Application of Economic Principles - Business and Marketing Strategies - Economics Assignment Help

Assignment Task:

Application of Economic Principles -

Exercises [worth 30%] ULO4 explain how business and marketing strategies can create value through application of economic principles Rationale for Exercises: to help the student develop and/or strengthen their analytical and communication skills set by applying their knowledge of economic principles to real world issues. Industry values workers with a well-developed set of analytical skills and communicative abilities. Moreover, articulating clear answers and solving (economic) problems are important skills to have in the real business world. The task is made available on Sunday 3rd May, 6pm [Perth, Western Standard Time].

The BLAW1002 ‘Assessment 2’ is STRICTLY due at the latest on Wednesday May 13th, 11:59pm. Students have ten (10) days to work on this assessment, worth 30% of their final mark.

? This exercise consists of one section with four (4) compulsory short written answers.

? These answers need to be typed, but diagrams must be hand-drawn and scanned into the Word document.

? You must include your Full Name and Student ID as a title in the Word document when submitting your work to Turnitin (see Assessments tab on Bb). N.B. the file size for uploading to Turnitin cannot exceed 20MB.

? The suggested word count is a maximum. The main thing is that you just answer the question and have sufficient explanations. In summary, all four (4) questions have to be answered using well-labelled, hand-drawn diagrams, with accuracy and good explanations. In your answers, refer to key economic concepts taught in E2 (M7) and E3 (M8) in BLAW1002 S1 2020, where relevant.

Other instructions:

? You will not be penalised for going over the word limit per se, so long as what is written is relevant and answers the question. As a rough guide, you probably should not go over by more than 100-200 words.

? In this exercise, for the diagrams/models, you might want to make a quick reference from the CORE ESPP text and/or lecture materials. You can briefly mention where you got the CORE model/diagram from. Just be wise and careful to write in your own words when you draw upon the lecture slides and CORE readings.

? As a general rule, a bibliography is not really needed. This is not designed to be a major research activity, it is rather contained in the sense that the CORE and lecture materials plus references associated with the questions should be sufficient, and there is no need to include these sources in a bibliography – suitable in-text referencing yes, but not end-text referencing (a bibliography).

? You should not need to do an exact copy of a graph from the unit materials -- as this is an applied activity -- a graph may closely resemble something from the materials, but it will not be an exact match. BLAW1002 S1 2020 ‘Assessment 2’ Page 2 of 2

Q1. PRICE MAKERS – Big Pharma companies in the US (E2) In extremely competitive markets it is impossible to make much profit. The most profitable industries are those with significant degrees of monopoly power when firms have the power to raise prices without losing too many consumers. Drug companies in the US are an example of firms having substantial pricing power, according to this article: https://www.theatlantic.com/health/archive/2019/03/drug-prices-high-cost-research-and-development/585253/ Based on this discussion and economic theory, draw an appropriate diagram of the profit-maximising firm using a relevant demand curve to illustrate and explain in some detail the monopoly power of pharmaceutical companies in the US. Refer to key sentences and ideas from the article where relevant to support your analysis. [Type answer in 500 words or less] [9 marks]

Q2. PRICE TAKERS – demand and supply for macadamias in Australia (E2) Consider the competitive market for macadamia nuts in Australia, according to this article: https://www.abc.net.au/news/2019-03-11/health-food-trends-drive-surge-in-macadamia-price/10886728 Use relevant demand and supply diagrams to demonstrate the current state of the market and the likely future scenario of macadamia nut prices in Australia. Carefully label the curves and clearly indicate the equilibrium prices in the current scenario and future scenario. [Type answer in 300 words or less] [6 marks]

Q3. MARKET FAILURE – delivery workers in the US (E3) What are external effects? Consider the importance of US delivery workers in the coronavirus pandemic, according to this article: https://theconversation.com/striking-amazon-instacart-employees-reveal-how-a-basic-economic-principle-could-derail-our-ability-tocombat-the-coronavirus-135618 Based on this discussion and economic theory, draw an appropriate diagram to illustrate and explain this specific type of externality. Demonstrate on your diagram and discuss what would be a suitable government policy to help solve the market failure in this case. [Type answer in 400 words or less] [7 marks]

Q4. MARKET FAILURE – packaging in the UK (E3) Consider the external effects of soft-drink packaging on UK beaches, according to this article: https://www.theguardian.com/environment/2019/may/14/coca-cola-packaging-pollution-on-uk-beaches-surfers-against-sewagestudy Based on this discussion and economic theory, draw an appropriate diagram to illustrate and explain this specific type of externality (assume the market is competitive). Demonstrate on your diagram and evaluate what would be a suitable government policy to help solve the market failure in this case. [Type answer in 500 words or less] [8 marks]

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