TECO 401/602 Assignment guidelines
Length: Maximum 2,000 words
Assignment consists of two questions (worth 15 marks each). Sources used in your answer should be fully referenced according to the Top Education referencing style.
Communicate your ideas with correct grammar, spelling and writing style and support your answers with diagrams as necessary.
Question 1 (15 marks)
Use the economics or other literature (but not the textbook) to identify estimates of the price elasticity of demand for at least three different products or services. The estimates must be from three different articles with a publication date of 2017, 2018 or 2019. Provide complete references for the sources that you have used. Comment on the magnitudes of these estimates in relation to the standard economic determinants of the price elasticity of demand.
Question 2 (15 marks)
Identify from media, industry, research or government reports on Australian industry, an example of an organisation that has significant monopoly power. Why does this organisation has monopoly power? Describe how and whether the organisation benefits from this monopoly power. For your example, explain how, why and which consumers lose if monopoly power is exercised. Explain how government intervention is used, or may be used, to curb this power if it exercised.
Marking criteria and standards
Your mark will be the based on your responses according to applying the following marking guide.
Table 1. Marking criteria and standards
Criteria HD 85%-100%
Work applies principles of economics correctly to realistic situations.
Use diagrams in your answers to provide a more comprehensive response.
Work applies principles of economics correctly in discussing results,
Applies correct economic principles, analysis is
substantiated with workings, and calculations in order to arrive at the right answer. There are negligible
errors/no errors in
Diagrams created by
students are correctly and precisely labelled, relevant to the specific question, and used appropriately to
demonstrate their high level understanding of all key economic concepts and principles.
Principles are applied in the appropriate manner to arrive at the correct answer.
Written work shows analysis in order to interpret and make highly complex
recommendations relating to economic principles covered in this subject.
Applies correct economic principles, description is substantiated with workings, and calculations in order to arrive at the right answer. There are negligible
errors/no errors in
Diagrams created by
students are correctly and clearly labelled, relate to the specific questions and demonstrate a clear
understanding of all key economic concepts and principles.
Principles are applied in the appropriate manner to arrive at the correct answer. Written work attempts to analyse, and shows the ability to interpret and make recommendations to
economic principles covered in this subject.
Applies correct economic principles, description is substantiated with
workings, and calculations in order to arrive at the right answer. There are minor errors in
Diagrams created by students are correct with an attempt at labeling that maybe unclear/incorrect, and demonsTrate an
understanding of most of the key economic concepts and principles required in this task.
Principles are applied in the appropriate manner to arrive at the correct
answer. Written work shows the ability to
interpret and make some key recommendations to economic principles
covered in this subject.
Applies correct economic principles, shows workings and calculations but contains some errors.
Diagrams created by students are mostly correct with an attempt at labeling, are
relevant to the specific
question, and demonstrate some understanding of basic economic concepts and principles.
Discussion reflects basic understanding of relevant principles. Some inclusion of relevant recommendations.
Applies limited or no understanding of relevant principles. Working and calculations are either not shown or contain major errors.
No diagrams provided or they are incorrect, poorly labelled or irrelevant to the specific question. The diagram fails to
demonstrate the students understanding of economic concepts and principles.
Principles are not applied appropriately, correct answer is not provided. Written work does not make suitable/relevant recommendations to economic principles
covered in this subject.
grammar and written
expression is set out in a coherent manner, with professional presentation. Appropriate use of font, formatting, diagrams etc., where relevant. Referencing should follow appropriate style.
Sustained, consistent and logical presentation of work. Accurate spelling and grammar, excellent written expression and syntax. Appropriate referencing of articles and web-sites.
Structure of work does not demonstrate a consistent and logical presentation format. Inaccurate spelling anduse of grammar, inconsistent written
expression. Incomplete or inaccurate referencing.
The following points are a general guide for presenting assessment items.
• Responses to assessment items should be typed. Use 1.5 spacing. • Use a wide left margin. Markers need space to be able to include their comments. Use a standard 12pt font such as Times New Roman, Calibri or Arial. • Left- justify body text.
• Include a separate title page with your name, student number, subject code • Use a header or footer with your name and student number on each page. • Always keep a copy of your assessments. Both a hard copy and an electronic copy.
• Most importantly, always use your spelling and grammar checker, but remember that this does not pick up all errors. You must still manually and carefully edit your work.
• You need to appropriately reference all the articles, reports and web-sites you employ in developing your assignments.
This assignment must be submitted through Turnitin.
It is recommended that your name, student ID and page number are included in the header or footer of every page of the assignment.
Further details about submission in Turnitin are provided in On-line submission.
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