2303AFE – Economics for Decision Making 2 Assignment

2303AFE – Economics for Decision Making 2 Assignment

2303AFE – Economics for Decision Making 2 Assignment

Subject: Economics    / General Economics
Question

2303AFE Economics for Decision Making 2
Trimester 1, 2017
Assignment Topic For each of the following questions write an essay style answer. In writing these essays
you may need to undertake research related to the given scenario. This research should
include supply demand, price and market information wherever appropriate.
The marking criteria for the assignment are given in page 4 of this document. Question 1 (10 marks)
SCENARIO 1
Australian Crop Report: February 2017 No. 181
Source: Australian Bureau of Agricultural and Resource Economics and Sciences
(ABARES), Feb 2017
(http://data.daff.gov.au/anrdl/metadata_files/pb_aucrpd9aba_20170214_Sn9Dg.xml)
“Australian crop report provides high quality and timely information that supports higher
farm gate returns through informed decision making by primary producers. In this edition,
ABARES will release its latest forecast of summer crop production in 2016-17 and its latest
estimate of winter crop production in 2016-17.
Key issues Planting of 2016-17 summer crops is largely completed and planted area is estimated to
have increased from last year because of above average spring rainfall. However, yields of
dryland summer crops are expected to be constrained by hot and dry seasonal conditions
during summer. Harvesting of 2016-17 winter crops is now largely complete and production is estimated to
have exceeded the forecast of record production presented in the December 2016 edition
of Australian crop report”
Economic analysis
Against the backdrop of above scenario write an essay explaining possible changes that could
occur in the prices of (i) summer crops (ii) winter crops in 2017 in Australia. Use appropriate
economic models in your answer. In writing your answers consider the essence of the story in
the scenario and include assumptions you have made in this economic analysis. Page 1 of 4 Question 2 (10 marks)
SCENARIO 2
Apartment outlook brightens as Chinese buyers come rushing back
By Robert Gottliebsen, The Australian, March 2017 (the article is here)
“In a stunning reversal, the overseas Chinese have dramatically re-entered the Sydney and,
to a lesser extent, Melbourne off-the-plan apartment markets. The long-term outlook for the
apartment market in our two largest cities has therefore completely changed. And, as I
describe below, there are also trend changes on the Gold Coast and in Brisbane.
…… has noticed a limited sample of skilled younger people who are unhappy about the
burden Sydney real estate puts on their lifestyle and some are moving to Brisbane or the Gold
Coast. This may be contributing to the very strong demand for Gold Coast apartments — a
market that was very weak. Brisbane is also responding”
Economic analysis
Against the backdrop of above scenario write an essay explaining possible changes that could
occur in the Gold Coast apartments market. Use appropriate economic model/s in your
answer. In writing your answers consider the essence of the story in the scenario and include
assumptions you have made in this economic analysis. Question 3 (10 marks)
Using oil market statistics, you are required to calculate and analyse price elasticity of oil
demand and price elasticity of oil supply during the period of 1Q 2013 to 4Q 2016. To find
quarterly data for oil supply and oil demand, please click here. You can select world oil
supply or world oil demand from the drop down button. Also, use this link to find oil prices.
Please note that as oil prices are presented monthly, you need to take simple average of each
three months to get quarterly oil prices matched with supply and demand statistics. You need
to show the steps in calculating demand and supply elasticities. Show the data used in your
calculations in a table/ graph. Research possible reasons for your estimated elasticity values
and include them in your answer. Notes:
1. Submission Date: The submission date is Friday, 28th April 2017; Time 3:00PM.
2. Submission Mode: Online submission via “SafeAssign” only. No hard copy and No
email submission.
3. Word Limit: Maximum word limit is 3000 (i.e 1000 words per question) (do not
exceed the word limit).
4. Coversheet: You are required to submit your assignment with a coversheet. You can
do this online when you submit the Assignment. In order to obtain a coversheet, log
on to “Griffith Portal” and go to Assignment submission link.
Page 2 of 4 Instructions:
When structuring your essay follow the instructions below.
1.
No headings required. For each question write the answer (essay) and you can use
separate paragraphs as you wish.
2.
In the reference list, include at least five references e.g. newspaper articles, books
(including your textbook) for each essay. Note: the reference list should be combined
for all three essays and included at the end of the document. Use any referencing
style. If you think that you need more details about referencing, visit the referencing
website of the university (https://intranet.secure.griffith.edu.au/student/academicintegrity/referencing). This assignment is worth 30% of the overall grade for this course.
Requests for an extension to the due date must be requested IN WRITING from the Course
Convenor at your home campus (via email) BEFORE THE DUE DATE.
Extensions will only be granted in exceptional circumstances, with such circumstances
needing to be verifiable with relevant documentary evidence.
Penalties apply for late assignment submissions, in accordance with University/Faculty
policy. Penalties also apply for plagiarism and other forms of academic misconduct in
accordance
with
University
policy
which
can
be
accessed
at
http://www.griffith.edu.au//ua/aa/sta/extt/exams/misconduct/.
Important: Remember to keep a copy of your original assignment with you. Go to the Next page to see the marking Criteria Page 3 of 4 2303AFE- Economics for Decision Making 2- Trimester 1, 2017: Marking Criteria for the
assignment
[Mark out of 10] Marking Criteria
The overall structure of the essay (3 marks) Was the essay well-written with clear flow of facts/arguments? Did it adhere to the word limit? Did the assignment include at least five relevant references?
Research (2 marks) How well did the student undertake research to explain the given scenario in each
question
Economic analysis (5 marks) How well did the student undertake an economic analysis to explain the changes in
the market resulting from the scenario given Did the student present a clearly labelled economic Model/s? How well did the student summarize the overall impact? How effectively did the student incorporate evidence based research to support their
economic argument? Page 4 of 4

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