Students must familiarise themselves with the following policies and procedures:
Assignment preparation and presentation
Referencing style
Assignment submission
Applying for extensions
Assignment grading
Plagiarism policy
Due date:
Monday 23 April 2007
ASSESSMENT
Weighting:
40% (6.5 marks per question, 1 mark for in-text referencing and evidence of reference list)
1
Length:
Approximately 600– words per question, which includes the parts within.
Total words 600 x 6 questions = 3600
It is a progressive assignment. Therefore, you should attempt to answer one question each week, which will prevent you from asking for extensions.
Objectives
This assessment item relates to course learning outcomes 1 - 4 as listed in Part A.
Question 1Refer to Chapters 1 & 2
(a) With the help of the Production Possibilities Frontier explain how the resources are used efficiently.
(b) Will economic growth necessarily involve a parallel outward shift of the Production Possibilities Frontier? Illustrate and explain the cost of economics growth with an example.
Question 2Refer to Chapters 3 & 4
(a) Graphically illustrate and explain what causes shifts and movements along the demand curve?
(b) Illustrate and explain the difference between elastic and inelastic demand and the relationship between total revenue and elasticity.
Refer to Chapters 5 & 6
(a) Distinguish between consumer surplus and producer's surplus.
(b) Explain and illustrate how a housing market works and how price ceilings create housing shortages and inefficiency. Give examples.
Question 4
Refer to Chapter 8
(a) Using indifference curves and the budget line, explain income and substitution effects.
(b) What are the reasons for a backward bending supply curve for labour?
Question 5Refer to Chapter 9
(a) Explain the law of diminishing marginal returns and the relationship between average product and marginal product.
(b) Derive the long-run average cost curve and explain the relationship between firms output and costs in the long-run.
Question 6
Refer to Chapters 10 & 11
(a) List the key features of perfect competition and explain the situation of short-run profit, short-run loss and normal profits under perfect competition.
(b) Compare and contrast the efficiency of perfect competition with inefficiency of monopoly in terms of price, output and consumer and producer surplus.
· Concepts must be defined accurately and completely.
· The assumptions upon which the analysis is based must be stated at the outset.
· Diagrams must be drawn properly, correctly labelled and the relations they depict explained.
· Answers must be complete, addressing the specific tasks nominated in the questions. Examples and analysis overall should be provided by relating economic theory to real life economic examples.
· Sources must be acknowledged in-text and a list of references provided.
· Where a question has more than one part, so too should the answer. Ensure complete coverage.
· Students should refer to more than two textbooks.
· Please do not depend just on the set textbook for writing the assignment.
· Use DADA acronym in structuring your answers to all questions. (Definitions, Assumptions, Diagrams and critical/original Analysis)
· 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, and answer one question each week.
· Photocopied and scanned graphs and tables will not be accepted. Please try to hand draw the graphs. This way you will learn and retain.
· Remember an extension is not a gift, it is a burden.
· Plagiarism is a real concern, therefore please remember to reference in text and also provide a reference list.
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