Assessment feedback
School of Commerce
Principles of Economics (ECON 1008) Assignment 2: Essay Writing (25%)
Assessment #2 - Article Analysis
This assessment is designed to test your understanding of, and your ability to effectively apply, economic theory. You will be given a newspaper article and be required to write an essay, using
the economic knowledge that you have learnt, discussing factors behind the decisions of individuals and/or firms in a particular market.
Objectives
CO1. Describe and utilise the fundamental tools, methods and language of economics in both a microeconomic and macroeconomic context to analyse resource allocation issues
CO3. Describe the impact of incentives and use economic models to illustrate how agents and economies respond to incentives
CO4. Identify the limitations of the market mechanism and analyse the role of government in affecting markets and the general economy
Graduate Qualities
Demonstrate and apply a body of knowledge relevant to the assessment (GQ1); lifelong learning (GQ2 - reflective analysis of development and direction);written communication skills (GQ6 - communicate effectively).
Note: Good grammar and spelling are expected. Proper referencing style needs to be followed. Failing to do so will result in loss of marks.
Name:
Component
Q1. Demand
and Supply
Model
Q2.determinant
s of elasticity
and Total
revenue
Final Mark:
MARK
/7
/7
Q3. Price
Ceiling
100-75% - (HD to D)
Exceptionally clear discussion on determinants of
demand and supply in the context of electricity market.
Explained that cost of production has increased which
has shifted supply curve to left. Shortage has resulted
in price hike. Impact on consumers showed by higher
price and less quantity demanded.
Clearly explained that why demand is relatively inelastic
(necessary good). Discussed the difference between
elastic and inelastic demand and demonstrate clear
understanding of the determinants of elasticity of
demand. Elaborate explanation about how increase in
price will increase the total revenue of the suppliers.
ID:
75-65% (C)
65 -50 (P1 to P2)
Clearly explained the graph and identify what factors have
caused the price hike. Clear discussion on shortage and price
hike. Discussion on movement from old equilibrium to the
new one. Finally illustrated the impact of price hike on
consumers.
Incorrectly or improperly labelled
graph, failed to address the questions,
misunderstanding of concepts.
Clearly explained the graph and showed an awareness of the
Properly labelled graph to illustrate price ceiling
consequences of the price ceiling. Discussion of price elasticity
(below equilibrium price) and shortage In the
of demand within the context. Explained and illustrated that
context of electricity market. Graph is properly
shortage is smaller with more inelastic demand.
described in text.
Graph is not labelled properly, or is
not related to discussions. Errors in
discussions. Fail to identify the effect
of price ceiling on the market.
/7
/4
Well-presented arguments. Excellent writing and good Reasonably-structured answers those are relevant to the
English.
context. Proper writing and referencing.
General Feedback
Properly labelled graphs to illustrate interaction
Incorrectly or improperly labelled
of demand and supply. Graphs are related to
graph, failed to address the questions,
discussions which correctly apply the concepts
misunderstanding of concepts.
and theory.
Properly discussed determinants of price
Explained why demand is relatively inelastic (necessary good).
elasticity of demand and Conclude elasticity for
Properly illustrated and explained the determinants of price
electricity is inelastic. Correctly illustrated the
elasticity of demand and linked them to the article. Clear
effect of inelastic demand on total revenue.
discussion on the Total revenue test.
Exceptionally clear exposition and an accurate
awareness of the nature and consequences of price
ceiling in the context of electricity. Articulated how the
impact of policy varies with different price elasticity of
demand. Explained and illustrated that shortage is
smaller with more inelastic demand.
Writing and
Formatting
<50 % (F)
Reasonably structured answers. Minor errors in
writing and referencing. English is not so good.
Poor writing and referencing. Bad
English.
*With grateful thanks to Dr Raj Banerjee for the original task of which this is an adaptation.