| Assignment Rubric for MGE1108 Assessment 3 |
| Criteria | HD (80% - 100%) | Distinction (70% - 79%) | Credit (60% - 69%) | Pass (50% - 59%) | Fail (0% - 49%) | Marks Awarded |
| Question 1:
Compare the market structures of Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly under the following headings.
a. number of firms in the market
b. similarity of the products sold
c. barriers to entry
9 marks | Provides a very clear and accurate comparison of each market under the prescribed the headings.
| Provides a moderately clear and accurate comparison of each market under the prescribed the headings.
| Provides a reasonable attempt to compare each market under the prescribed the headings..
| Attempts to compare each market but there are omissions of some descriptions.
| Addresses only a few or none of the markets or their headings.
|
| Question 2
Based on your understanding of each market structure described in Question 1, state which market structure you think each of the following businesses belong to.
Explain your choice with a short description of which characteristics of the chosen market structure they display.
8 marks
| Correctly identifies and explains 7 to 8 of the cases. | Correctly identifies and explains 5 to 6 of the cases. | Correctly identifies and explains 3 to 4 of the cases. | Correctly identifies and explains 1 to 2 of the cases. | Correctly identifies and explains none of the cases. |
| Question 3
In Australia, Coles and Woolworth are the two major supermarket chains that dominate about 70% of the Australian supermarket business. Draw and explain a “kinked demand curve” by using this situation as an example.
Explain why firms that face a kinked demand curve are likely to engage in non-price competition.
8 marks
| Provides an excellent explanation that demonstrates an accurate understanding of non-price competition.
| Provides a good explanation that demonstrates an accurate understanding of non-price competition.
| Provides a reasonable explanation that demonstrates some understanding of non-price competition.
| Explanation that demonstrates some understanding of non-price competition. | Explanation that shows a poor or wrong understanding of non-price competition. |
| Question 3b
Give three examples of how firms engage in non-price competition
6 marks. | Three examples are given. Explanation for every one of them is brief and clear. | Three examples are given. Explanation for most of them is brief and clear. | Two examples are given. Explanation for most of them is brief and clear. | Two examples are but lack explanations. | One example is given but lack explanation.
|
| Question 4
Explain the term “price discrimination” and explain any two (2) methods of price discrimination used by firms.
4 marks | Provides an excellent explanation with 2 methods that demonstrates an accurate understanding of the term “price discrimination” . | Provides a good explanation with 2 methods that demonstrates an accurate understanding of the term “price discrimination” .
| Provides a reasonable explanation with 2 methods that demonstrates some understanding of the term “price discrimination” . | Explanation with 2 methods that demonstrates some understanding of the term “price discrimination” . | Explanation with 2 methods that shows a poor or wrong understanding of the term “price discrimination” . |
| Question 5
Diagram A Diagram B
The above are diagrams of demand curves facing two firms.
Required:
State which demand curve applies to the Monopolistic Competition firm and the other to the Oligopoly firm and explain why you think so (Hint: consider their price elasticities of demand)
6 marks
| Identifies the correct name of markets. Provides an explanation that shows excellent understanding of elasticity of demand . | IIdentifies the correct name of markets. Provides an explanation that shows some understanding of elasticity of demand. | IIdentifies the correct name of markets. Provides an explanation that shows a vague understanding of elasticity of demand. | Identifies the correct name of markets. Provides an explanation that shows a weak understanding of elasticity of demand. | Identifies the correct name of markets. Does not provide an explanation.
|
| Required:
A reference list/bibliography and proper in-text referencing for all questions .
5 marks
| Reference list includes the recommended text and/or other reputable academic sources. Answers to every question has proper intext referencing. | Reference list includes the recommended text and/or other reputable academic sources. Most but not all the answers to questions have proper intext referencing. | Reference list includes the recommended text and/or other reputable academic sources. Only some answers to questions have proper intext referencing. | Reference list does not include the recommended text and the reputation of other sources is doubtful e.g. wikipedia, investopedia. Only some answers to questions have proper intext referencing. | There is no reference list nor any intext referencing.
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| TOTAL MARKS: |
| set B |
Kylin
AssignmentRubric_19.3.xlsx
