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Posted: January 4th, 2023
ECON20039 Economics for Managers
Term 3 – 2022
Assessment 2 – Research Essay
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Due date: 11 January 2023 (Wednesday of Week 7) 11.45 pm AEST
Weighting: 35%
Length: Approximately 3000 words (excluding graphs, tables and reference list)
Important Note Based on the microeconomic topics covering Chapters 1-10. Please note that this assessment requires substantial research (see the assessment criteria below).
No submissions including automatically submitted by Moodle will be reverted to the draft after the due date.
Objectives
This assessment item relates to course learning outcomes 1 and 2 as listed in the Unit Profile.
This research assignment has two questions.
Q1……………………………………………………………………………………………….. (Total 15 marks)
The price elasticity of demand is a measure of how sensitive the demand for a product is to changes in its price. It is calculated as the percentage change in the quantity of a product demanded divided by the percentage change in its price.
If the demand for a product is inelastic, it means that the quantity of the product demanded does not change significantly in response to changes in its price. This can occur when there are few substitutes for the product, or when the product is considered a necessity. In this case, the price elasticity of demand would be less than 1.
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For example, if the price of a product increases by 10% and the quantity of the product demanded decreases by 5%, the price elasticity of demand would be calculated as -5%/-10% = 0.5. This would indicate that the demand for the product is inelastic.
If the demand for a product is elastic, it means that the quantity of the product demanded changes significantly in response to changes in its price. This can occur when there are many substitutes for the product, or when the product is considered a luxury. In this case, the price elasticity of demand would be greater than 1.
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For example, if the price of a product increases by 10% and the quantity of the product demanded decreases by 20%, the price elasticity of demand would be calculated as -20%/-10% = -2. This would indicate that the demand for the product is elastic.
In economic journals, estimates of the price elasticity of demand for different products can be found by analyzing data on the quantity of the product demanded and its price. For example, one study published in the Journal of Economic Literature estimated the price elasticity of demand for cigarettes to be -0.4, indicating that the demand for cigarettes is relatively inelastic. Another study published in the Journal of Agricultural and Food Industrial Organization estimated the price elasticity of demand for organic food to be -1.2, indicating that the demand for organic food is relatively elastic.
Explain the concept of the price elasticity of demand and using the economic journals identify estimates of the price elasticity of demand for at least two different products (one for inelastic and one for elastic). Comment on the magnitudes of these estimates in relation to the standard economic determinants of the price elasticity of demand. Why is it important for the producer to consider the price elasticity of demand when setting the price for the product? Using appropriate diagrams, explain the likely impact of COVID-19 on price elasticity of demand.
In answering this question, as a minimum, you need to:
explain the concept and types of price elasticity of demand and its importance in economics
identify actual elasticity of demand estimates for two products (one for inelastic and one for elastic) from economic journals and critically analyse the magnitude of these estimates
analyse the role of price elasticity of demand when setting the price for the producer
assess how is COVID-19 impacting the price elasticity of demand for goods and services
provide relevant information, use table, diagrams where appropriate.
Q2………………………………………………………………………………………………… (Total 16 Marks)
Choose an oligopoly industry from your home country that was affected by the current pandemic. Using the characteristics of market structures, compare it to the case if it would be a monopolistic competitive market. Explain the effect of pandemic on the industry using economic theory, real life data and illustrate it on a diagram. Was the government successful in reducing the impacts of pandemic on this industry?
In answering this question, as a minimum, you need to:
provide a brief description of your case study in sufficient details
use features of monopolistic competitive market structure such as number of sellers, type of product, entry conditions, profits and losses in the short and long run, advertising, research and development and appropriate diagrams to justify its oligopolistic characteristics.
analyse the effect of pandemic on market outcomes (i.e. price, sales, production, profit etc)
use economic theory and real data to analyse the effects of government measures against negative effects of pandemic on this industry
provide relevant information, use tables, diagrams where appropriate. You should use real data as much as possible.
Assessment Criteria
You must refer to the textbook in the first instance. Besides the textbook, you should also refer to a few other academic books, journal articles and relevant websites in answering these questions.
Use real life examples (with references) to support your discussion.
Answers must be complete, addressing the specific tasks nominated in the questions.
Use in-text referencing and provide a list of references.
All submissions for this course must use the American Psychological Association (APA) referencing style (details can be obtained at https://www.cqu.edu.au/student- life/services-and-facilities/referencing/cquniversity-referencing-guides).
Concepts must be defined accurately and completely.
The assumptions upon which the analysis is based must be stated at the onset.
Diagrams must be drawn properly, correctly labelled and the relations they depict explained.
Photocopied and scanned graphs from books, articles or websites are not acceptable. It is preferable to hand-draw a graph then scan it to insert in your file.
Remember an extension is not a gift, it is a burden.
Note: no submissions including automatically submitted by Moodle will be reverted to the draft after the due date.
In Moodle there is now a default setting, which will automatically submit your assignment for marking, if you have forgotten to click the Submit for marking button.
After an assignment’s due date and time has passed, any assignments that are still in draft mode (i.e. you have not yet submitted the assignment for marking) will be auto- submitted on your behalf.
This action will occur only once for an assignment at the due date/time. If you are submitting an assignment after the due date/time has passed, then you will still need to click the Submit for marking button as normal.
ECON 20039: Assignment-2 Marks Allocation
Student Name Campus:
Question No Mark Total Comments
Q1 15
Q2 16
Overall presentation of work, introduction, conclusion for each question, essay structure, especially use of graphs, tables and clear written expression 2
Appropriate use of referencing. 2
Total Marks 35
Marker Signature & Date
Plagiarism: the presentation of work, ideas or data of others as one’s own, without appropriate acknowledgment and referencing. Plagiarism also includes self-plagiarism.
Plagiarism is a real concern, therefore, please remember to reference in-text and provide a reference list. Do not give your assignment to anyone or copy from other students.
The following information is from the Academic Misconduct Procedure Policy available from CQUni website: https://www.cqu.edu.au/policy “
Academic Integrity or Cheating or Plagiarism is a real concern. Therefore, please do not give your assignment to any student or copy from other students. Please reference intext and end-of-text reference list.
Turnitin: Please read and understand Turnitin similarity % information. Submit draft assignment 3-4 days before the due date to check the Turnitin score. If the percentage (%) is showing in Orange or Red, then please revise the selected sections and resubmit to TurnItIn. It is acceptable to have a TurnItIn % between one and less than 25. Green is the best.
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