective

or argument) fails to take into

account the complexities of

the issue(s) or scope of the

assignment.

Makes assertions that are not

justified.

Specific position (perspective or

argument) begins to take into

account the issue(s) or scope of

the assignment.

Justifies any conclusions

reached with arguments not

merely assertion.

Specific position (perspective

or argument) takes into

account the complexities of

the issue(s) or scope of the

assignment. Others’ points of

view are acknowledged.

Justifies any conclusions

reached with well-formed

arguments not merely

assertion.

Specific position

(perspective or

argument) is expertly

presented and accurately

takes into account the

complexities of the

issue(s) and scope of the

assignment.

Justifies any conclusions

reached with well-

developed arguments.

Specific position

(perspective or

argument) is presented

expertly, authoritatively

and imaginatively,

accurately taking into

account the

complexities of the

issue(s) and scope of

the assignment. Limits

of position are

acknowledged.

25%

Justifies any conclusions

reached with

sophisticated

arguments.

Analysis and

application with

synthesis of new

knowledge related

to economic

concepts of supply

and demand

30%

Limited synthesis and

analysis.

Limited

application/recommendations

based upon analysis.

Demonstrated analysis and

synthesis of new knowledge

with application.

Shows the ability to interpret

relevant information and

literature.

Well-developed analysis and

synthesis with application of

recommendations linked to

analysis/synthesis.

Thoroughly developed

and creative analysis and

synthesis with application

of pretested models and /

or independently

developed models and

justified

recommendations linked

to analysis/synthesis

Highly sophisticated

and creative analysis,

synthesis of new with

existing knowledge.

Strong application by

way of pretested

models and / or

independently

developed models.

Recommendations are

clearly justified based

on the

analysis/synthesis.

Module 1 - Assessment 2: Short written assessment Page 5 of 5

Applying knowledge to

new situations/other

cases.

Content, Audience

and Purpose

20 %

Demonstrates no awareness

of context and/or purpose of

the assignment.

Demonstrates limited

awareness of context and/or

purpose of the assignment

Demonstrates consistent

awareness of context and/or

purpose of the assignment.

Demonstrates an

advanced and integrated

understanding of context

and/or purpose of the

assignment.

Consistently

demonstrates a

systematic and critical

understanding of

context and purpose of

the assignment.