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ECON3395 Economic Policy Assignment Answers
Unit 2 Individual Assignment: Market Supply And Demand
Your assignment for this week is an individual assignment where you will conduct a demand and supply analysis based on a specific industry.
There are two parts to this assignment, as follows:
Part 1: Please read the following two articles about the market for lobsters:
- “Lobstermen play waiting game while early prices spike”:
- article1_Lobstermen play waiting game while early prices spike.pdf
- “Lobstermen are caught in pincer movement of supply and demand”
- Article 2_pincermovement for lobstermen.pdf
Part 2: After reading the articles please use demand and supply analysis with diagrams to answer the following:
- How would an unusually low (or an unusually large) lobster harvest affect the supply of lobsters in Main and how would this shift in supply impact on the price of lobsters?
- How would a weak (or a strong) US economy affect the demand for lobsters and how would this impact on the price of lobsters?
- How would increases in fishermen’s bait and fuel costs affect the supply of lobsters and, consequently, the price of lobsters?
You should prepare your responses to this task using no more than 500 words using PowerPoint slides with the following template:
- MBA Economics Unit 2 Assignment Template
Your PowerPoint presentation should use clear Fonts (e.g. Arial or Times New Roman Fonts) of 16 or larger and contain:
- No more than 500 words for the main text of your work.
- A title slide – this is set up ready for you.
- At least 3 slides and ideally no more than 6 slides of content answering the three tasks above. Please use economic analysis with supply and demand diagrams to answer the questions, explain your diagrams using concise phrases of text. Please create your own diagrams (e.g. using insert shapes in PowerPoint or Word or charts you have created in a spreadsheet). Please do not copy and paste diagrams from sources you access unless you feel these are particularly relevant to the question (if you do this be sure to carefully site the source). Three blank slides are set up for you. Please add any new slides as needed paying attention to the word allowance.
- A references page at the end – this is set up ready for you. The references and diagram labelling do not contribute to the word count for the assignment.
Once you have finished putting together your PowerPoint slides:
- Select “Submit Assignment” and submit your PowerPoint slides along with your Cover Sheet (see below).
This assignment is marked out of 100 points, and the mark you receive will constitute 20% your final mark for this module.
This activity will be assessed on a 100-point scale, and the mark you receive for this assignment will be based on the following criteria:
|Clarity, conciseness & overall coherence (structure)||20 points|
|Relevance of response to question||20 points|
|Application of economic theory and concepts||20 points|
|Diagrammatic/mathematical/statistical/ other quantitative/rigorous analysis||20 points|
|Knowledge, understanding of topic & critical insight||20 points|
- Software called Turnitin is used to help detect plagiarism. Please see: University Plagiarism Guidance.
- The Canvas Assignment Tool (Speed Grader) provides a Comment Areafor each assignment. Please be aware that.
Economics and Economic Policy Unit Assignment Rubric (1)
|Economics and Economic Policy Unit Assignment Rubric (1)|
|This criterion is linked to a learning outcome Structure Clarity, conciseness & overall coherence.||20.0 pts|
|This criterion is linked to a learning outcome Relevance Relevance of response to question.||20.0 pts|
|This criterion is linked to a learning outcome Application Application of economic theory and concepts.||20.0 pts|
|This criterion is linked to a learning outcome Analysis Diagrammatic/mathematical/statistical/ other quantitative/rigorous analysis.||20.0 pts|
|This criterion is linked to a learning outcome Knowledge, understanding and critical insight Knowledge, understanding of topic & critical insight.||20.0 pts|
|Total points: 100.0|