i need to complete assessment task 2: Microeconomic report
Assessment Task 2: Microeconomic Report (40%)
Using models and theories of either (1) the market or (2) market failure (i.e. only material from lectures 2 to 6), perform a microeconomic analysis of one specific appropriate issue or phenomenon of your choice. Clearly explain your chosen question, method and conclusions.
Assessments task 2 has limit of 1500 words to be submitted on Canvas. Your submissions should be word processed and contain word count and bibliography. For every 10% word count (not counting bibliography) over the limit you will lose 10% of the assignment marks until it reaches zero. There is no discretionary margin above this limit. There is no minimum but you are advised to use all the words allowed to allow for a more developed and detailed analysis.
Your submission will receive an automatic Turnitin similarity score that should not exceed 25%. You should check this score using the tool on Canvas before submitting. Exceeding this limit raises the risk of your submission being subject to an academic integrity process. As per University regulations late assignments receive a 10% penalty per day until the mark reaches zero. Marks will be given according to the rubrics on Canvas. You must attach a completed coversheet with your submission (template appended below).
Your task is to conduct microeconomic analysis of an issue that you select yourself, just as businesspeople and policymakers do. You will be assessed on what you learnt in the course by correctly choosing and applying definitions, methods and theories from lectures and tutorials 2-6. As this is a microeconomics assignment you should not write a general or journalistic report or use concepts from other courses not discussed in this course, including macroeconomics.
Assessment 2 Steps
1 Choose topic and question Look at the business and economics news for ideas for an appropriate issue. It needs to fit the purpose of microeconomics (lecture 1) - a topical, important example of resource allocation with questions you can answer by applying microeconomic methods from the lectures relevant to the assignment. State the question, why it’s interesting and economically significant. Present facts or descriptive data to illustrate. The issue needs to be a specific (topical or historical) case. This means you will discuss a specific market for a product, service or factor of production in a specific context rather than a general economic issue or problem. Also make sure your topic does not fall within macroeconomics, which is not covered in this course.
2 Select your methods (concepts and models) Select the right method (i.e. microeconomic model, theory or tool from lectures and tutorials 2-6 to answer your question.
3 Explain your concepts and models Explain your method. Assume your reader needs to be explained every concept and model needed to follow your analysis, as if you are teaching your reader these.
4 Analyse your topic Apply the method to your issue. Report the different steps of your analysis and your findings. Typical analysis applies the tools from the relevant lectures to your specific case. Use relevant diagrams or models as they answer the question better than only words. If your chosen method comes with such models (e.g. diagrams or graphs), not using these in your assignment will result in a significant loss in marks.
5 Conclude Your conclusion will directly answer the question and maybe look at the big picture - the significance and limitations of your work. Provide answer to questions like: What have we learnt from your analysis for business or government policy? So what?
Clearly structure your report (depending on topic), for instance using numbered sections for each of the parts of the task, e.g. introduction, concepts, model, analysis and conclusion. Introduction and conclusion will normally be shorter. The length of individual sections could reflect their weights in the grading shown in the rubric below. Sample topics, questions relating to them and appropriate methods/analytical tools are given in the table below. They are taken from lectures and the tutorial questions you tackled in class. Please do not use these or indeed any examples from classes as choosing an original topic and analytic tool by yourself is part of the assessment. These and other cases discussed in lectures and tutorials give you an idea of how to complete this assignment.
You are required to send your tutor a short email with a short summary your chosen topic and questions (please do not send full drafts) for approval at least two weeks before the deadline. You must append a copy your tutor’s approval email to your submission. Failure to do so will result in a grade deduction of 5%. It will be your responsibility to ensure you completed your assessment in good time. Managing this project and your time will be critical for your success.
In addition to this document, guidance for assignment 2 is available from: (1) a video that contains important guidance on report writing in economics, (2) a tutorial devoted to the assignments, (3) the email exchange with your tutor and (4) the weekly consultation hours with the course coordinator. Also, examples of the kind of analysis you are required to do is contained in the relevant lectures (see table below). Note that we do not provide a template or model answer. The reason is twofold: Part of the assignment is to develop your independent thinking and research. Providing a model answer encourages a “painting-by-numbers” approach that is inappropriate for a university education and will not make you an independent thinker, and will not sufficiently prepare you for work life where no templates exist. Also, there is considerable scope to tailor your assignment (within the requirements above) based on your own style, chosen topic and method.
Sample Assessment 2 Topics from Lectures and Tutorials (DO NOT USE - FOR ILLUSTRATION ONLY)
Topic Question Potential Methods (concepts and models)
Lecture 3.2.3. Coffee Prices What explains the rise in world coffee prices in 2011? Comparative statics
1b. Building Ban Should Bangalore introduce a ban on building new apartments to safeguard sustainable urban development? What is the effect on apartment prices when there is a rise in the city’s population? Comparative statics, elasticity, market intervention
1d. Mad Cow
Disease During the 1993 mad cow disease- or BSE outbreak in the UK, evidence emerges regarding the dangers of eating beef from infected animals.
Which markets are affected, and what are the effects? Comparative statics, elasticity, market intervention
1. Rent Controls Analyse rent controls in the Melbourne residential rentals market using an appropriate diagram. Who benefits and who loses out? What is the effect on total surplus? How is the policy affected by demand and supply elasticity? Comparative statics, elasticity, market intervention
3. Alcohol Excise
Duty Australia has a reputation as a hard-drinking culture yet there has been a steady decline in alcohol consumption over the past three decades. Government is considering reductions to its relatively high taxes on alcoholic drinks. Which markets are affected, and what are the effects? Is this policy appropriate? Comparative statics, elasticity, market intervention, market failure
Tutorial 5.1. Hosting F1 Should Victorian taxpayers should pay $60 million annually to host the F1 Australian Grand Prix? Examine the pros and cons. Comparative statics, market failure
Assessment 2 Cover Sheet Prices and