economics work, $30 fixed
blank87
Assessment_guidemw.docxAssessment item 2
Value: 40%
Due date: 23-Apr-2018
Return date: 15-May-2018
Length: Approximately 2000 words
Submission method options
Alternative submission method
Task
Assignment consists of Three problem questions based on text material. Text material which may be relevant to the questions may be drawn from any of text chapters 1-10.
Answer the following:
Question 1
Illustrate using the demand and supply model, the effects of a tax imposed on sellers of tobacco products. Explain in detail who pays the tax (buyers and/or sellers) and discuss the role the price elasticity of demand plays in determining the impact on prices and quantity of tobacco products sold. Be explicit about any assumptions made in developing predictions. (7 marks and Figure)
Question 2
a) Assume a perfectly competitive firm’s total cost (TC) for different levels of output Q is given by:
Q TC 0 50 1 100 2 140 3 170 4 190 5 210 6 230 7 260 8 300 9 350 10 410
In a table format for the range of output (Q) provided determine: average total costs, average fixed costs, average variable costs and marginal costs. At a price of $35 how many units will be produced in the short run? At this price how many units will be produced in the long run?
b) Explain the differences between a monopolistically competitive market and an oligopolistic market? Give examples of industries (you choose in industry AUS Market) with these market structures to explain your answer. (Determine; Characteristics: model; an example; graphic).
You have to support some evidence
Question 3
Some State Governments around Australia have pursued policies to merge Local Government Councils. Explain the economic rationale for these policies, use cost curves and related evidence to support your arguments.
Rationale
The questions address the following learning outcomes:
· be able to apply demand and supply analysis to make a range of market related decisions
· be able to explain and defend why it is important to understand the structure of the market in which a firm operates
· be able to make decisions that incorporate the relevant benefits and cost analysis
Marking criteria
Question 1 Learning outcome: be able to apply demand and supply analysis to make a range of market related decisions. This question requires a thorough understanding of how excise taxes can be analysed through demand and supply analysis.
|
High Distinction(85%+) |
Determines the amount of excise tax charged and the before tax price totally correctly. Provides an excellent and complete discussion of the effects of a tax on tobacco products. The role of price elasticity of demand and the statement of explicit assumptions are completely outlined. Highly developed skills in expression and presentation of ideas. Provides well-argued articulated statements with excellent supporting evidence. |
|
Distinction (75%-84%) |
Determines the amount of excise tax charged and the before tax price correctly. Provides a very good discussion of the effects of a tax on tobacco products. The role of price elasticity of demand and the statement of explicit assumptions are well outlined. Well-developed skills in expression and presentation of ideas. Provides well-argued and articulated statements with very good supporting evidence. |
|
Credit (65%-74%) |
Determines the amount of excise tax charged and the before tax price mainly correctly. Provides a good but partially incomplete discussion of the effects of a tax on tobacco products. The role of price elasticity of demand and the statement of explicit assumption are outlined. Some well-developed skills in expression and presentation of ideas. Provides some well-argued and articulated statements with some good supporting evidence. |
|
Pass (50%-64%) |
Determines the amount of excise tax charged and the before tax price but with some minor errors. Provides a satisfactory but partially incomplete discussion of the effects of a tax on tobacco products. The role of price elasticity of demand and the statement of explicit assumptions are only partially outlined. Some inconsistency in sentence structure and some expression lapses. Arguments based on limited evidence. |
|
Fail (Less than 50%) |
Determines the amount of excise tax charged and the before tax price but with major errors or omissions. Provides a poor and mainly incomplete discussion of the effects of a tax on tobacco products. The role of price elasticity of demand and the statement of explicit assumptions are incompletely outlined. Poor communication of ideas due to careless writing and lack of proof-reading. Little demonstrated evidence of ability to construct clear and coherent arguments. |
Question 2 Learning outcome: be able to make decisions that incorporate the relevant benefits and cost analysis; and be able to explain and defend why it is important to understand the structure of the market in which a firm operates. This question requires an understanding of different market structures and how firms make decisions based on a comparison of costs and benefits within these market structures.
|
High Distinction(85%+) |
Determine the various costs and the optimum production levels in the short-run and long-run totally correctly. Provides an excellent and complete discussion of the differences between monopolistic and oligopolistic markets. Describe excellent and complete examples to explain these market structures. Highly developed skills in expression and presentation of ideas. Provides well-argued articulated statements with excellent supporting evidence. |
|
Distinction (75%-84%) |
Determine the various costs and the optimum production levels in the short-run and long-run correctly. Provides a very good discussion of the differences between monopolistic and oligopolistic markets. Describe very good and complete examples to explain these market structures. Well-developed skills in expression and presentation of ideas. Provides well-argued and articulated statements with very good supporting evidence. |
|
Credit (65%-74%) |
Determine the various costs and the optimum production levels in the short-run and long-run mainly correctly. Provides a good and mainly complete discussion of the differences between monopolistic and oligopolistic markets. Describe good and mainly complete examples to explain these market structures. Some well-developed skills in expression and presentation of ideas. Provides some well-argued and articulated statements with some good supporting evidence. |
|
Pass (50%-64%) |
Determine the various costs and the optimum production levels in the short-run and long-run with some minor errors. Provides a satisfactory and partially complete discussion of the differences between monopolistic and oligopolistic markets. Describe satisfactory and partially complete examples to explain these market structures. Some inconsistency in sentence structure and some expression lapses. Arguments based on limited evidence. |
|
Fail (Less than 50%) |
Determine the various costs and the optimum production levels in the short-run and long-run with major errors or omissions. Provides a poor and mainly incomplete discussion of the differences between monopolistic and oligopolistic markets. Describe poor and mainly incomplete examples to explain these market structures. Poor communication of ideas due to careless writing and lack of proof-reading. Little demonstrated evidence of ability to construct clear and coherent arguments. |
Question 3
Learning outcome: be able to make decisions that incorporate the relevant benefits and cost analysis. This question requires an understanding of the economic justification for merging small councils and how this depends upon a comparison of costs and benefits.
|
High Distinction(85%+) |
Provides an excellent and complete discussion of the economic rationale for merging local councils and how this depends crucially upon the cost structure of councils. Excellent diagrams are developed to illustrate the response. Highly developed skills in expression and presentation of ideas. Provides well-argued articulated statements with excellent supporting evidence. |
|
Distinction (75%-84%) |
Provides a very good and complete discussion of the economic rationale for merging local councils and how this depends crucially upon the cost structure of councils. Very good diagrams are developed to illustrate the response. Well-developed skills in expression and presentation of ideas. Provides well-argued and articulated statements with very good supporting evidence. |
|
Credit (65%-74%) |
Provides a good and mainly complete discussion of the economic rationale for merging local councils and how this depends crucially upon the cost structure of councils. Good diagrams are developed to illustrate the response. Some well-developed skills in expression and presentation of ideas. Provides some well-argued and articulated statements with some good supporting evidence. |
|
Pass (50%-64%) |
Provides a satisfactory and partially complete discussion of the economic rationale for merging local councils and how this depends upon the cost structure of councils. Satisfactory diagrams are developed to illustrate the response. Some inconsistency in sentence structure and some expression lapses. Arguments based on limited evidence. |
|
Fail (Less than 50%) |
Provides a poor and mainly incomplete discussion of the economic rationale for merging local councils and how this depends crucially upon the cost structure of councils. Poor diagrams are developed to illustrate the response. Poor communication of ideas due to careless writing and lack of proof-reading. Little demonstrated evidence of ability to construct clear and coherent arguments. |
Presentation
Answers should be typed and diagrams must be clear and neat and preferably drawn electronically. Hand-drawn diagrams are acceptable.
Requirements
APA referencing must be used when citing literature.
This assignment must be submitted through Turnitin.
It is recommended that your name, student ID and page number are included in the header or footer of every page of the assignment. Further details about submission in Turnitin are provided in On-line submission.
