Required textbook:Layton, A.P, Robinson, T. and Tucker, I.B. 2016,Economics for Today, 5th Asia-Pacific edn, Cengage Learning, Australia
ECO105 Business Economics Written Assignment Semester 1, 2019 Dr. D Chakrabarty Maximum Marks: 30 (worth 30% of the overall assessment) Due date: Sunday, 29th September 2019, 23:59 hours, Darwin time Instructions: 1. Assignment must be typed and submitted in Microsoft Word format. 2. Format the assignment with 1.5 line spacing and size 12 point Arial font. 3. Submit the completed assignment (as a Word document) electronically via “Written Assignment Submission Point” in the Assessment Task 3 folder. 4. You must clearly label the answer to each question. 5. If you are unable to draw diagrams in Microsoft Word, you may use scanned copies of hand drawn diagrams. 6. Word count: The suggested word limit for each sub-question is 200-250 words. 7. Information related to each of the above questions can be found in the learning materials and set text. However, you are encouraged to research using library resources and online materials. 8. You must clearly acknowledge all sources using Harvard referencing system including the textbook. 9. Keep a hard copy of the submitted assignment, in case there are problems with the electronic submission. Important Notice: As this is an individual assessment, students should submit their own assignment. All assignments submitted will go through a matching process. If found to have cheated/plagiarised, all submissions will receive a mark of zero for this assessment item. It is up to you to keep your assessment confidential. ECO105, S2 2019 Jasmine This Assignment consists of 3 questions. Attempt all of them. Question 1 (a) Explain, with the aid of diagrams, how an outbreak of hostilities in the Middle East might be expected to impact the Australian markets for petrol and passenger cars with large engines that run on petrol. (6 marks) (b) The latest electric car is expected to be released in Australia shortly at a very affordable price. What impact might this have on the market for cars which run on petrol? Justify your answer. (4 marks) Question 2 (a) Australian government is encouraging young people to attend universities with a view to increase the proportion of educated youth workforce. While this policy certainly reduces the number of people available for work today it will increase their skills when they eventually complete their university degrees and enter the workforce. Use the production frontier model and graph to show the effects of such a policy on Australian output. (6 marks) (b) What are the long-term determinants of economic growth and how can government influence economic growth. (4 marks) Question 3 (a) Suppose the government is thinking of imposing a sales tax on all brands of cigarettes. What will be the likely impact of this tax on the price of cigarettes and who will bear the major burden of the tax? How will your answer change if the tax was imposed on the consumption of coffee instead? Explain with the help of appropriate diagrams. (6 marks) (b) Coles and Woolworths dominate the Australian supermarket/grocery sector. Which type of market structure does this sector resemble? Provide a brief explanation. Based on the concepts learnt in this unit explain the likely reasons for the prevalence of this market structure in the Australian supermarket sector. (4 marks) END OF WRITTEN ASSIGNMENT 2 ECO105, S2 2019 Written Assignment Relevant learning objectives High Distinction(85%+) Distinction (75%-84%) Credit (65%-74%) Pass (50%-64%) Fail 0-49% Academic writing and presentation skills Highly developed skills in expression and presentation of ideas. Fluent writing style. No major grammatical and spelling errors. Well-developed skills in expression and presentation of ideas. Fluent writing style. No spelling errors, minor grammatical errors. A satisfactory standard of expression. Relatively clear and concise in expression of ideas. Few spelling and/or grammar errors. Some inconsistency in sentence structure. Clarity of expression could be enhanced by some revision. Many spelling errors and/or poor grammar. Poor communication of ideas due to careless writing and lack of proof-reading. Too many spelling and/or grammar errors. Identification of appropriate economic tools and their application Excellent use of knowledge gained and awareness of deeper and more subtle aspects of the economics tools. Excellent use of knowledge gained. The work demonstrates breadth and depth of understanding of most aspects of economics tools. Demonstrates knowledge of relevant key economics tools in an appropriate manner. Contains limited use of appropriate economics tools. It fails to demonstrate awareness of key ideas. Fails to demonstrate knowledge of key economic tools, principles and concepts. Quality of arguments, analytical and evaluations skills Provides well-argued and articulated statements with supporting evidence. Evidence of originality and independent thought. Has highly developed analytical skills & consistently demonstrates high levels of critical analysis. Demonstrates ability to reflect on conclusions and their implications. Provides well-argued and articulated statements, but limited use of supporting evidence. There is evidence of independent thought. Has good analytical skills and is capable of good levels of critical analysis. Able to justify conclusions and their implications. Able to synthesise and draw conclusions from multiple perspectives. Well-reasoned arguments based on broad evidence. Demonstrates some evidence of analytical and evaluative skills. Able to apply fundamental concepts and draw and justify conclusions. Arguments based on limited evidence. Demonstrates very limited evidence of analytical and evaluative skills Able to apply very limited concepts to draw and justify conclusions. Unable to demonstrate evidence of ability to construct clear and coherent arguments. Little (or no) evidence of analytical and evaluative skills. Fails to draw and justify conclusions using fundamental concepts.