Using the economics or other literature (but not the textbook) to identify estimates of the price elasticity of demand for at leas

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Using the economics or other literature (but not the textbook) to identify estimates of the price elasticity of demand for at least three different products. Provide full citations for the employed literature. Comment on the magnitudes of these estimates

Assignment 1 consists of two problem questions (worth 5 marks each) based on text material. Text material which may be relevant to this question may be drawn primarily from any of Text chapters 1, 2, 3 and 4.

Answer the following:

Question 1

“Economic models are false and so government should ignore their predictions.” Explain, discuss and evaluate the accuracy of this statement.

Question 2

Using the economics or other literature (but not the textbook) to identify estimates of the price elasticity of demand for at least three different products. Provide full citations for the employed literature. Comment on the magnitudes of these estimates in relation to the standard economic determinants of the price elasticity of demand.

Rationale

The question addresses the following learning outcomes:

be able to apply demand and supply analysis to make a range of market related decisions be able to identify and critically evaluate opportunities for specialisation and exchange. be able to make decisions that incorporate the relevant benefits and cost analysis

Marking criteria

Learning objective: Academic writing.

High

Distinction(85%+)

Distinction (75%-84%)

Credit (65%-74%)

Pass (50%-64%)

Highly developed skills in expression and presentation of ideas. Fluent writing style. No major grammatical and spelling errors. All references, including recent literature, cited and used accurately.

Well-developed skills in expression and presentation of ideas. Fluent writing style. No spelling errors, minor grammatical errors. Relevant references cited and used accurately.

A satisfactory standard of expression. Relatively clear and concise in expression of ideas. Few spelling and/or grammar errors. Majority of references are presented and used accurately.

Some inconsistency in sentence structure. Clarity of expression could be enhanced by some revision. Several spelling errors and/or poor grammar. Very limited references cited and used.

Fail (Less than 50%)

Poor communication of ideas due to careless writing and lack of proof-reading. Too many spelling and/or grammar errors. References not included or inappropriately applied

Learning objective: Research, content & knowledge of topic related to learning outcomes.

High

Distinction(85%+)

Distinction (75%-84%)

Credit (65%-74%)

Pass (50%-64%)

Fail (Less than 50%)

Skilful use of data, theoretical knowledge and ongoing debate on the issue, and they are well integrated Contains insights and awareness of deeper and more subtle aspects of the relevant theory. There is clear evidence of researched/read more widely beyond the core materials

Skilful use of data, theory and recent debate, but they are not well integrated. Presents issues in the broader context and demonstrates breadth and depth of understanding of most aspects of the essay topic. There is evidence of having read beyond the core materials.

Demonstrates knowledge of principles and concepts. Demonstrates good understanding of the relevant theory presented in the texts and readings.

Contains limited use of theoretical knowledge. Fails to demonstrate awareness of market trends. While some literature is presented they purely descriptive and they are not well integrated.

Fails to demonstrate knowledge of key principles and concepts. There is very little evidence of having read material presented in core texts and readings. Contains only a few ideas and they are presented uncritically in a purely descriptive manner.

Learning objective: Quality of arguments & analytical skills related to learning outcomes.

Pass (50%-64%)

Fail (Less than 50%)

evaluative skills but development of arguments is limited. Able to apply fundamental concepts and to draw and justify conclusions.

Little demonstrated evidence of ability to construct clear and coherent arguments. Little (or no) evidence of analytical and evaluative skills. Fails to draw on fundamental concepts and to justify conclusions.

Presentation

Answers should be typed and diagrams must be clear and neat and preferably drawn electronically. Hand-drawn diagrams are acceptable.

Requirements

APA referencing must be used when citing literature. Assignments must be submitted through Turnitin.