Economic Principles Custom Essay

College of Business
ASSIGNMENT: BEO1105 Economic Principles, Semester 1, 2014
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Worth: 20% of total marks for the unit.
Length: Maximum 5 pages.
Due date: 2 May 2014, latest by 4.30 pm
(Submit Assignment to Ms Wong in Room 371, ADTP Academic Office, Level 3, North Building, between 2.00 – 4.30 pm ONLY)
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Question 1 (8 marks)

Using supply-and-demand diagrams, show and explain the effect of the following events on the market for Silk Baju Kurung.
(a) A disease outbreak disease hits silk farms in Malaysia. (Assume there are silk farms in Malaysia and that importing of silk cloth and silk tread is not feasible). (2 marks)
(b) The price of cotton Baju Kurung falls. (2 marks)
(c) Jaclyn Victor appears in a Silk Baju Kurung in her latest video. (2 marks)
(d) New Sericulture techniques are invented. (2 Marks)

Question 2 (6 marks)
Find the flaws in reasoning in the following statements, paying particular attention to the distinction between shifts of and movements along the demand and supply curves. Draw a diagram to illustrate what

actually happens.
(a) “A technological revolution that lowers the cost of producing a good might at first result in a reduction in the price of the good to consumers. But a fall in price will increase demand for the good,

and higher demand will send the price up again. It is not certain, therefore, that an innovation will really reduce price in the end.” (3 marks)
(b) “A study shows that eating a clove of garlic a day can help prevent heart disease, causing consumers to demand more garlic. This increase in demand results in a rise in the price of garlic.

Consumers, seeing that the price of garlic has gone up, reduce their demand for garlic. This causes the demand for garlic to decrease and the price of garlic to fall. Therefore, the ultimate effect of the study on

the price of garlic is uncertain.” (3 marks)

Question 3 (6 marks)

Many small boats are made of fibreglass, which is derived from petroleum. Suppose the price of crude oil rises.
(a) Illustrate and explain what happens to the cost curves of and individual boat building firm and to the market supply curve? (3 marks)
(b) Explain what happens to the: (3 marks)
i. Profits of boat builders in the short run?
ii. Number of boat builders in the long run?

Please read the following carefully:

• The final submission should show your understanding and application of the relevant concepts.
• Since the assignment forms a part of the final mark for the unit, no assistance will be provided by the staff in relation to answers to the questions. However, if you need any clarifications in regard to

the questions, you may contact the lecturer/tutor.
• Your answers must be typed. Graphs may be drawn by hand. You should not need more than 5 pages of text and diagrams.
• Use Times New Roman, size 12 for the text, and 1.5 spacing between lines. Number the pages.
• Start each question on a fresh page. Write on one side of the page (not both pages).
• Submit your assignment into Turn-it-in at http://turnitin.com. (Will provide details later)

? Plagiarism: Allowable similarity index of 20%

• Penalty: Every 1% above the allowable similarity index of 20% will incur a 1%
deduction of mark from the total score obtained.

Note: Plagiarism is a serious academic offence. Read “Guide to Plagiarism” uploaded in E-learn.

• Submit a hard-copy of your assignment together with the following:

1. A completed Assessment Declaration form. The form is available in E-learn (or the Assessment Information section of the unit website (WebCT/Blackboard), http://ce6.vu.edu.au/ ).
2. A cover page with the following:

? Unit code and title
? Name of the assignment
? Tutorial group
? Tutor’s name
? Student name and ID number
? Assignment Due date

3. Turn-it-in receipt. (DO NOT need to submit reference list into Turnitin)
4. Reference List, if applicable. Please use the Harvard System, refer to http://lgdata.s3-website-us-east-1.amazonaws.com/docs/1909/377548/Main_Examples_090812.pdf
5. Late Submission: Marks will be deducted at a rate of 1 mark per day up to a maximum of 3 days (including weekends) for unauthorised late submission. Thereafter, assignments will not be

marked and a zero mark will be awarded for this assessment.
o Submission after 4.30 pm on the due date is considered as late submission and the above penalty shall apply.
• Extension: If an extension of time is required, a request must be made at least 3 days (inclusive of weekends) ahead of the due date.

Marking Reference

The overall mark will depend on the content and accuracy of the presentation.
The written presentation should address the assignment questions, showing understanding and application of the key concepts covered in the learning program. Be concise and to the point. The following table

provides a general reference on marking.

Grade (%) Criteria

80 – 100
• Demonstrate thorough understanding of the relevant concepts.
• Information from appropriate sources is integrated with analysis. Information is accurately referenced using Harvard System, including in text referencing if applicable.
• Demonstrated ability to draw conclusions with appropriate justifications. Explanations are clear and concise.
• Well formatted, minimal grammatical and spelling errors.
• Timely submission.

70 – 79
• Demonstrate good understanding of the relevant concepts.
• Information from appropriate sources is integrated with analysis. Information is accurately referenced using Harvard System, including in text referencing if applicable.
• Demonstrated ability to draw conclusions and attempts some justification for position with explanations.
• Formatted and edited to good standard, minimal grammatical and spelling errors.
• Timely submission.

60 – 69
• Demonstrate above average understanding of the relevant concepts.
• Information from appropriate sources is integrated with some analysis.
• Accurately reference resources using Harvard System, including in text referencing if applicable.
• Timely submission.

50 – 59
• Demonstrate limited understanding of the relevant concepts.
• Can identify argument/position in text but no attempt at evaluating argument.
• Information from appropriate sources is integrated with minimal analysis.
• Accurately reference relevant resources using Harvard System, including in text referencing if applicable.
• Late submission.

40 – 49
• Shows little evidence of understanding of the relevant concepts.
• Submitted the assignment with differing formatting and font from different contributors.
• No effort of editing is made, with consistent grammatical and spelling errors.
• Overall poor quality writing, with insufficient description of text.
• Incorrect references, with no evidence of consulting the recommended sample Reference list of Harvard System, if applicable.
• Evidence of plagiarised text.

0 – 39
• Does not show an understanding of the requirements of the task or assignment is not submitted at all.
• Extensive evidence of plagiarised text.