MPE781 Economics for Managers Trimester 1 2023
MPE781 Economics for Managers Trimester 1 2023
Assessment Task 1 Assignment Individual
DUE DATE:Friday, 5 May 2023, by 8:00pm (Melbourne time)
PERCENTAGE OF FINAL GRADE:40%
WORD COUNT:3,000 words
Description
The assignment contains an article on contemporary issues in economics and the questions are directed to the topic mentioned in the article. You need to answer those questions to the point. Answering those questions may also require undertaking your own research.
Learning Outcomes
This task allows you to demonstrate your achievement towards the Unit Learning Outcomes (ULOs) which have been aligned to the Deakin Graduate Learning Outcomes (GLOs). Deakin GLOs describe the knowledge and capabilities graduates acquire and can demonstrate on completion of their course. This assessment task is an important tool in determining your achievement of the ULOs. If you do not demonstrate achievement of the ULOs you will not be successful in this unit. You are advised to familiarise yourself with these ULOs and GLOs as they will inform you on what you are expected to demonstrate for successful completion of this unit.
The learning outcomes that are aligned to this assessment task are:
Unit Learning Outcomes (ULOs) Graduate Learning Outcomes (GLOs)
ULO 1 Interpret and apply basic principles of microeconomics (individuals and agents) and macroeconomics (the economy as a whole). GLO1: Discipline-specific knowledge and capabilities GLO4: Critical thinking
ULO 2 Use economic principles to propose solutions to business problems. GLO5: Problem Solving
ULO 3 Critically evaluate existing economic theories in the context of contemporary national and international circumstances. GLO4: Critical thinking GLO8: Global citizenship
Questions
Please read the article, "The Long View on Fighting Climate Change" by Tyler Smith, as well as the accompanying paper by Gillingham and Stock found on the American Economic Association website. Additionally, please review Section 1 of Chapter 10 in the required textbook and answer the questions that follow.
According to the article, why is it necessary to estimate the costs of various technologies (policies) aimed at reducing carbon emissions? What are the limitations of these cost estimates? [10 marks]
Analyse the welfare effects of carbon emissions as follows.
Use a supply and demand diagram to explain why carbon emissions impose a negative externality on society. In your diagram, indicate the area of deadweight loss to society. [2 marks]
Use the same diagram to explain how a correctly calculated carbon tax can restore efficiency. What is the correct amount of the tax per ton of carbon emission? [2 marks]
The benefit of carbon taxes as a way to reduce pollution must be weighed against the deadweight losses that these taxes cause. Do you agree or disagree with this statement? Why or why not? [3 marks]
When deciding whether to impose a carbon tax on firms or consumers, the government should be careful to impose the tax on the side of the market generating the externality. Do you agree or disagree with this statement? Why or why not? [3 marks]
The article suggests that the most economically efficient way to reduce greenhouse gas emissions is to put the right price on carbon emissions and let markets do the rest. Use a diagram of the market for emissions permits and answer the following questions.
How does the market work out the right price for carbon emissions under the emissions trading scheme? [2 marks]
How would technological improvements in production processes that reduce carbon emissions affect the equilibrium price and equilibrium quantity of permits? [2 marks]
In what sense and how does the emissions trading scheme reduce carbon emissions in an economically efficient way? [3 marks]
Does it matter for economic efficiency whether the government distributes or auctions the permits? If the government chooses to distribute the permits, does the initial allocation of permits among firms matter for efficiency? [3 marks]
Economists prefer emissions trading schemes over the plethora of policies that are being used to reduce carbon emissions, such as restrictions on fossil fuel extraction and subsidies to solar panels and electric cars. Can you explain why the emissions trading scheme generally works better than specific climate policies? Under what circumstances may such specific policies be useful even if the emissions trading scheme has been in place? [10 marks]
Submission
You must submit your assignment in the Assignment Dropbox in the MPE781 CloudDeakin unit site on or before the due date. When uploading your assignment, name your document using the following syntax: <your surname_your first name_your Deakin student ID number_[unitcode].doc (or .docx). For example, Jones_Barry_123456789_ABC123.doc.
Submitting a hard copy of this assignment is not required. You must keep a backup copy of every assignment you submit until the marked assignment has been returned to you. In the unlikely event that one of your assignments is misplaced you will need to submit your backup copy.
Any work you submit may be checked by electronic or other means for the purposes of detecting collusion and/or plagiarism and for authenticating work.
When you submit an assignment through your CloudDeakin unit site, you will receive an email to your Deakin email address confirming that it has been submitted. You should check that you can see your assignment in the Submissions view of the Assignment Dropbox folder after upload and check for, and keep, the email receipt for the submission.
Marking and feedback
The marking rubric indicates the assessment criteria for this task. It is available below. Criteria act as a boundary around the task and help specify what assessors are looking for in your submission. The criteria are drawn from the ULOs and align with the GLOs. You should familiarise yourself with the assessment criteria before completing and submitting this task.
Students who submit their work by the due date will receive their marks and feedback on CloudDeakin 15 working days after the submission date.
Extensions
Extensions can only be granted for exceptional and/or unavoidable circumstances outside of your control. Requests for extensions must be made by 12 noon on the submission date using the online Extension Request form under the Assessment tab on the unit CloudDeakin site. All requests for extensions should be supported by appropriate evidence (e.g., a medical certificate in the case of ill health).
Applications for extensions after 12 noon on the submission date require University level special consideration and these applications must be must be submitted via StudentConnect in your DeakinSync site.
Late submission penalties
If you submit an assessment task after the due date without an approved extension or special consideration, 5% will be deducted from the available marks for each day after the due date up to seven days*. Work submitted more than seven days after the due date will not be marked and will receive 0% for the task. The Unit Chair may refuse to accept a late submission where it is unreasonable or impracticable to assess the task after the due date. *'Day' means calendar day for electronic submissions and working day for paper submissions.
An example of how the calculation of the late penalty based on an assignment being due on a Thursday at 8:00pm is as follows:
1 day late: submitted after Thursday 11:59pm and before Friday 11:59pm 5% penalty.
2 days late: submitted after Friday 11:59pm and before Saturday 11:59pm 10% penalty.
3 days late: submitted after Saturday 11:59pm and before Sunday 11:59pm 15% penalty.
4 days late: submitted after Sunday 11:59pm and before Monday 11:59pm 20% penalty.
5 days late: submitted after Monday 11:59pm and before Tuesday 11:59pm 25% penalty.
6 days late: submitted after Tuesday 11:59pm and before Wednesday 11:59pm 30% penalty.
7 days late: submitted after Wednesday 11:59pm and before Thursday 11:59pm 35% penalty.
The Dropbox closes the Thursday after 11:59pm AEST/AEDT time.
Support
The Division of Student Life provides a range of Study Support resources and services, available throughout the academic year, including Writing Mentor and Maths Mentor online drop ins and the SmartThinking 24 hour writing feedback service at this link. If you would prefer some more in depth and tailored support, make an appointment online with a Language and Learning Adviser.
Referencing and Academic Integrity
Deakin takes academic integrity very seriously. It is important that you (and if a group task, your group) complete your own work in every assessment task Any material used in this assignment that is not your original work must be acknowledged as such and appropriately referenced. You can find information about referencing (and avoiding breaching academic integrity) and other study support resources at the following website: http://www.deakin.edu.au/students/study-supportYour rights and responsibilities as a student
As a student you have both rights and responsibilities. Please refer to the document Your rights and responsibilities as a student in the Unit Guide & Information section in the Content area in the CloudDeakin unit site.
MPE781 T1 2023 MARKING RUBRIC
Performance Levels/Criteria N (0-29) N (30-49) P (50-59) C (60-69) D (70-79) HD (80-100)
Question 1
GLO4, (10 marks) Provides an explanation that is mostly irrelevant to the article or the questions.
(0-2.9 marks) Provides an explanation that is relevant but weak and at times inconsistent.
(3-4.9 marks) Provides an explanation that is relevant but somewhat inconsistent.
(5-5.9 marks) Provides an explanation that is relevant and consistent but somewhat incomplete.
(6-6.9 marks) Provides a relevant, coherent, and solid explanation despite some minor mistakes.
(7-7.9 marks) Provides a coherent and comprehensive explanation for the questions.
(8-10 marks)
Question 2
GLO1 & GLO5, (10 marks) Poor understanding of externalities and policy approaches. Lack of diagrams with little explanation.
(0-2.9 marks) Limited understanding of externalities and policy approaches. Provides confusing diagrams and interpretation.
(3-4.9 marks) Mostly adequate understanding of externalities and policy approaches. Provides relevant diagrams and interpretation.
(5-5.9 marks) Good understanding of externalities and policy approaches. Provides relevant diagrams and analysis.
(6-6.9 marks) Solid understanding of externalities and policy approaches. Provides correct diagrams and solid analysis.
(7-7.9 marks) Excellent understanding of externalities and policy approaches, evidenced by correct diagrams and insightful analysis.
(8-10 marks)
Question 3
GLO1 & GLO5, (10 marks) Poor understanding of the emissions trading scheme. Lack of diagrams with little explanation
(0-2.9 marks) Limited understanding of the emissions trading scheme. Provides confusing diagrams and interpretation.
(3-4.9 marks) Mostly adequate understanding of the emissions trading scheme. Provides relevant diagrams and reasonable interpretation.
(5-5.9 marks) Good understanding of the emissions trading scheme. Provides relevant diagrams and analysis.
(6-6.9 marks) Solid understanding of the emissions trading scheme. Provides correct diagrams and solid analysis.
(7-7.9 marks) Excellent understanding of the emissions trading scheme, evidenced by correct diagrams and insightful analysis.
(8-10 marks)
Question 4
GLO4 & GLO8, (10 marks) Provides little explanation with mostly irrelevant arguments and reasoning.
(0-2.9 marks) Provides some explanation with mostly inconsistent and weak arguments.
(3-4.9 marks) Provides some explanation with somewhat inconsistent arguments and reasoning.
(5-5.9 marks) Provides a clear explanation backed by consistent arguments and good reasoning.
(6-6.9 marks) Provides a robust explanation with solid arguments and good reasoning.
(7-7.9 marks) Provides an excellent explanation with well-supported arguments and sound reasoning.
(8-10 marks)
Overall100 N0 or above N30 or above P50 or above C60 or above D70 or above HD80 or above
