It is a Economics four question assignment.Each question has several questions and the overall word number in one questions should be between 400 to 600 words.The questions and requirements are in the additional files.Attention:Answers must be typed in size 12 font.Line spacing should be 1.5.Graphs must be hand-drawn.You can scan or photograph your hand drawn graphs and insert them into the assignment.Graphs must utilise a minimum of three colours.Thank you for completing it.
Session 1, 2015
Due 21st April 04:00 pm @ BESS
AND your Week 08 Tutorial
AND your Week 09 Tutorial
Department of Economics
COPY OF THE UNIT GUIDE’S DESCRIPTION OF THE ASSIGNMENT
Assignment – THREE submissions
Due: 21st April & Week 08 & Week 09 Tutes Weighting: 30%
The assignment will be released on the 21st of March. The assignment will comprise of 4 questions. For the first of the three submissions – students will hand in answers to all 4 questions by (on or before) Tuesday the 21st of April by 4:00 pm at BESS.
Late assignments that have not followed the Disruptions to Studies Policy will incur a penalty of 12.5% per 24 hours. The physical submission of the assignment to BESS will not be the end of the assignment submission. This is because THREE submissions of the assignment are required. The second two submissions are explained below.
In your tutorials in Week 8 and Week 9, one question (each) will be randomly selected from these four questions and you will be required to re-submit the answer to these during the tutorial. You will not have access to any resources during the tutorial. You will need to answer the given question on the day in writing within 40 minutes. You will be given one of these four questions in Week 8. You will be given another of these four questions in Week 9. This is to ensure that the intended learning outcomes have been achieved via the assignment.
If you miss your tutorial in Week 8 or Week 9, thus missing the 2nd and/or 3rd submissions of the assignment, you will receive a zero for the question required to be submitted in that tutorial. If you have a valid reason for special consideration you must apply for Disruptions to Study via BESS. If your application for Disruptions to Study is successful, you will be advised of an alternate method of submission for the 2nd and/or 3rd submissions of the assignment.
The documents that will be marked will be:
? the assignment question answered in the Week 8 tutorial,
? the assignment question answered in the Week 9 tutorial,
? the two assignment questions not answered in tutorials – that were handed in to BESS on 21st April. (Even though you handed in the answers to 4 questions to BESS, only the 2 questions not submitted in the Week 8 and Week 9 tutorials will be marked).
Thus, in total all 4 questions will be marked.
The purpose of the assignment is to give you the opportunity to demonstrate your knowledge of basic economic concepts, the economic way of thinking and to use this knowledge to solve economic problems.
The purpose of the repeat submissions is to ensure that you indeed have attained the learning outcomes of the unit.
All students who apply for special consideration (see the Disruption to Studies Policy below) in relation to the assignment will be given an extension for their submission in discussion with the Unit Convenor.
Please consult BESS for advice on the Disruptions to Studies Policy.
WHILE THESE INSTRUCTIONS ARE LONG, FAILURE TO FOLLOW THEM COULD RESULT IN A MARK OF ZERO.
THE INSTRUCTIONS ARE DUE TO THE NATURE OF THE SIZE OF THE COHORT, BEING 1,600 STUDENTS.
MORE SPECIFIC RULES AND DETAILS ABOUT THE ASSIGNMENT
Below are FOUR (4) questions, with multiple parts. You should answer all questions. Where appropriate draw your own diagrams to illustrate your answer. ALL DIAGRAMS MUST BE HAND-DRAWN USING COLOURS AND A RULER.
You MUST ensure that all pages are securely and properly fastened with staples (not paper clips!) and submitted WITHOUT a folder. Do NOT include this document in your assignment when submitting.
The assignment should be a professional document. Only use A4-size white paper TYPED ANSWERS on SINGLE-SIDED PAGES.
The assignment is worth 30% of the total mark for the unit. The assignment will be marked out of 100. The marks awarded will depend on the quality of the reasoning exhibited and the ability to express the argument in a concise manner.
All parts of questions (a, b, c, etc.) will be 3 marks each. You will also be given 1 bonus mark per question based on the quality of your presentation.
For the first of the three submissions – students will hand in answers to all 4 questions by (on or before) Tuesday the 21st of April by 4:00 pm at BESS.
The physical submission of the assignment to BESS will not be the end of the assignment submission. This is because THREE submissions of the assignment are required. The second two submissions are explained on the previous few pages.
Extensions of time will be granted ONLY in cases of a serious and unavoidable disruption. In such cases, to be eligible for Special Consideration, a student must notify the University of a serious and unavoidable disruption within five (5) working days of the commencement of the disruption (see this link for detail:
Late assignments that have not followed the Disruptions to Studies Policy will incur a penalty of 12.5% per 24 hours.
Use the cover sheet provided in ‘The Assignment’ Folder (and also at the end of this document).
You will need a SEPARATE COVER SHEET FOR EACH QUESTION.
All relevant details requested on this sheet must be supplied (this includes your ECON111 SORT Number – see below). Each student must sign the statement on the cover sheet to acknowledge that the work submitted is the student’s own work.
YOU WILL NOT RECEIVE YOUR MARK IF:
1. Your assignment is missing separately submitted questions, with their own cover sheets.
2. Important information is missing on any of the cover sheets.
3. You did not sign the required acknowledgement on the cover sheet.
ECON111 SORT NUMBER (Released April 1st)
You MUST write your ECON111 Sort Number on the cover sheet. You can find your unique ECON111 Sort Number in ‘The Assignment’ Folder from the 1st of April.
HOW TO MAKE YOUR FIRST OF THREE SUBMISSIONS
Each Question will be submitted into its own submission box. Thus you need a separate cover sheet for each question. Thus, you will hand in 4 separate documents into BESS.
These hard copies of the completed assignment with coversheets must be deposited into an ECON111 assignment box at E4B106 (BESS – Business and Economics Student Services) by the stated due date. Place your assignment in the correct box by reading the notices on each box carefully.
You MUST keep a copy of the entire assignment you submit.
Each assignment must represent the student’s own work. In particular, this means that the written answers submitted by the student should be composed by that student. The copying of another student’s answer or textbooks, or getting someone else (with or without payment) to do the assignment for you, or part thereof, is clearly regarded as plagiarism. Cases of plagiarism will be dealt with severely. For further information on plagiarism and how to avoid it, please refer to the unit outline.
1. Answers must be typed in size 12 font.
2. Line spacing should be 1.5.
3. Graphs must be hand-drawn. You can scan or photograph your hand drawn graphs and insert them into the assignment.
4. Graphs must utilise a minimum of three colours.
5. No appendices. All answers must be presented in the order given. Appendices will neither be looked nor marked.
RE-CAP & REMIND
Question 01 – Calculation Question (25 marks) – 400-600 Words
The following incomplete tables shows two competitive firms’ various costs of producing output.
a) Complete the table for FIRM A
c) Assume the market for this product is perfectly competitive and the current market price is $28. Determine the quantity produced by each firm and their economic profit/loss. Explain your answer.
d) What will happen to this market in the long run and why?
e) Now suppose that the market price falls to $16. Do both firms make economic profit? Explain why.
f) If one or both of them makes an economic loss, would they shut down temporarily?
g) Assume these two firms now are actually two factories of one corporation, and the corporation can operate either one or the other at a time. Using the two tables above, determine which factory should be in operation to produce up to a certain level of output. What is this level of output?
h) Explain your answer to (g).
ATTACH A SEPARATE COVER SHEET FOR QUESTION 01.
Question 02 – Theory Question (25 marks) – 400-600 Words
Assume that the world market for wheat is perfectly competitive.
a) Use a landscaped A4 page to demonstrate the world market for wheat in long run equilibrium conditions. The market for wheat is to be on the left, and a representative farm (firm) is to be on the right.
b) Explain and discuss the long run conditions above.
c) Illustrate on this diagram, the short run impact of a growing world population.
d) Explain and discuss your answer to (c).
e) Re-draw your diagram in (c). Illustrate on this new diagram what would happen in the long run.
f) Explain and discuss your answer to (e).
g) Explain and discuss what could prevent your answer to (f) from occurring and why.
h) Explain and discuss what strategies a firm in this situation could adopt to retain what it is losing in (e) and (f).
ATTACH A SEPARATE COVER SHEET FOR QUESTION 02.
APPLICATION & AWARENESS
Question 03 – Application Question (25 marks) – 400-600 Words
Assume that the Sydney clothing market is monopolistically competitive.
a) Use half an A4 page to illustrate a representative firm in monopolistic competition in long run conditions.
Assume that clothing stores in Macquarie Centre sign 24 month leases with the shopping centre. Further assume that there is a clause in the lease contract that allows Macquarie Centre to increase the monthly rent every 6 months of a signed 24 month lease, in line with market conditions. Even if the rent is re-adjusted (in line with market conditions every 6 months) according to the contract, the lease term still remains at 24 months.
b) Re-draw your diagram from (a). Show on this new diagram the immediate impact of an increase in rent as described in the situation above.
c) Explain and discuss your answer to (b).
d) Explain and discuss the short run decision-making process of the firm, given the situation in (b) and (c).
e) Re-draw your diagram in (b). Show on this new diagram the long run impact.
f) Explain and discuss your answer to (e).
Assume that the Retail Store Workers’ Union successfully bargains for an increase in casual staff wage rates, despite no proven improvements in worker productivity.
g) Re-draw your diagram in (a). Show on this new diagram the immediate impact of an increase in casual staff wage rates.
h) Explain and discuss your answer to (g).
ATTACH A SEPARATE COVER SHEET FOR QUESTION 03.
LEARNING LIFE LESSONS
Question 04 – Research Question (25 marks) – 400-600 Words
a) Research and explain why ‘The Star’ (Star City) has been a monopoly in Sydney for several years. You must quote relevant dollar figures, as well as relevant dates, and cite your sources.
b) Using half an A4 page, illustrate with a diagram of a monopoly, the economic position of ‘The Star’ over recent years. Use researched data in your diagram.
c) Research and describe how the Sydney casino industry is currently changing and will be changing over the next few years. You must quote relevant dollar figures, as well as relevant dates, and cite your sources.
d) Apply economic theory to explain and discuss the changes in (c).
e) Re-draw your diagram in (b). Show the impact of the events in (c) and (d) on this new diagram.
f) Explain and discuss your answer to (e).
g) Research and explain the differentiation that the new player is offering. Apply economic theory to explain and discuss this differentiation.
h) Consider the aforementioned Sydney players on a broader stage – across Australia, as well as over the South East Asian region, such as Singapore and Macau. If we consider the casino industry from this angle, what market structure best describes this industry? Explain and discuss your answer.
ATTACH A SEPARATE COVER SHEET FOR QUESTION 04.
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