Assessment item 1Assignment 1Value:10%Due date:12-Mar-2018Return date:05-Apr-2018Length:Approximately 1000 wordsSubmission method optionsAlternative submission method
Task
Assignment 1 consists of two problem questions (worth 5 marks each)based on text material. Text material which may be relevant to this question may be drawn primarily from any of Text chapters 1, 2, 3 and 4.
Answer the following:
Question 1
Define and explain the three key economic ideas: 1) people are rational; 2) people respond to economic incentives; 3) optimal decisions are made at the margin. Provide an example for each idea (Do not use the examples from the textbook).
Question 2
Using the economics or other literature (but
notthe textbook) to identify estimates of theincome elasticity of demand for at least three different products.Provide full citations for the employed literature. Comment on the magnitudes of these estimates in relation to the standard economic determinants of theincome elasticity of demand.Rationale
The question addresses the following learning outcomes:
- 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
Marking criteria
Question 1
Learning outcome: be able to make decisions that incorporate the relevant benefits and cost analysis.This question requires an understanding of key economic ideas which develop optimal decisions based on a comparison of costs and benefits.
| HighDistinction(85%+) | Provides excellent and complete definitions and explanations of the key economic ideas. Provides exemplary examples which usefully illustrate the key ideas. Highly developed skills in expression and presentation of ideas. Provides well-argued articulated statements with excellent supporting evidence. |
| Distinction(75%-84%) | Provides very good definitions and explanations of the key economic ideas. Provides very good examples which usefully illustrate the key ideas. Well-developed skills in expression and presentation of ideas. Provides well-argued and articulated statements with very good supporting evidence. |
| Credit (65%-74%) | Provides good definitions and explanations of the key economic ideas. Provides good examples for which usefully illustrate the key ideas. 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 satisfactory definitions and explanations for the key economic ideas. Provides satisfactory examples which partially illustrate the key ideas. Some inconsistency in sentence structure and some expression lapses. Arguments based on limited evidence. |
| Fail (Less than50%) | Provides poor and/or incomplete definitions and explanations for the key economic ideas. Provides unclear and/or incomplete examples which poorly illustrate the key ideas. 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 apply demand and supply analysis to make a range of market related decisions. The question requires a thorough understanding of the concept of income elasticity as it relates to demand analysis.
| HighDistinction(85%+) | Provides fully cited and complete estimates of income elasticity of demand for different products. Explains with excellent and comprehensive detail how these estimates relate to the economic determinants of income elasticity. Highly developed skills in expression and presentation of ideas. Provides well-argued articulated statements with excellent supporting evidence. |
| Distinction(75%-84%) | Provides well cited and complete estimates of income elasticity of demand for different products. Explains with very good detail how these estimates relate to the economic determinants of income elasticity. Well-developed skills in expression and presentation of ideas. Provides well-argued and articulated statements with very good supporting evidence. |
| Credit (65%-74%) | Provides reasonably cited and mostly complete estimates of income elasticity of demand for different products. Explains with some good detail how these estimates relate to the economic determinants of income elasticity. 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 satisfactorily cited and nearly complete estimates of income elasticity of demand for different products. Explains with satisfactory detail how these estimates relate to the economic determinants of income elasticity. Some inconsistency in sentence structure and some expression lapses. Arguments based on limited evidence. |
| Fail (Less than50%) | Provides poorly cited and grossly incomplete estimates of income elasticity of demand for different products. Poorly explains with little detail how these estimates relate to the economic determinants of income elasticity. 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.