Economics Assignment

Topics: Economics, Marginal cost, Variable cost Pages: 8 (2192 words) Published: May 7, 2012
Note on assignment extensions
If you request an extension for your final assignment, there is no guarantee that you will receive your assignment back before the final examination. Assessment criteria for Assessment Item 1
i)Use DADA acronym in structuring your answers to all questions. (Definitions, Assumptions, Diagrams and original Analysis.) Read the notes on how to answer questions, write essays and analyse case studies in economics. ii)Concepts and key terms must be defined accurately and completely. iii)The assumptions upon which the analysis is based must be stated at the outset. iv)Diagrams must be drawn properly, correctly labelled and the relations they depict explained. v)Answers must be complete, addressing the specific tasks nominated in the questions. vi)Critical Analysis overall should be provided by relating economic theory to real-life economic examples of the petroleum price in the case study. vii)Sources must be acknowledged in-text and a list of references provided. viii)Where a question has more than one part, so too should the answer. Ensure complete coverage. ix)Students should refer to more than two textbooks and other on-line resources, articles, news items related to the questions and the case study. x)Please just do not depend just on the set textbook for writing the assignment. xi)Photocopied and scanned graphs and tables will not be accepted. Please try to hand draw the graphs. This way you will learn and retain. xii)Plagiarism is a real concern, therefore, please remember to reference in-text and also provide a Reference list. xiii)You must work on the assignment questions progressively each week—which will prevent you from asking for extensions. So please follow a weekly study schedule. xiv)Remember an extension is not a gift, it is a burden.

Assessment Item 1 Part A - Short Answer Questions
Due date:18 April ,Wednesday of Week 7ASSESSMENT
Part A: Weighting:20 % (2 marks for in-text referencing, presentation, clarity of explanation and evidence of reference list marks)1 Length:Approximately 1200 words ( Approx 300 words each question, excluding graphs and reference list) It is a progressive assignment based on the first 6 modules covering chapters 1-8, which will prevent you from asking for extensions. Objectives

This assessment item relates to course learning outcomes 1 - 5 as listed. Question 1:
Refer to Chapters 1 & 2
(a) What is the opportunity cost to an employed person of the following? Explain. (i) Working two hours fewer each week (1/2 mark)
(ii) Holding $1000 in $100 notes for a year (1/2 mark)
(iii) Consuming a glass of wine costing $7 (1/2 mark)

(b) On separate demand and supply diagrams for bread, sketch the effects of the following: (Draw graphs in each case and state your assumptions)

(i) a rise in the price of wheat (1 mark)
(ii) a rise in the price of butter and margarine (1 mark)
(iii) a rise in the price of rice, pasta and potatoes (1 mark)
4.5 marks
Question 2:
Refer to Chapters 3 & 4
(a)The equilibrium price of bananas is $4 a kilo in both city A and city B. The supply curve of bananas is the same in both cities. A fixed price of $3 a kilo is set in both A and B. The maximum price elasticity of demand is higher in B. With the aid of a diagram explain in which city the shortage of bananas will be greatest. (1.5 for explanation and 1 for figure = 2.5 marks) (b)The following are some costs incurred by a shoe manufacturer. Decide whether each one is a fixed cost or a variable cost or has some element of both. i) The fee paid to an advertising agency. (1/2 mark)

ii) Electricity for heating and lighting. (1/2 mark)
iii) Basic minimum wages agreed with the union. (1/2 mark) iv) Depreciation of machines as a result purely of their age (irrespective of their condition). (1/2 mark)
4.5 marks

Question 3:
Refer to Chapters 5 & 6
(a) From the information given below in the table, construct a...
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