ECON1020: Introductory Economics - Report Writing Assessment Answer

Subject Code: ECON1020

Report Writing Assessment Answer

Assignment Task: ECON1020 The Assignment In this assignment, each group is expected to perform an economic analysis of an appropriate economic phenomenon from the list of phenomenon provided below.  Choose only one phenomenon. For your chosen phenomenon, conduct an economic analysis bearing in mind the purpose and remit of this course, i.e. be very specific about using relevant materials from the lecture and apply it in your analysis. Phenomena to choose from (please choose one only) 1) Housing Prices in Melbourne Expenditure on housing is one of the major expenses individuals face in their lifetime. However, over the last 20 years, housing prices have fluctuated quite considerably. You have been hired by a consumer affairs think-tank and tasked with producing an economic analysis explaining economic reasons why housing prices fluctuates over time (last 20 years) and its impact on relevant markets in the economy. Finally discuss some of the welfare implications (think of consumer and producer surplus) of changes in housing prices. Relevant Lecture Materials: Week 1, 2 and 3. 2) Green-House Gas Emissions and Climate Change The issue of greenhouse gas emissions and climate change has received a lot of media attention over the last decade. While some countries have taken steps to tackle this issue, others have chosen not to respond. You have been hired by an environmental think-tank to understand the economic issues related to climate change. You need to discuss issues of market failure and interventions on successfully tackling the issue of climate change from an economic perspective. Comment on the welfare implications (think consumer surplus and producer surplus across different markets affected by climate change) of government action or inaction in the short and long run. Relevant Lecture Materials: Week 3, 4, 5 and 6. Interim Report (micro credential embedded) It is important for the teaching team to ensure that each student group is on track with the assignment task. With this in mind, we are requiring each student group to submit a written progress report by Friday the end of Week 5 via Canvas. The word limit for the interim report is 600 words and is worth 10 marks (25% of this assignment). The interim report must include the following:

• List the phenomenon chosen for analysis
• Details on the general structure of the economic analysis that will be performed. This must include an overall sense on what economic concepts will be included in the final analysis i.e.you are expected to write up a plan on how you are going to perform your economic analysis using the concepts from the class.
• An outline of the work allocation for each member of the group. Please note that it is acceptable for all students to work on all aspects of the assignment.
• A statement addressing how you will effectively manage your time as ank 5) via Canvas. Your final report must be submitted by 4 PM Friday 10th May (Week 9). As per University regulations, assignments submitted after deadlines will be subject to a 10% penalty per day until the mark reaches zero. Each group should submit only one Interim Report and must submit only one Final Report. Marks will be allocated according to the rubrics provided.
• How are groups formed?
• Each group should be composed of 3-4 members from the same tutorial group. It is YOUR responsibility to make sure you are part of a group.
• The teaching staff have been instructed to devote time in the second tutorial (in Week 3) to facilitate group formation. You MUST be in groups by latest end of Week 4 (the interim report is due end of Week 5). If you are not in a group by Week 4, please contact your tutorial teacher.
• Once your group is established you will have to enrol yourself in your group on Canvas. Please refer to the following guide for how to join a group on Canvas: https://community.canvaslms.com/docs/DOC-10516-421264913
• Individual submission for this assessment is permitted, however students who do not form a group and submit an individual report WITHOUT a valid outcome will lose marks in the report (as per report rubrics).
• This penalty will not be applied in you have applied for special consideration and have an outcome for adjustment to assessment.
• Equity Issues
• To avoid equity issues, it is very important to divide up the work carefully at the beginning and communicate regularly to ensure everyone is keeping up to date with their work. To ensure that communication is manageable we have put a cap of 4 people per group. However, in case equity issues arise, it is your responsibility to use the statement of contribution to highlight it. Marks will be adjusted to reflect the difference between actual and expected effort provision of each group member.
• For example, in a group of 4 it is expected that each person would put in 25% effort. If a group member puts in effort that is different from what is expected, his grade will be calculated using the following formula:
• Student grade= Group Mark + 0.5?actual effort  ? expected effort ?Group Mark
• Let us consider the case where the group gets 28/40 for the written report and 2 members put in 25% and the other two members put in 10% and 40% respectively. The students who put in 25% will get 28/40. The student who put in 10% will get 19.6 and the student who put in 40% will get 36.4.
• individual and as a group to ensure your assignment will be completed in a timely manner. Each student will have access and should complete the RMIT micro-credential ‘Managing Time and Priorities’, which will provide you with the necessary knowledge to write such a statement.

The rationale for the interim report is to ensure that students are not waiting until the last minute to complete the final report and they have been given guidance and feedback during the entire process of completing the assessment. Thus, it is important that you do engage with the topic you have chosen and provide a thorough plan of how you are going to approach the assignment. Your tutor is going to provide feedback on this submission by end of week 6, which you can incorporate in your Final Report. Rubrics for the interim assignment is posted below. Final Report The final report is worth 30 marks (75% of the assignment) and has a word limit of 2000 words. Given the nature of the assignment, you are free to use any structure you want to fit your purpose. However, as a suggestion, we propose using 300 words each on the introduction and conclusion and 1400 words on the analysis. An introduction should typically outline the phenomenon you have chosen and highlight its economic significance. You may present some data to illustrate the phenomenon. Good economic analysis entails identifying (1) the various aspects of the exchange process (the market, the agents involved, the equilibrium outcome), (2) the factors that can affect market outcomes (across relevant markets) over time and (3) the welfare implications of the exchange outcome and whether there is scope for public policy intervention (efficiency vs equity). Please note that all of these criteria, (1) - (3), may not be applicable for your phenomenon of choice. Remember, the most important thing we want groups to do is to use economics concepts from class into their analysis. Use graphs, formulae and diagrams where they help your explanations (more rigorously and succinctly) compared to words alone. A good conclusion section will provide a look at the big picture and provide the significance of your findings in a larger context. Remember this is an economics assignment and therefore you should refrain from writing a report that is general and/or journalistic in nature. We will only give marks for correctly applying economic concepts. Submission Information and Deadline Both written reports should be word-processed, provide a word count and bibliography. Note that the bibliography is not part of the word count. You can choose any bibliography style (e.g. APA, MLA, etc) as long as ALL your references are correctly formatted in the chosen style. Groups will be penalised for going over the word limit: for every additional 10% word-usage over the word limit, each group will lose 10% of the assignment. Your interim report must be submitted by 4 PM Friday 5^th April 2019 (Week 5) via Canvas. Your final report must be submitted by 4 PM Friday 10^th May (Week 9). As per University regulations, assignments submitted after deadlines will be subject to a 10% penalty per day until the mark reaches zero. Each group should submit only one Interim Report and must submit only one Final Report. Marks will be allocated according to the rubrics provided. How are groups formed? Each group should be composed of 3-4 members from the same tutorial group. It is YOUR responsibility to make sure you are part of a group.

• The teaching staff have been instructed to devote time in the second tutorial (in Week 3) to facilitate group formation. You MUST be in groups by latest end of Week 4 (the interim report is due end of Week 5). If you are not in a group by Week 4, please contact your tutorial teacher.
• Once your group is established you will have to enrol yourself in your group on Canvas. Please refer to the following guide for how to join a group on Canvas:
• Individual submission for this assessment is permitted, however students who do not form a group and submit an individual report WITHOUT a valid outcome will lose marks in the report (as per report rubrics).
• This penalty will not be applied in you have applied for special consideration and have an outcome for adjustment to assessment.

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