ECON20039- Economics for Managers
Term3,2017
This is assessment 2: Research Essay 30 marks
Length 3,000 words
Please note that this assessment requires substantial research (see the assessment criteria below).
(a) What are the differences between the long-run equilibrium of a perfectly competitive firm and the long-run equilibrium of a monopolistically competitive firm? Compare the productive and allocative efficiency of monopolistic competition and perfect competition. (8 marks)
In answering this question, as a minimum, you need to
Discuss the key features of each market structure such as number of sellers, type of product, and entry conditions
Using diagrams, explain how short run and long run profits or losses might arise
Describe the process by which profits or losses are eroded
Compare productive and allocative efficiencies
(b) What are the characteristics of an oligopoly market? Choose an Australian industry that represents oligopoly. Justify your example by relating them to the characteristics of oligopoly market. (10 marks)
As a minimum, you should
Discuss key features of oligopoly
Provide a brief description of the industry
Justify by providing actual and reliable data
(c) How can Australia address the housing affordability crisis? (8 marks)
In answering this question, you need to
explain the demand side factors affecting housing affordability
explain the solutions that have been attempted or are proposed to address housing affordability
explain the possible supply side solutions to housing affordability
Additional marks (4 marks)
Overall presentation of work, especially use of graphs, clear written expression. 2 marks
Appropriate use of referencing. 2 marks
Assessment criteria
You must refer to the textbook in the first instance.
Besides the textbook, you should also refer to a few other academic books, journal articles and relevant websites in answering these questions.
Use in-text referencing and provide a list of references.
All submissions for this course must use the American Psychological Association (APA) referencing style.
Concepts must be defined accurately and completely.
The assumptions upon which the analysis is based must be stated at the onset.
Diagrams must be drawn properly, correctly labelled and the relations they depict explained.
Photocopied and scanned graphs from books, articles or websites are not acceptable. It is preferable to hand-draw a graph then scan it to insert in your file.
Answers must be complete, addressing the specific tasks nominated in the questions.
Remember an extension is not a gift, it is a burden.
Note: no submissions including automatically submitted by Moodle will be reverted to the draft after the due date.
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