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Discuss Knowledge of economic concepts

Project description
Some general hints
The objective in this assignment is to answer questions 1-4. So the most important piece of
advice is to do what the questions are asking. For example, some questions ask you to apply
the demand/supply model to answer questions about changes in market outcomes. This
means that to answer these questions you should explicitly use the concepts of demand and
supply, and equilibrium price and quantity traded.
It is a good idea to use diagrams to illustrate your answers wherever possible. Whenever
you use diagrams, you should still briefly explain how the diagram is answering the question.
You do not need to state definitions of any of the concepts such as demand and supply, or
equilibrium. Assume that your tutor knows what these concepts mean. Instead, the
assignment is trying to test your knowledge of the concepts by how you apply them in
answering the questions.
To complete the assignment, the only reading you should need to do is lecture notes and the
relevant sections of the textbook, and the excerpts from the articles included with the
There are some sample assignment questions and solutions available on the LMS subject
site. The purpose of these sample solutions is to show how economic concepts can be applied
in this type of assignment. As well, you can use the tutor consultation sessions and the OLT
to answer your questions.
Marking criteria
Three main factors will be considered in marking your assignment:
a) Knowledge of economic concepts For example: Has the answer used the appropriate
economic concepts? Does the answer show a thorough understanding of those concepts?
b) Quality of analysis and application of economic concepts For example: Is there a
logical and thorough supporting argument or description of how conclusions have been
drawn? Have economic concepts been applied in an effective manner in the particular
application? Are assumptions clearly described? Is an understanding shown of any relevant
qualifications to the conclusion?
c) Presentation For example: Are the writing style and organisation of material such that
the main ideas and arguments can be understood? Are diagrams presented clearly and
effectively integrated with text? Are the diagrams labelled correctly?
Added on 08.04.2016 09:24
please in PDF format.
Added on 08.04.2016 09:26
YOU | 08 APRIL 2016 | 09:26
Some of the questions ask you to draw graphs. You may find the following graphics tool useful while doing the assignment.

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