MAE101 - Economic Principles - Trimester - Economics Assignment Help

Assignment Task

Description

The global COVID-19 pandemic has resulted in domestic shortages of many goods ranging from toilet paper to medical supplies. This can be attributed to both soaring demand and disruption of supply chains. It has also brought international trade into focus, with some countries acting to ensure medical supplies (including supplies of face masks and ventilators) for their own citizens by banning or limiting the export of these goods, and even outbidding or seizing orders intended for other countries. Meanwhile international organisations such as the Organisation for Economic Cooperation and Development (OECD) and the World Trade Organization (WTO) warn about the dangers to world well-being and stability of abandoning rule-based trade systems.

The assignment is in three parts. Parts I and II are about using economic tools and concepts you have learnt in topics 1 to 3 of this unit. In Part I you will use the supply and demand model to analysis the impact of a sudden increase in domestic demand on face masks, and then combine this with the impact of disruption of supply chains. Part I will not specifically address international trade in masks; you be required to focus on the domestic market instead.

In Part II you will discuss the gains from trade in a general sense. Parts I and II of this assignment address ULOs 1 and 2 (GLOs 1 and 3).

In Part III you will be required to read some articles about face masks, trade and globalisation, and analyse the economic arguments put forth. Part III requires critical analysis which draws on and makes reference to relevant economic concepts and tools from Topics 1 to 5 of this unit, as well as general findings and conclusions from Parts I and II of this assignment. Part III addresses ULO3 (GLOs 4 and 8).

Part I Demand,

Supply and Equilibrium

Question 1. For this question you will be drawing three supply and demand diagrams to illustrate changes in the domestic market for face masks (ignoring international trade aspects) during the COVID-19 pandemic.

1a) Your first diagram should illustrate the domestic market for face masks both before the pandemic and also after the initial increase in demand.

1b) Reproduce the diagram you drew for part (1a) and add to it to illustrate the impact of a reduction in the availability of raw materials.

1c) Now assume several domestic companies that weren’t previously making face masks now start face mask manufacture. Redraw your diagram from part (1b) to illustrate this additional impact on the market for face masks.

1d) The price of face masks has increased in Australia since the start of the pandemic, and the quantity sold has also increased. With this in mind, explain fully the impact of the pandemic on the domestic market for face masks. Include an explanation for each of the separate impacts detailed in parts (1a) to (1c) referring to the changes illustrated in your diagrams, including an explanation of how the market adjusts to a new equilibrium price and quantity after each change. Also explain how each of these changes contributes to the overall impact on the equilibrium price and quantity of face masks in Australia.

Question 2. In part (1a) above you drew a diagram to illustrate the increased demand for masks after the pandemic. It is likely that not only would demand increase, but the price elasticity of demand would also change as a result of the pandemic. Explain how and why the price elasticity of demand is likely to change, and how this will affect the demand curve you have drawn in part (1a). (No need to illustrate).

Specific Requirements for Part I

Each of your diagrams must be fully labelled: both axes, all curves, all prices and quantities labelled on the axes and each equilibrium point. Each diagram must have a heading. Use letters such as P1 and Q1 or similar, rather than actual price and quantity numbers.

Diagrams must be created electronically. There is a video in the Topic 2 folder which demonstrates how supply and demand diagrams can be drawn in Powerpoint and copied and pasted into a single document.

Part (1d) requires a brief introduction, 3 brief paragraphs to explain each of the 3 diagrams (which curve moves and why, how the market price and quantity adjusts as a result of the change) and a concluding paragraph that explains the overall impact on the market for face masks. No more than 500 words for part (1d).

Check your writing for grammar and spelling. Marks will be deducted if your ideas are expressed poorly or are confused, and cannot be awarded if your expression is ambiguous. Overly wordy answers that include irrelevant information will also be penalized.

Question 2 is a stand-alone question – one sentence only required. No need to refer to Question 2 in part 1d); that is, answer all parts of Question 1 assuming price elasticity of demand does not change.

Part II

Opportunity cost, comparative advantage and gains from trade

Question 3. Ali and Barb both like making bread and jam. In one day Ali can make 10 loafs of bread OR 20 jars of jam. In one day Barb can make 6 loafs of bread OR 36 jars of jam.

3a) What is Ali’s opportunity cost of making 1 loaf of bread? (Include a definition of opportunity cost).

3b) What is Barb’s opportunity cost of making one loaf of bread?

3c) If they both split their time evenly between bread making and jam making, how many loafs of bread and jars of jam would they each have?

3d) If Ali only made bread and Barb only made jam, how many loafs of bread and jars of jam would they have between them?

3e) If Ali only makes jam and Barb only makes bread, how many loafs of bread and jars of jam would they have between them?

3f) Assume Ali and Barb specialize in their comparative advantage good, and then agree to trade 3 loafs of bread for 12 jars of jam. How many loafs of bread and jars of jam do they each have now?

3g) Has specializing in their comparative advantage good made them better off overall? Explain your answer fully, including explaining what is meant by ‘comparative advantage’.

Specific Requirements for Part II:

Parts (3a) to (3f) require one sentence answers. Show workings for parts (3a) and (3b).
Part (3g) requires one to two paragraphs including a full explanation. No more than 200 words for part (3g).

Part III
Face masks, Trade and Globalisation

Your task is to write a report/written presentation for a class of year 11 or 12 students who may or may not be studying economics. Assume you have been asked to address this question: “Should Australia move away from globalisation and make all our masks and other medical supplies ourselves?”.

Your report/written presentation should start by briefly discussing what has been happening in the domestic face mask industry, drawing on (but not simply repeating) your work from Part I.

You then need to explain the international dimensions, providing a clear and succinct summary of relevant issues presented in the articles (links provided below).

Then critically analyse the question based on your reading of the articles and any further reading/research you have undertaken. Make reference to economic concepts in your analysis, particularly those relating to welfare implications of trade, both from Part II of this assignment and Topic 5 of this unit.

Specific requirements for Part III

Your answer to Part III should be written in the style of a report/written presentation. It should have an introduction and conclusion, and be structured to address the points noted above. Your critical analysis should identify and discuss the issues that are inherent in the question. Any claims you make must be backed up with evidence from your reading. Your conclusion should bring your ideas together in a paragraph that is aimed at your audience – non specialists – in a clear and concise way.

You must include Harvard style in text referencing (author, date) for any ideas that are not your own, including referencing ideas from the articles you have read. However general economic concepts such as those in the text book do not need to be referenced, if they are expressed in your own words. You must also provide a reference list at the end of Part III.

You do not need to summarise every article provided below as reading. A key academic skill is the ability to research information from many sources, and organise, analyse and present information relevant to the topic.

No more than 1000 words for Part III. Check your writing for grammar and spelling. Marks will be deducted if your ideas are expressed poorly or are confused, and cannot be awarded if your expression is ambiguous. Overly wordy answers that include irrelevant information will also be penalized.

Marks for each part:
Part I: 4 + 4 + 4 + 14 + 4 = 30 points for Part I
Part II: 4 + 2 + 2 + 2 + 2 + 2 + 6 = 20 points for Part II

Part III: 30 points; plus 5 points for the quality of writing and 5 points for complete and correct referencing = 40 points for Part III.

This gives you a score out of 90. From this the following deductions may be made if applicable:
• Not submitting your assignment in PDF format: minus 3 points
• Not doing the diagrams in Part I digitally: minus 4 points
• Required labels missing for Part I: minus up to 3 points
• Restating the question (that is coping the complete question to your assignment document,
rather than just using the part and question number): minus 3 points

Your final score out of 90 will be converted to a grade out of 30 marks, or 30% of your final result for the unit.

See also the rubric at the end of this document for further details of criteria and levels.
Reading for Part III

Edwards, J. 2020, ‘The facts about global trade in face masks, ventilators and test kits’, The Interpreter, The Lowy Institute, 21 April 2020, accessed 20 July 2020

Laker, B. 2020, ‘3 Severe Implications of Coronavirus on Global Trade’, Forbes, 7 April 2020, accessed 20 July 2020
McDonagh, N. 2020, ‘Sure, let’s bring production onshore, but it might not ensure supplies’, The Conversation, 10 July 2020, accessed 20 July 2020.
OECD 2020, ‘The face mask global value chain in the COVID-19 outbreak: Evidence and policy lessons’, Note, Organisation for Economic Cooperation and Development, 04 May 2020
(PDF of article in Assignment Resources folder,
Uren, D. 2020, ‘How Covid-19 infected global trade’, The Strategist, Australian Strategic Policy Institute, 27 May 2020, accessed 20 July 2020
Venalk, S. 2020, ‘Coronavirus hasn’t killed globalisation – it proves why we need it’, The Conversation, 6 May 2020, accessed 20 July 2020

Summary of general requirements (further detail follows):
o Submit one PDF document, with all content digitally generated (typed, digital diagrams). Make sure it is the correct version.
o Word limit: 2000 words (plus or minus 10% - see specific requirements for each Part above). Do not restate the question; just use the question number. Headings, labels and references do not count towards the word limit.
o Academic integrity: do not collude with others. Submit your own work, referencing all sources
o Students must correctly use the Harvard style of referencing (name – date)

o Proof read for coherence, spelling and grammar.

o Extensions: Only for valid documented reasons with (prior) approval from the Unit Chair. Email a completed extension form with documentary evidence attached to the Unit Chair no later than 12 noon on the due date. See details at end of this document. Late penalties also noted below.

o Start early!!

Learning Outcomes

This task allows you to demonstrate achievement towards the unit learning outcomes. The ULOs are aligned with specific graduate learning outcomes – that is, the skills and knowledge graduates are expected to have upon completion of their studies – and this assessment task is an important tool in determining achievement of those outcomes.

If you do not demonstrate achievement of the unit learning outcomes, you will not be successful in this unit.

It is good practice to familiarise yourself with the ULOs and GLOs as they provide guidance on the knowledge, understanding and skills you’re expected to demonstrate upon completion of the unit. In this way they can be used to guide your study.

Submission
You are to submit your assignment in the individual Assignment Dropbox in the MAE101 CloudDeakin unit site on or before the due date.
When uploading your assignment, name your document using the following syntax: You will only be able to upload one document: all diagrams must be done electronically and copied and pasted into one document, which must be submitted in PDF format. You can re-upload – any subsequent submissions will overwrite earlier versions.
Submitting a hard copy of this assignment is not required.
Any work you submit may be checked by electronic or other means for the purposes of detecting collusion and/or plagiarism.

When you submit an assignment through your CloudDeakin unit site, you will receive an email to your Deakin email address confirming that it has been submitted. You should check that you can see your assignment in the Submissions view of the Assignment Dropbox folder after upload, and check for, and keep, the email receipt for the submission. Check you have submitted the correct assignment!! The document that is in the dropbox will be the one marked, with no exceptions. If you realise after the due date that you have submitted the wrong document, late penalties as detailed below will apply to any subsequent submission.

Marking and feedback
The marking rubric for this task is below and also available in the MAE101 CloudDeakin unit site - in the Assessment folder (under Assessment Resources).

It is always a useful exercise to familiarise yourself with the criteria before completing any assessment task. Criteria act as a boundary around the task and help identify what assessors are looking for specifically in your submission. The criteria are drawn from the unit’s learning outcomes ensuring they align with appropriate graduate attribute/s.

Identifying the standard you aim to achieve is also a useful strategy for success and to that end, familiarising yourself with the descriptor for that standard is highly recommended.

Students who submit their work by the due date will receive their marks and feedback on CloudDeakin 15 working days after the submission date.

Extensions 

Extensions will only be granted for exceptional and/or unavoidable circumstances outside the student’s control, and only to a maximum of two weeks after the due date.

Students seeking an extension for an assignment prior to the due date should apply directly to the Unit Chair by completing the Assignment and Online Test Extension Application Form. Requests for extensions will not be considered after 12 noon, Thursday 3 September. Applications for special consideration after the due date must be submitted via StudentConnect.

Late submission

The following marking penalties will apply if you submit an assessment task after the due date without an approved extension: 5% will be deducted from available marks for each day up to five days, and work that is submitted more than five days after the due date will not be marked and will receive 0% for the task.

'Day' means working day for paper submissions and calendar day for electronic submissions. The Unit Chair may refuse to accept a late submission where it is unreasonable or impracticable to assess the task after the due date.

Calculation of the late penalty is as follows:
• 1 day late: submitted after Thursday 11:59pm and before Friday 11:59pm– 5% penalty.
• 2 days late: submitted after Friday 11:59pm and before Saturday 11:59pm – 10% penalty.
• 3 days late: submitted after Saturday 11:59pm and before Sunday 11:59pm – 15% penalty.
• 4 days late: submitted after Sunday 11:59pm and before Monday 11:59pm – 20% penalty.
• 5 days late: submitted after Monday 11:59pm and before Tuesday 11:59pm – 25% penalty.

Dropbox closesthe Tuesday after the due date at 11:59pm AEST time. Only students with approved extensions will be able to submit to the dropbox after this time.

Support

The Division of Student Life (see link below) provides all students with editing assistance. Students who wish to take advantage of this service must be organized and plan ahead and contact the Division of Student Life in order to schedule a booking, well in advance of the due date of this assignment. http://www.deakin.edu.au/about-deakin/administrative-divisions/student-life

Referencing

Any material used in this assignment that is not your original work must be acknowledged as such and appropriately referenced using Harvard style (author date). You can find information about plagiarism and other study support resources at the following website: http://www.deakin.edu.au/students/study-support

Academic misconduct

For information about academic misconduct, special consideration, extensions, and assessment feedback, please refer to the document Your rights and responsibilities as a student in this Unit in the first folder next to the Unit Guide in the Resources area of the CloudDeakin unit site.

Individual work is required!

You may study with other students, however you must write this assignment on your own. On occasions students submit assignments that are very similar and clearly close copies of each other, using identical or very close diagrams and examples. This is called collusion. Plagiarism is if you use ideas that are not your own without appropriate reference. Software will check each assignment for plagiarism and collusion.

We do catch students who collude, and they then have to appear before the Academic Misconduct Committee and receive a penalty – penalties can be severe and even include exclusion from the university. The whole process is traumatic for everyone.

Most students do the work in good faith and submit their own words and diagrams. They understand the importance of this for learning, maintaining the quality and integrity of the degree they will ultimately get, and preparing for the exam.

To avoid any suspicion of collusion if you do work together, go away to write up your own version separately. If you use ideas from other sources (such as the articles) then reference them.

 

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