College of Business BEO1105 Economic Principles Semester 2, 2013 Assignment (This assignment is worth 20% of total marks for the unit) Due date: October 26, 2013 at 12 PM Length: Maximum 3 Pages, including text and diagrams.

The written submission should reflect your understanding and application of the key concepts of market equilibrium. It is expected of no more than THREE pages including text and diagrams and adhere to the academic presentation requirements. Be concise and clear.

Students are encouraged to work with each other to learn the relevant concepts; the submitted work must be of individual student’s own work.

Students must answer both questions.

Question 1 (10 marks)

Explain each of the following using supply and demand diagrams.

(a) When car manufacturing workers’ wages rise, the price of cars increases. (3 marks)

(b) When iPhone 5 is released, the price of older model smart phones such as iPhone 4 falls. (3 marks)

(c) When a war breaks out in the Middle East, the price of Petrol rises and the price of Toyota hybrid car rises. (4 marks)

Question 2 (10 marks)

The Australian government administers two programs that affect the market for cigarettes. First, media campaigns and labelling requirements aimed at making public aware of the dangers of cigarette smoking. Second, there is a tax on cigarettes.

(a) With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes. (5 marks)

(b) “A tax on cigarettes is a good way of raising tax revenue for the government.” Discuss. (5 marks)

1 Assignment Formatting Requirements:

The final submission should show your understanding and application of the relevant concepts. (a) Use Times New Roman, size 12 for text. Number the pages if applicable. (b) Have a Cover Page including:

Subject code and title Name of assignment Tutorial group Tutor’s name Student names and ID numbers Due date (c) 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 (d) Obtain a Standard Assessment Declaration Form from the Assignment Information section of the unit Web CT http://ce6.vu.edu.au/ Complete and sign the Student Assessment Declaration form.

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 Criterion (%)

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 and edited, 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.

2

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.

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