ECO11 (Principles of Economics)
This booklet contains details about the assignments for this subject. In addition, some exam tips are included at the end of the document.
For full details on the appropriate submission processes for the assignments for this subject, please read the section in your Subject Outline entitled â€˜Submission and return of assignmentsâ€™.
Assessment 1: Applied Writing
Due Date:Week 7 Saturday 1 February 2020 at 11am
Word limit:1250 words
Topic:See the applied writing details below
Late assignments that do not have approved extensions will incur a penalty of 10% each day.
IMPORTANT REQUIREMENTS FOR ALL ASSIGNMENTS
Assignments are compulsory and must be presented by the due date.
Students should stick strictly to the word limit. Penalty marking at the rate of 1% per 100 words (or part thereof) will be imposed on papers that exceed the word limit. Students may add a reasonable amount of material to appendices, but should only use appendices as a way of supplying corroborating evidence for points made in the body of their assignment. Under no circumstances should students use appendices as the main vehicle for carrying their analysis forward. If they do, then such appendices will be included in the word count.
These assignments are designed to test studentsâ€™ understanding of economic theory rather than the ability to research and apply outside sources of information.
Students are expected to acknowledge the source of their information including their set texts in a Reference list. One mark will be deducted if this is not adhered to, including for copied diagrams.
References that are actually used should be cited. Use the Harvard referencing system.
Although use of references from the Internet is encouraged, they must be cited in the body of your work and listed in full in your list of references.
For the main part, you are expected to answer questions in your own words. Whilst quotations are acceptable, they should be kept to a reasonable length and put between quotation marks. A student cannot expect to pass an assignment that consists of a series of linked passages copied off the World Wide Web or other source irrespective of whether the source is acknowledged or not.
Assignments received more than seven days after the due date will not be marked.
You are advised to make a copy of your work prior to submission.
ASSESSMENT 1 APPLIED WRITING
1250 words in total (including diagrams, references and all text)
Sunday 12 January 2020 11.00 pm
Course Website only
Maximum 7 days
10% per calendar day
2,3 and 4
The purpose of this task is to demonstrate your understanding of the economic concepts and models you have learned in the course in topics 2, 3 and 4 by relating them to a real-world situation.
Read the article written by Sandeep Dhawan â€œFactors affecting gold price in Indiaâ€ published in Economics Times India on 25th June 2018. Answer the three questions that follow the article using economic models where appropriate. Answer each question separately and include an introduction and conclusion to the whole assignment. Specify any assumptions you have made and use clear, concise and coherent arguments. Wherever you use ideas from sources to support your arguments make sure you cite them according to UniSA Harvard conventions.
- Analyse these key mentioned in the case study, within the context of the concepts discussed in the lectures and textbook.
- Use the appropriate economic model to illustrate the key issues graphically. Fully label the model and clearly indicate where changes occur.
- Explain the model and discuss the outcome.
Factors affecting gold price in India
Economic Times By: Sandeep Dhawan Date: 25th June, 2018
With an annual demand equivalent to about 25 percent of the total physical demand worldwide, India is one of the largest consumers of gold. Traditionally, there is a surge in jewelry demand during the festive and wedding seasons, leading to a rally in gold prices. While the demand for gold has a role to play in its price, there are several other factors that have a bearing on it as well.
According to a report by the World Gold Council, annual data from 1990 to 2015, revealed two significant factors affecting gold consumer demand ( jewelry, and bar and coin combined) over the long-term. “All else being equal, gold demand is driven firstly by, income i.e. gold demand is seen to rise with income levels. For a 1 percent increase in income, per capita gold demand rises by 1 percent and secondly, gold price level i.e. higher prices deter gold purchases. For a 1 percent increase in prices, gold demand falls by 0.5 percent.”
Demand for gold in India is interwoven with culture, tradition, the desire for beauty and the desire for financial protection. According to a study by World Gold Council commissioned by the World Gold Council and Federation of Indian Chambers of Commerce and Industry (FICCI), Indian consumers view gold as both an investment and an adornment. When asked why they bought gold, almost 77 per cent of respondents cited safety of investment as a factor, while just over half cited adornment as a rationale behind their purchase of gold.
Please read the article â€˜Factors affecting gold price in Indiaâ€™ published on June 25, 2018 and answer the following questions:
Q1 (a). Discuss the factors affecting demand for gold in India. Using the demand and supply model, explain and illustrate graphically the effect of change in demand on market equilibrium price and quantity.
In your answer make sure you discuss the equilibrating process, and clearly outline the assumptions in discussing the factors affecting price.
(7 marks) Q2 (a). Use the influences of price elasticity of demand to analyses whether the demand for â€˜gold in
Indiaâ€™ is likely to be price elastic or inelastic.
Q2 (b). Based on your analysis in Q2 (a) explain and illustrate graphically what will happen to the total revenue of the gold merchants following an increase in gold prices.
Q3. Assume that Indian government has imposed tax on gold trading. Discuss how tax creates inefficiency in the market. Further, based on your answer in Q2 (a) explain and illustrate graphically how the burden of tax will be shared between consumers and producers.
In your answer, make references to the concepts of consumer and producer surplus
Your assignment will also be assessed on how effectively you can communicate with the reader; i.e. how well you have presented your arguments and ensured your analysis is logical and consistent.
Consequently, 4 marks will be awarded for effective writing including proper grammar, referencing and formatting. Importantly, make sure you use appropriate diagrams in your analysis. Please check the FAQs for Assignment 2 if you have further questions on this assignment.
Total marks: 25 marks
SUBMISSION AND RETURN OF ASSESSMENT PIECES
When preparing an assignment, do the following:
- Please attach the below assignment cover sheet to your assignment. Make sure you include your ID number.
- Additionally, assignments are NOT, under any circumstances, to be submitted by email. This bypasses the assignment tracking systems set up by the School of Commerce and increases the chances that your assignment will be lost.
2.Include your FULL NAME AND ID on the first page of your assignment
3.Number the pages of your assignment.
4.Include the word limit on the bottom of the first page.
6.When saving your document, please ensure that you save as the following: â€œFull name _ Student id_ Assignment 2_ ECO 11â€
Judging the quality of submitted material requires some judgment by academic staff. Rather than a simple formulaic approach, markers combine a number of elements to judge the quality of an assignment. In broad terms, assessment of your assignments will take into account:
1.Relevance of your answer to the question (Did you answer the question?)
2.Did you use a model and graphical representation to analyse the question?
3.Clarity of expression (Is it written well?)
4.Logical planning and sequence (Does the argument make sense?)
5.Did you provide theoretical support for the arguments used?
6.Was the question answered fully or only in part?
7.Where appropriate, were sources properly cited and referenced?
- Overall presentation, including correct grammar, spelling and punctuation (Is the presentation of professional quality?)
- The word limit is 1250 (10% up or down).
- Question-Answer format is acceptable.
- Answer each question separately.
- Write an introduction and conclusion.
- Make sure to fully label diagrams; and clearly indicate changes you make to graphs.
- Specify any assumptions you make and use a clear, concise and coherent set of arguments in your discussion/analysis.
- There is no need to provide actual data/numbers as this is a conceptual exercise.
- Submit your assignment in a Word file (PDF or other format is not acceptable).
- Support your discussion with appropriate graphs.
- Support your discussion with appropriate graphs.
- You can make use of the snipping tool to attach your hand drawn graphs to your word file.
- There are no resubmissions allowed.
- In the case of requiring an extension, you need to apply through the extension link provided on your learn online course site only. It is important to provide proper documentation for processing your request.
- Requests for an extension will not be acceptable after 10th January 2020, 5:00pm.
- Assignments with approved extensions must be submitted by 19 January 11pm.
- In accordance with the Division of Business guidelines, assignments submitted late without permission from the course coordinator/s will attract a penalty of 10% of the total possible marks for the assignment per day for each day late, or part thereof, after the due date.
- There is no need for additional references; however, you can draw upon other references (but cite) in support of any particular arguments you make in your discussion.
- There is no minimum number of references recommended.
- You need to provide references, referencing guidelines only.