ECONOMICS THEORY

Length: Maximum 2,000 words each

Submission method options: Alternative submission method

Task

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Assignment 2 consists of two questions (worth 10 marks each). Sources used in your answer should be fully referenced in APA 6th style.

Communicate your ideas with correct grammar, spelling and writing style and support your answers with diagrams as necessary.

Question 1 (10 marks)

Use the economics or other literature (but not the textbook) to identify estimates of the price elasticity of demand for at least three different products or services. The estimates must be from three different articles with a publication date of 2017, 2018 or 2019. Provide complete references for the sources that you have used. Comment on the magnitudes of these estimates in relation to the standard economic determinants of the price elasticity of demand.

Question 2 (10 marks)

Identify from media, industry, research or government reports on Australian industry, an example of an organisation that has significant monopoly power. Why does this organisation has monopoly power? Describe how and whether the organisation benefits from this monopoly power. For your example, explain how, why and which consumers lose if monopoly power is exercised. Explain how government intervention is used, or may be used, to curb this power if it exercised.

Rationale

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This assessment task will assess the following learning outcome/s:

be able to apply demand and supply analysis to make a range of market related decisions.

be able to make decisions that incorporate the relevant benefits and cost analysis.

be able to explain and defend why it is important to understand the structure of the market in which a firm operates.

This assignment provides an opportunity for you to demonstrate that you are familiar with the use of the model of supply and demand and concepts of industrial structure.

Marking criteria and standards

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Your mark will be the based on your responses according to applying the following marking guide.

Learning outcome assessed

Criteria

HD

85%-100%

DI

75%-84%

CR

65%-74%

PS

50%-64%

FL

< 50%

Be able to apply economic concepts and principles to daily life

Work applies principles of economics correctly to realistic situations.

Applies correct economic principles, analysis is substantiated with workings, and calculations in order to arrive at the right answer. There are negligible errors/no errors in calculations.

Applies correct economic principles, description is substantiated with workings, and calculations in order to arrive at the right answer. There are negligible errors/no errors in calculations.

Applies correct economic principles, description is substantiated with workings, and calculations in order to arrive at the right answer. There are minor errors in calculations.

Applies correct economic principles, shows workings and calculations but contains some errors.

Applies limited or no understanding of relevant principles. Working and calculations are either not shown or contain major errors.

Be able to construct graphs and diagrams to demonstrate how economic concepts and principles work in practice

Use diagrams in your answers to provide a more comprehensive response.

Diagrams created by students are correctly and precisely labelled, relevant to the specific question, and used appropriately to demonstrate their high level understanding of all key economic concepts and principles.

Diagrams created by students are correctly and clearly labelled, relate to the specific questions and demonstrate a clear understanding of all key economic concepts and principles.

Diagrams created by students are correct with an attempt at labeling that maybe unclear/incorrect, and demonstrate an understanding of most of the key economic

concepts and principles required in this task.

Diagrams created by students are mostly correct with an attempt at labeling, are relevant to the specific question, and demonstrate some understanding of basic economic concepts and principles.

No diagrams provided or they are incorrect, poorly labelled or irrelevant to the specific question. The diagram fails to demonstrate the students understanding of economic concepts and principles.

Be able to explain the economic decision making of producers and consumers and their interaction in the market place

Work applies principles of economics correctly in discussing results, conclusions, and/or recommendations.

Principles are applied in the appropriate manner to arrive at the correct answer. Written work shows analysis in order to interpret and make highly complex recommendations relating to economic principles covered in

this subject.

Principles are applied in the appropriate manner to arrive at the correct answer. Written work attempts to analyse, and shows the ability to interpret and make recommendations to economic principles covered in this subject.

Principles are applied in the appropriate manner to arrive at the correct answer. Written work shows the ability to interpret and make

some key recommendations to economic principles covered in this subject.

Discussion reflects basic understanding of relevant principles. Some inclusion of relevant recommendations.

Principles are not applied appropriately, correct answer is not provided. Written work does not make suitable/relevant recommendations to economic principles covered in this subject.

Academic writing skills and referencing

Information, spelling, grammar and written expression is set out in a coherent manner, with professional presentation. Appropriate use of font, formatting, diagrams etc., where relevant. Referencing should follow the APA style, see the presentation requirements.

Pass

Sustained, consistent and logical presentation of work.

Accurate spelling and grammar, excellent written expression and syntax.

Appropriate referencing of articles and web-sites.

Structure of work does not demonstrate a consistent and logical presentation format. Inaccurate spelling and

use of grammar, inconsistent written expression. Incomplete or inaccurate referencing.

Presentation

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The following points are a general guide for presenting assessment items.

Responses to assessment items should be typed. Use 1.5 spacing.

Use a wide left margin. Markers need space to be able to include their comments. Use a standard 12pt font such as Times New Roman, Calibri or Arial.

Left- justify body text.

Include a separate title page with your name, student number, subject code, assessment number and assessment question. Include class time and tutor’s name if applicable. Number your pages (except the cover page).

Use a header or footer with your name and student number on each page.

Always keep a copy of your assessments. Both a hard copy and an electronic copy.

Most importantly, always use your spelling and grammar checker, but remember that this does not pick up all errors. You must still manually and carefully edit your work.

You need to appropriately reference all the articles, reports and web-sites you employ in developing your assignments. Please use the APA style, information can be found at the CSU Referencing website at: http://student.csu.edu.au/study/referencing-at-csu

Requirements

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Sources used in your answer should be fully referenced in APA 6th style.

Assignments must be submitted through Turnitin.