BUIL1026 - Economics for Construction Professionals - Economics Principles Assessment Answer

Assessment Task:

BUIL1026: Economics Principles Assessment Answer

PART A: BACKGROUND & ANALYSIS OF FIRM

Introduction: Provide a context for the case study report.

a) Introduce your chosen construction firm and the construction industry context.

b) Define the market and identify the key competitors.

c) Mention the main objectives of this report.

d) Explain the reasons you chose this firm in relation to the objectives.

e) Finish with an overview of the key ideas the reader should understand after reading your report.

Often an introduction is written after the body of the report has been written, however, for this task it is important that you describe the context and objectives first to ensure you are on the right track (through receiving feedback). A short review of literature: In this section you will define relevant economics principles relevant to this report. This section often sets the scene in the form of a problem of issue to be addressed. Discuss any research or market data that is related to your chosen firm’s context and your investigation about this construction firm. It is helpful to choose articles that have investigated similar objectives and applied similar economics principles. Basic analysis of the firm characteristics: Use graphs and tables where relevant to present your findings and ensure that you explain these in text. Clearly label all the axis, curves, price, quantity and so on. It is important to take care and be clear, concise and precise when explain your results. In this section you will respond to the research questions as below:

f) What kind of a market is the firm competing in? For instance: perfect competition, monopolistic competition, oligopoly etc.?

g) If possible, justify your response using market data for this industry in recent years, for example, market share, profits sales etc.

h) Explain the profit maximising condition of this firm.

i) How do the competitors influence the pricing decision of this firm?

j) Comment on the overall industry.

After you have written your conclusion, you may like to revisit the introduction section and adjust as necessary. This is also an opportunity to apply the feedback given throughout and make amendments to your report as a whole. You will also write an executive summary, table of contents and list of tables and figures.

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