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Assessment 3: Report Page 1 of 5 ASSESSMENT BRIEF Subject Code and Title ECON6000 Economic Principles & Decision Making Assessment Assessment 3: Report Individual/Group Individual Length Up to 3000...

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Assessment 3: Report
Page 1 of 5
ASSESSMENT BRIEF
Subject Code and Title ECON6000 Economic Principles & Decision Making
Assessment Assessment 3: Report
Individual/Group Individual
Length Up to 3000 words
Learning Outcomes 1. Interpret and successfully apply economic concepts of
supply and demand for effective organisational problem
solving.
2. Apply quantitative methods to forecast complex business
variables including demand, supply, production and costs.
3. Critically analyse production processes and cost functions
and classify the main forms of market structures as well as
ecommend appropriate pricing and strategies.
4. Critically evaluate the role and impact of various forms of
government intervention in the economy including the
implications of competition and deregulation policy for
managerial practices.
Submission By 11:59 PM AEST/AEDT Friday at the end of Module 6
Weighting 40%
Total Marks 40 marks
Context:
This assessment allows you to apply your knowledge on the concepts and ideas discussed
during the Modules. This assessment draws on your work for assessment 2.
Assessment 3: Report
Page 2 of 5
Instructions:
Schmeckt Gut plans the market launch for the Schmeckt Besser energy bar in Atollia within the next
couple of months. The Research Department of Schmeckt Gut has conducted a market analysis of
Atollia. The results are provided for you in the supplied EXCEL file.
Based on international sources, the Research Department is comfortable in working with the
following scenarios on the future development of average income in Atollia, the inflation rate
development and tariff rates on imports from Industria:
- Income growth: 1% increase or 3% increase or 5% increase or 7% increase
- Inflation rate development: 2% increase or 3% increase or 4% increase or 5% increase
- Tariffs on imports from Industria: 7.5% or 10% or 5% or free trade
Note: These developments are not necessarily matched to each other in the sequence shown above;
meaning that we do not know if the 1% increase in income is associated with a 2% increase in
inflation rate and a 7.5% tariff rate.


Your task:
Your task is to write a 3,000-word report addressed to the Board of Directors of Schmeckt Gut in
which you address the following:
- Do you think you can match the different projections? That is, do you think that a 5%
increase in income is associated with a 10% tariff rate and a 2% inflation rate? Explain by
linking your discussion to the following concepts:
o supply and demand
o aggregated demand and aggregated supply
o the Philipps Curve, and
o the Laffer curve.
- What impact would the different predictions of income development, inflation rate
development and tariff rate development have on the potential demand of Schmeckt Gut?
Conduct a multiple regression analysis using data in the supplied Excel file and then interpret
the results. Fully discuss and explain their implications.
- Make recommendations as to what the Board of Directors should do under each of your
scenarios, based on your matching of the predictions.

The precise format of the report will be informed by research undertaken by the student using the
To
ens University li
ary. Formal document sections such as executive summary, table of contents
and appendices are not counted in the word count. Assume that the prescribed word limit is literally
a limit and that the board will reject any report that
eaches it.
Assessment 3: Report
Page 3 of 5
XXXXXXXXXXFinal report clarifications
1. If the government in Atollia wants reduce consumption of imported products they may
increase tariffs. In this question you are required to test what will happen if, say for example,
5% increase in income is associated with 2% inflation rate, etc.
2. You need to predict how changes in average in income, tariffs, and inflation would impact on
the average demand. In this case, you need to run regressions once again.

For example, Income 3%, 5% or 7%. If you multiply the income column with these percentage you will get the
values for all 3 scenarios.

Tariffs 7.5% , 10% , 5% or free trade. Same as above

Inflation is a Nominal Income (indicated as “average income”) minus inflation. That can also
e incorporated. Example: income of 15000 – 3% inflation


Conducting a multiple linear regression (in log linear form) which is Log Y = α + β1X1
+β2X2 +β3X3 + β4X4. The log is in base e so you need to put in Excel the formula = LN
(average demand). In case, you want to know more about how to do it in excel, do go youtube
with these keywords or see the links below.


That should be interpreted as the impact of these variables (variable 1, etc) on the demand.
Say, with + sign increase, with – sign (increase in tariff, which is actually tax, and its impact
on demand).

Another hint: according to Laffer Curve as taxes (tariffs in our case) increase from low levels,
tax revenue collected by the government also increases. It also shows that tax rates increasing
after a certain point would cause people not to work as hard or not at all, thereby reducing tax
evenue and as a result their real income.
Or:
According to Phillips; Decreased unemployment in an economy co
elates with higher rates
of inflation (up to a certain extent). That does not necessarily translates into greater total real
income in the economy but we could assume that more people will be employed affecting
sales dependant on the number of stores (this is just an assumption).

XXXXXXXXXXhttps:
www.youtube.com/watch?v=wBocR96UdyY
XXXXXXXXXXhttps:
www.youtube.com/watch?v=O7TMCYuDbDc
XXXXXXXXXXhttps:
www.youtube.com/watch?v=tlbdkgYz7FM&t=23s

https:
www.youtube.com/watch?v=wBocR96UdyY
https:
www.youtube.com/watch?v=O7TMCYuDbDc
https:
www.youtube.com/watch?v=tlbdkgYz7FM&t=23s
ECON6000 Assessment 2
ief Page 3 of 5
Learning Ru
ics

Assessment
Attributes
Fail
0-49
(Unacceptable)
Pass
50- 65
(Functional)
Credit
66-75
(Proficient)
Distinction
76-85
(Advanced)
High Distinction
86-100
(Exceptional)
Grade Description Evidence of unsatisfactory Evidence of satisfactory Evidence of a good level of Evidence of a high level of Evidence of an
(Grading Scheme) achievement of one or more achievement of course learning understanding, knowledge achievement of the exceptional level of
of the learning objectives of objectives, the development of and skill development in learning objectives of the achievement of learning
the course, insufficient relevant skills to a competent relation to the content of the course demonstrated in objectives across the
understanding of the course level, and adequate course or work of a superior such areas as entire content of the
content and/or unsatisfactory interpretation and critical quality on the majority of the interpretation and critical course demonstrated in
level of skill development. analysis skills. learning objectives of the analysis, logical such areas as
course. Demonstration of a argument, use of interpretation and
high level of interpretation methodology and critical analysis, logical
and critical analysis skills. communication skills. argument, creativity,
originality, use of
methodology and
communication skills.
Knowledge and Limited understanding of Knowledge or understanding of Thorough knowledge or Highly developed A sophisticated
Understanding of required concepts and the field or discipline. understanding of the field or understanding of the field understanding of the
economic concepts knowledge discipline/s. Supports or discipline/s. field or discipline/s.
of supply and Resembles a recall or summary personal opinion and
demand Key components of the of key ideas. information substantiated by Discriminates between Systematically and
assignment are not evidence from the assertion of personal critically discriminates
addressed. Often conflates/confuses research/course materials. opinion and information between assertion of
assertion of personal opinion substantiated by robust personal opinion and
with information substantiated Demonstrates a capacity to evidence from the information
25% by evidence from the explain and apply relevant research/course substantiated by robust
esearch/course materials. concepts. materials and extended evidence from the
eading. research/course
materials and extended
Well demonstrated reading.
capacity to explain and
apply relevant concepts. Mastery of concepts
and application to new


ECON6000 Assessment 2
ief Page 4 of 5
situations/further
learning.
Critical reasoning,
presentation and
defence of an
argument and/or
position in context of
organisational
problem solving

25%
Specific position (perspective
or argument) fails to take into
account the complexities of
the issue(s) or scope of the
assignment.

Makes assertions that are not
justified.
Specific position (perspective or
argument) begins to take into
account the issue(s) or scope of
the assignment.

Justifies any conclusions
eached with arguments not
merely assertion.
Specific position (perspective
or argument) takes into
account the complexities of
the issue(s) or scope of the
assignment. Others’ points of
view are acknowledged.

Justifies any conclusions
eached with well-formed
arguments not merely
assertion.
Specific position
(perspective or
argument) is expertly
presented and accurately
takes into account the
complexities of the
issue(s) and scope of the
assignment.

Justifies any conclusions
eached with well-
developed arguments.
Specific position
(perspective or
argument) is presented
expertly, authoritatively
and imaginatively,
accurately taking into
account the
complexities of the
issue(s) and scope of
the assignment. Limits
of position are
acknowledged.

Justifies any conclusions
eached with
sophisticated
arguments.
Analysis and Limited synthesis and Demonstrated analysis and Well-developed analysis and Thoroughly developed Highly sophisticated
application with analysis. synthesis of new knowledge synthesis with application of and creative analysis and and creative analysis,
synthesis of new with application. recommendations linked to synthesis with application synthesis of new with
knowledge related Limited analysis/synthesis. of pretested models and /
Answered Same DayMay 15, 2021ECON6000

Solution

Dr. Smita answered on May 19 2021
62 Votes
Australian GDP Analysis
(
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Australian GDP Analysis        [Type the document subtitle]        [Pick the date]        HP    
Australia’s GDP: Analysis and Interpretation of Economic Actions
Australia or officially known as Common Wealth of Australia has an economic image of prosperity. The economic growth and development of the nation or the continent as a whole have seen be taking leaps and bounds like its national animal kangaroo. But as per the economic predictions, “It is predicted that Australia’s GDP will fall below 3% in 2019". This paper is an analytic attempt to throw the light on the forces acting and reacting on the growth of GDP of the sovereign continental commonwealth nation of Australia.
This analysis is divided into three parts namely,
Part I Australia: An overview of the nation
Part II Australian Economy
Part III Reason for falling GDP of Australia
Australia: An Overview of the Nation:
Australia is a sovereign nation made up of Australian Continent along with the island of Tasmania and a number of small islands. It is the world's sixth largest country in terms of total land area. Though this country is not landlocked the nation is su
ounded by important countries of the world. The nation has Papua New Guinea, Indonesia along with East Timor in the northern area and New Zealand to the southeast area. As per the estimated data of 2018, Australia has a population of 25 million and the population is concentrated on the highest in the u
anized area of the eastern seaboard. The capital of Australia is Canbe
a and Sydney is the largest city in Australia. Adelaide, Brisbane, Melbourne, and Perth are the other major metropolitan area of Australia.
The continent of Australia is known to be the driest, flattest and oldest inhabited continent with not so fertile soil. The nation has the landmass of 2,941,300 sq. mi. The landscape of Australia is known to be diverse and full of variety. The nation has desert at the center, mountain ranges in the southeast region and tropical rainforest in the northeast region. Australia has the lowest density of population of 2.8 per square kilometer. The nation is involved in various economic activities like mining, manufacturing, exports, telecom, manufacturing, and banking.
Australia has the world’s fourteenth largest economy in the world and known to be the developed country of the world. The nation enjoys the world's tenth largest per capita income. Also, Australia is s known to spend the world's thirteenth highest expenditure on military forces. Australia comprises the world's ninth largest immigrant population and in total accounts for 29% of the world's population. The country has the third rank in HDI and eight ranks in democracy and country enjoy a good quality of life in terms of health, education, economic freedom along with civil and political rights. Australian as a country is a privileged member of various well known economic and trade international organizations like the United Nations, OECD, WTO, G20, Commonwealth Nations and alike. The Australian foreign relation is driven by these international organizations.
Australia is divided into six major states:
1. New South Wales
2. Queensland
3. South Australia
4. Tasmania
5. Victoria
6. Western Australia
Further, the nation divided into two major mainland te
itory- Australian Capital Te
itory and Northern Te
itory.
Australian Economy
Australia is known to be an economically wealthy and a growing market economy with a high per capita income and comparatively low rate of poverty. Talking in terms of average wealth, Australia enjoyed the second rank in the world after Switzerland from the year 2013 up till 2018. In the year 2018, Australia came up to the first rank overpowering Switzerland and enjoying the status of the country with the world's highest average wealth.
The worldly acceptable cu
ency of Australia is the Australian Dollar. Also, the nation has the ninth largest stock exchange in the world known as the Australian Stock Exchange.
As per the Index of Economic Freedom, 2017, Australia is ranked fifth. Australia enjoys the position of the fourteenth largest economy of the world along with with the tenth highest per capita income at US$55,692. The country has the seventh rank in the...
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