Assessment Task 2: Microeconomic Analysis Report (Instructions)

Assessment Task 2: Microeconomic Analysis Report (Instructions)

Assessment Task 2: Microeconomic Analysis Report (40%)

This document contains the following sections:

Task Overview

Structure and Submission

Submitting the Final report on Canvas

Task Steps

Supporting Material

Criterion Rubric

Please read through all these instructions carefully for information on how to complete your assignment.

Task Overview

This assignment is based mainly on Block 1: The Market and Block 2: Government. Using models and theories of either (1) the market or (2) market failure and government (i.e. only material from lectures 2 to 6) perform a microeconomic analysis of one specific appropriate issue or phenomenon of your choice.

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 workshops 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.

A template document has been provided to use as your assignment document.

Structure and Submission

This task has a limit of 1500 words and is to be submitted on Canvas. Your submissions should be word processed and contain a word count and bibliography. For every 10% of the word limit (not counting bibliography) over the limit you will lose 10% of the assignment marks until your mark reaches zero. There is no discretionary margin above this limit. There is no minimum, but you are advised to use all the words allowed for a more developed and detailed analysis.

Your submission will receive an automatic Turnitin similarity score that should not exceed 30%. 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. You must attach a completed coversheet with your submission (coversheet is provided with the submission template document).

As per University regulations, late assignments receive a 10% (of the available marks) penalty per day until the mark reaches zero.

Marks will be given according to the rubrics on Canvas.

You must complete a coversheet attached with the submission template. Do not remove while submitting.

Submitting the Final Report on Canvas:

Follow the steps as advised below:

Download the student template file.

Complete the coversheet and checklist in the template file.

Draft all the sections of the template file.

Delete all the Instructions in this template that have been written inside square brackets [ ].

Run it through the Turnitin Checking Tool to check your assignment's similarity score is less than 30%.

Submit your assignment (Word or PDF) in Canvas.

Task Steps

See the table below:

Table 1: Assignment 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 its 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 workshops 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 answers to questions like: What have we learnt from your analysis for business or government policy? So what?

The objective of this assignment is to develop your independent thinking and research and prepare you for work life. Also, there is considerable scope to tailor your assignment (within the requirements above) based on your own style, chosen topic and method.

Important to Note:

Discuss your chosen topic and questions with your Tutor either in the class or over emails.

Ensure you complete your assessment in good time. Managing this project and your time will be critical for your success.

Supporting Material

Here are some examples of appropriate topics and methods from the course:

Table 2: Sample Assessment 2 Topics from Lectures and Workshops (DO NOT USE - FOR ILLUSTRATION ONLY)

Topics Potential Methods (concepts and models)

Workshop 2: Tax on luxury cars Consumer Behaviour, Incentives and Demand Elasticity

Workshop 3: ATAR cut-offs to soar without more uni places to meet surging demand. (Published in The Age, June 2020) Shifts in Demand and Supply Curves, Comparative Statistics, price ceilings

Workshop 3: Impact of 2011 Flood in Thailand on Computer Market Shifts in Demand and Supply Curves, Comparative Statistics

Lecture 3.2.3. Coffee Prices Comparative Statics

Workshop 4: Rent Controls Comparative statics, Elasticity, Government Intervention, Market- Based Regulation

Workshop 4: Victorian Government announces cash grants for business impacted by coronavirus lockdown, with focus on outdoor dining (Published on ABC News, September 2020) Government intervention, subsidies, market outcomes

Workshop 5: Toll on busy roads Common Pool Goods, Externality, Government Intervention, Market- Based Regulation, Opportunity Cost

Workshop 5: London New Years Eve fireworks made ticket-only for first time (Published on The Guardian, December 2014) Common Pool Goods, Public goods, Externality, Government Intervention, Market- Based Regulation, Opportunity Cost

Workshop 6: Net Enforcement Law ((NetzDG) of Germany Externality, Government Intervention, Direct Regulation, Paternalism

Workshop 6: China slaps up to 200% tariffs on Australian wine (Published on The BBC, November 2020) Trade restrictions, Government intervention, Consumer, producer and Social surplus

There is a full module available to you on Canvas with slides and videos to help you with writing this report. This module covers all the aspects of academic report writing such as choosing topic & questions, finding information, Reading for understanding, academic writing academic integrity and communication etiquette. Refer to the module Writing economics reports on Canvas.

Criterion Rubric (Total 40 Marks)

Criterion Marks Comment

Criterion 1: Choice of an appropriate, original specific topic amenable to microeconomic analysis and formulation of an appropriate question

about it. 8/40

marks Pertains to Introduction section of the report. Complete step 1 from the Table 1: Assessment 2 Steps to fulfill this criterion

Criterion 2: Selection of relevant course models and concepts from the course syllabus to analyse the topic. 6/40

marks Pertain to Concepts and Models section of the report. Complete step 2 & 3 from the Table 1: Assessment 2 Steps to fulfill these criterions

Criterion 3: Correct explanation of chosen course models and concepts in sufficient detail. 6/40

marks Criterion 4: Correct and detailed analysis, i.e. application of relevant course models and concepts to analyse the topic. 12/40

marks Pertains to Analysis section of the report. Complete step 4 from the Table 1: Assessment 2 Steps to fulfill this criterion

Criterion 5: Drawing correct and relevant conclusions from analysis for economic and/or business policy. 6/40

marks Pertains to Conclusion section of the report. Complete step 5 from the Table 1: Assessment 2 Steps to fulfill this criterion

Criterion 6: General (Structure and Language) 2/40

marks -