Assignment 1: Short Answer Questions
Value: 10%
Due date: 07-Aug-2017
Return date: 28-Aug-2017
Length: Approximately 500 words
Submission method options
Alternative submission method
Task
Assignment 1 consists of two short answer questions (worth 5 marks
each) based on Text material. Before attempting this assignment you are
expected to have read Text chapters 1, 2, 3 and 4. Sources used in your
answer should be fully referenced in APA 6th style.
Answer the following questions ensuring that you apply economic
principles or theory related to (a) the concepts of supply and demand
for Question 1 and (b) the concepts of specialisation and exchange for
Question 2 to inform your analysis and support your decisions.
Communicate your ideas with correct grammar, spelling and writing style
and support your answers with diagrams as necessary.
Question 1 (5 marks)
As a producer, why is it important to consider the price elasticity
of demand of your product when setting the price you are going to
charge?
Question 2 (5 Marks)
Explain the difference between comparative advantage an absolute advantage.
Rationale
This assignment provides an opportunity for you to demonstrate that
you have engaged with the subject and that you are familiar with the use
of the model of supply and demand and concepts of specialisation and
exchange.
The questions address the following learning outcomes:
Learning Outcome 1: be able to apply demand and supply analysis to make a range of market related decisions.
Learning Outcome 2: be able to identify and critically evaluate opportunities for specialisation and exchange.
Marking criteria
Criteria HD (85%) DI (75-84%) CR (65-74%) PS (50-64%) FL (0 50%)
Questions 1 and 2: Academic writing clearly communicates meaning
(10% weighting). Language features and structures are used to convey
meaning effectively, clearly, concisely, unambiguously, and in a tone
appropriate to the audience and purpose with no spelling, grammatical,
or punctuation errors. Language features and structures are used to
convey meaning effectively, clearly, unambiguously, and in a tone
appropriate to the audience and purpose with few spelling, grammatical,
or punctuation errors. The text contains some errors in spelling,
grammar, word choice, and structure, lacks clarity occasionally, and may
not be concise, but the meaning is apparent to the reader with little
effort. The text contains frequent errors in spelling, grammar, word
choice, and structure, lacks clarity, and is not concise, but the
meaning is apparent to the reader with some effort. Fails to meet
criteria for a pass.
Questions 1 and 2: Academic writing includes APA 6th referencing
(10% weighting). Referencing is comprehensive, demonstrates academic
integrity, and conforms exactly to APA style conventions. Referencing is
comprehensive, demonstrates academic integrity, and conforms to APA
style conventions with fewer than three minor errors or omissions which
don't impact on the transparency and traceability of the source or the
demonstration of academic integrity. Referencing is comprehensive and
mostly accurate according to APA style conventions. Up to eight minor
errors or omissions in style and formatting choices (e.g. italics,
punctuation, underlining) don't impact on the transparency and
traceability of the source, or the demonstration of academic integrity.
Referencing is comprehensive and mostly accurate according to APA style
conventions. Frequent minor errors or omissions in style and formatting
choices (e.g. italics, punctuation, underlining) don't impact on the
transparency and traceability of the source, or the demonstration of
academic integrity. Fails to meet criteria for a pass.
Question 1: Analyses supply and demand components to provide market
related recommendations and or decisions (80% weighting). The answer
synthesises the most important elements of the theory of demand and
supply with new insights providing an in-depth application of demand and
supply theory along with clearly labelled relevant diagrams to produce a
comprehensive analysis that is used as the basis for identifying the
correct decisions within the context of specific market circumstances.
The answer evaluates the theory of demand and supply and uses the theory
to analyse the question. Decisions based on analysis correctly reflect
the options available given specified market conditions and are
presented through a sound argument showing good judgement. However,
minor errors have been found in the narrative or use of diagrams. The
answer correctly interprets the theory of demand and supply to analyse
the question. Decisions based on analysis correctly reflect the options
available given specified market conditions. However, some errors have
been found in the narrative or use of diagrams. The answer identifies
the most important elements of the theory of demand and supply to
analyse the question. Decisions based on analysis correctly reflect the
options available given specified market conditions. Limited explanation
and poor use of diagrams provides marginal support for the conclusions
drawn. Fails to meet criteria for a pass.
Question 2: Correctly utilises trade theory to identify and
critically evaluate if opportunities exist for specialisation and
exchange (80% weighting). The answer synthesises the theory in relation
to specialisation and exchange with new insights providing an in-depth
application of trade theory along with clearly labelled relevant
diagrams to produce a comprehensive analysis that is used as the basis
for identifying the correct decisions relating to specialisation and
exchange within the context of specific market circumstances The answer
evaluates the theory in relation to specialisation and exchange and uses
the theory to analyse the question. Decisions based on analysis
correctly reflect the options available with respect to specialisation
and exchange given specified market conditions and are presented through
a sound argument showing good judgement. However, minor errors have
been found in the narrative or use of diagrams. The answer correctly
interprets the theory in relation to specialisation and exchange to
analyse the question. Decisions based on analysis correctly reflect the
options available with respect to specialisation and exchange given
specified market conditions. However, some errors have been found in the
narrative or use of diagrams. The answer identifies the most important
elements of trade theory in relation to specialisation and exchange to
analyse the question. Decisions based on analysis correctly reflect the
options available with respect to specialisation and exchange given
specified market conditions. Limited explanation and poor use of
diagrams provides marginal support for the conclusions drawn. Fails to
meet criteria for a pass.
Presentation
Answers should be typed and diagrams must be clear and neat and
preferably drawn electronically. Hand-drawn diagrams are acceptable.
Sources used in your answer should be fully referenced in APA 6th style.
The answer to the question should be divided into three parts:
Part 1: Introduction
The introduction sets up your response by succinctly stating your
understanding of the issues, what you think is the best way to analyse
the situation – including choice of theory and sources of evidence, what
type of findings you expect and what potential applications you expect
there to be.
Part 2: Analysis
The analysis will represent the bulk of your work. Here you will
provide your answer in detail by drawing upon the literature, the theory
and the evidence to come up with an answer to the question posed. You
may find that you want to break this section up into a number of
sub-parts – one for a detailed discussion of the issues including your
non-technical response, one for a detailed analysis of the tools of
analysis you will use (theory), one for your extensive consideration of
the evidence, one where you draw together your information and findings
along with their implications.
Part 3: Conclusion
In the conclusion you briefly and succinctly review what you have
done in answer to the question and indicate what further issues there
might be to be considered.
Requirements
Sources used in your answer should be fully referenced in APA 6th style.
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 online submission.
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