Assignment Brief
Purpose of the Assessment
To assess understanding of key principles and theories in economics and the ability of the students to apply these principles and theories to business and management scenarios.
The aim of the assessment is to:
- Introduce students to business and economics environment. In addition to helping build an individual identity, it also immerses students into a research-oriented culture and environment.
- Provide students with the opportunity to be creative and imaginative whilst learning (and applying) several of the fundamentals of macroeconomics and microeconomics.
Assessment Task
Details of Assignment:
Consider a market transaction that you have undertaken (or are considering) as a consumer, and that was notable because it is particularly recent, large, or unusual.
Analyse this transaction from a microeconomic standpoint:
- PART 1: Explain how & why (from the perspective of the supplier) the good or service in question was created and the reason you entered the market to secure this product or service (demand side).
- PART 2: Discuss in general terms the factors on the demand and supply side that will have influenced the price you paid for this product. Show what might happen to the price of the product if one of these factors changes.
- PART 3: Assess whether the product in question is likely to be price elastic or inelastic at the current market price (demand). Following this assessment, describe the likely impact on the supplying company’s revenue following an increase in the price they charge (ceteris paribus)
Writing Guidelines:
- Answer the individual parts of the assignment clearly labelling your answer.
- Make sure that you do not include hand-drawn graphs in your work
- Your name should appear on the script.
- Your student number should be included on every page.
- Use font Arial or Times New Roman, size 12
- 1.5 line spacing
- The page orientation should be ‘portrait.’
- Margins on both sides of the page should be no less than 2.5 cm
- Pages should be numbered