Economics for Business report
Answer questions provided within attachment.
Total word count about 800-1000.
Sheet1
| Assignment Rubric for MGE1108 Assessment 3 | ||||||
| Criteria | HD (80% – 100%) | Distinction (70% – 79%) | Credit (60% – 69%) | Pass (50% – 59%) | Fail (0% – 49%) | Marks Awarded |
| Question 1: Compare the market structures of Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly under the following headings. a. number of firms in the market b. similarity of the products sold c. barriers to entry 9 marks |
Provides a very clear and accurate comparison of each market under the prescribed the headings. | Provides a moderately clear and accurate comparison of each market under the prescribed the headings. | Provides a reasonable attempt to compare each market under the prescribed the headings.. | Attempts to compare each market but there are omissions of some descriptions. | Addresses only a few or none of the markets or their headings. | |
| Question 2 Based on your understanding of each market structure described in Question 1, state which market structure you think each of the following businesses belong to. Explain your choice with a short description of which characteristics of the chosen market structure they display. 8 marks |
Correctly identifies and explains 7 to 8 of the cases. | Correctly identifies and explains 5 to 6 of the cases. | Correctly identifies and explains 3 to 4 of the cases. | Correctly identifies and explains 1 to 2 of the cases. | Correctly identifies and explains none of the cases. | |
| Question 3 In Australia, Coles and Woolworth are the two major supermarket chains that dominate about 70% of the Australian supermarket business. Draw and explain a “kinked demand curve” by using this situation as an example. Explain why firms that face a kinked demand curve are likely to engage in non-price competition. 8 marks |
Provides an excellent explanation that demonstrates an accurate understanding of non-price competition. | Provides a good explanation that demonstrates an accurate understanding of non-price competition. | Provides a reasonable explanation that demonstrates some understanding of non-price competition. | Explanation that demonstrates some understanding of non-price competition. | Explanation that shows a poor or wrong understanding of non-price competition. | |
| Question 3b Give three examples of how firms engage in non-price competition 6 marks. |
Three examples are given. Explanation for every one of them is brief and clear. | Three examples are given. Explanation for most of them is brief and clear. | Two examples are given. Explanation for most of them is brief and clear. | Two examples are but lack explanations. | One example is given but lack explanation. | |
| Question 4 Explain the term “price discrimination” and explain any two (2) methods of price discrimination used by firms. 4 marks |
Provides an excellent explanation with 2 methods that demonstrates an accurate understanding of the term “price discrimination” . | Provides a good explanation with 2 methods that demonstrates an accurate understanding of the term “price discrimination” . | Provides a reasonable explanation with 2 methods that demonstrates some understanding of the term “price discrimination” . | Explanation with 2 methods that demonstrates some understanding of the term “price discrimination” . | Explanation with 2 methods that shows a poor or wrong understanding of the term “price discrimination” . | |
| Question 5 Diagram A Diagram B The above are diagrams of demand curves facing two firms. Required: State which demand curve applies to the Monopolistic Competition firm and the other to the Oligopoly firm and explain why you think so (Hint: consider their price elasticities of demand) 6 marks |
Identifies the correct name of markets. Provides an explanation that shows excellent understanding of elasticity of demand . | IIdentifies the correct name of markets. Provides an explanation that shows some understanding of elasticity of demand. | IIdentifies the correct name of markets. Provides an explanation that shows a vague understanding of elasticity of demand. | Identifies the correct name of markets. Provides an explanation that shows a weak understanding of elasticity of demand. | Identifies the correct name of markets. Does not provide an explanation. | |
| Required: A reference list/bibliography and proper in-text referencing for all questions . 5 marks |
Reference list includes the recommended text and/or other reputable academic sources. Answers to every question has proper intext referencing. | Reference list includes the recommended text and/or other reputable academic sources. Most but not all the answers to questions have proper intext referencing. | Reference list includes the recommended text and/or other reputable academic sources. Only some answers to questions have proper intext referencing. | Reference list does not include the recommended text and the reputation of other sources is doubtful e.g. wikipedia, investopedia. Only some answers to questions have proper intext referencing. | There is no reference list nor any intext referencing. | |
| TOTAL MARKS: | ||||||
| set B |
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Sheet3
2019 Semester 3
MGE1108 Economics for Business
Assessment 3: Individual Assignment
ASSIGNMENT INSTRUCTIONS:
1 Submit only the section found in the next page titled “Assignment Submission.”
DO NOT include the Assignment Instructions
(otherwise Turnitin, see below, may consider them as “plagiarised”).
2 Your assignment must be submitted as a word document AND through Turnitin in LMS. Turnitin is a software that indicates the extent that your assignment has been copied from elsewhere.
It is normal if Turnitin indicates a percentage copied but make sure that you include proper in-text referencing for each answer, otherwise marks will be deducted for similarities for 20% – 50% and zero marks in excess of 50%.
Diagrams may be hand drawn, scanned or photographed and pasted onto the word document.
3 You are not required to look up other resources except for that listed below but you can certainly do so to gain a wider general understanding.
4 A reference list and in-text citation must be included. (Resources on how to construct your reference list and in-text citation are found in LMS under Student Support/Study Help/Study Skills and Academic Writing). You will be penalized for simply copying and pasting large sections from the text book.
Resources for this assignment are:
· Chapters 7 – 9 from the the prescribed text book A, Robinson. T, and Tucker I. (2015) Economics for Today. Copies of these chapters are on LMS.
· Videos resources for assignment on LMS.
5 Use economic concepts and terms in your answers. Take care NOT to substitute words with specific economic meaning with any similar meaning words from Thesaurus (a helpful resource is Studiosity in LMS). Where economic models/diagrams are required it will be clearly indicated.
6 Marks will be deducted for late submission. If you need an extension, seek permission from your lecturer giving your reasons.
This assignment is marked out of 45 marks and contributes towards
15%
of your total marks for the subject.
Due Date: 2 FEBRUARY 2020 (Sunday) just before midnight.
7 My Declaration: I declare that the MGE1108 assignment for 2019 Semester 3 which I submitted is entirely my own work, except where quoted is duly acknowledged in the text, and that it has not been submitted for assessment in any other course or program. I hold a copy of this assignment, which can be produced upon request if the original is lost, damaged, or unusable.
NOTE TO STUDENT:
Submit ONLY the next section below, “Assignment Submission” after reading and typing in your name and student ID. Do NOT INCLUDE the above section as it will add to Turnitin’s Similiarity Report for word count/plagiarism.
2019 Semester 3
MGE1108 Economics for Business
ASSIGNMENT SUBMISSION (Assessment 3)
I (Please type in your Student ID and NAME: ) confirm my declaration of paragraph 7 of Assignment Instructions.
Question 1
Compare the market structures of Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly under the following headings (about 250 words).
a. number of firms in the market
b. similarity of the products sold
c. barriers to entry
(9 marks)
Answer
Question 2
Based on your understanding of each market structure described in Question 1, state which market structure you think each of the following businesses belong to.
Explain your choice with a short description of which characteristics of the chosen maket structure they display. Answers with no explanation will score only half the marks.
a. Virgin Australia in the Australian domestic air travel market .
b. A restaurant in Melbourne/Sydney CBD.
c. Academies Australasia Polytechnic
d. Yarra Tram in Melbourne or Sydney Trains in Sydney.
e. Australia New Zealand Bank.
f. Melbourne University.
g. A medical clinic in the suburbs.
h. The Village chain of cinemas.
(8 marks)
Answer
Question 3
In Australia, Coles and Woolworth are the two major supermarket chains that dominate about 70% of the Australian supermarket business. Draw and explain a “kinked demand curve” by using this situation as an example.
Explain why firms that face a kinked demand curve are likely to engage in non-price competition. (About 80 words)
(8 marks)
Answer
Question 4
Explain the term “price discrimination” and explain any two (2) methods of price discrimination used by firms. (About 30 words)
(4 marks)
Answer
Question 5
Diagram A
Diagram B
The above are diagrams of demand curves facing two firms.
Required:
State which demand curve applies to the Monopolistic Competition firm and the other to the Oligopoly firm and explain why you think so (Hint: consider their price elasticities of demand)
(6 marks)
Answer
Required:
A reference list/bibliography and proper intext referencing for all questions .
(5 marks)
Reference List:
Set C