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Assignment 2.

This is a group assignment, which will have two submissions. Each group will have to submit a written report of 2500 words and a 5- 8 minute video presentation.  The written report will have two parts.

Part 1 of the Written Report (5 points)

For the first part of the report, please visit a place where trade is undertaken. Examples of such places include farmers’ markets (e.g. Queen Victoria market), super markets (e.g. Coles, Woolworths), online marketplaces (e.g. e-bay, Amazon), stock markets etc.  Use the experience of your visit and the economic concepts learned in this course to write the report. Each group has to answer the following questions in their report.

1)    Identify the trading place you visited. (e.g Is it a market? What is being traded? Who are the sellers and the buyers?)
2)    How is equilibrium achieved in this market, i.e. if there is excess demand and excess supply how do sellers and buyers coordinate to achieve equilibrium?
3)    What market structure does this market fall under?
4)    Is there government intervention in this market? If so, why and what are they?

This part of the written report should not be more than 650 words. Please clearly provide a word count in your submission.

Part 2 of the Written Report (15 points)

The second part of the report requires each group to perform a microeconomic analysis of an appropriate economic issue or phenomenon of their choice.

In this part, the first task is to choose an appropriate phenomenon, bearing in mind the purpose and remit of microeconomics. This would be a topical and/or important instance of resource allocation which raises questions that can be suitably answered applying microeconomic theory, i.e. using a theory, model or concept introduced in the course. Once you have identified a phenomenon, please consult with your tutor (this is very important) on whether it is appropriate for analysis. Then you need to identify the questions you want to answer regarding the phenomenon and the appropriate microeconomics tool to use for analysis.

Sample topics, questions relating to them and appropriate analytical tools are given in the table below. Please do not use these, as you are expected to choose your own topic and analytical tool in this assessment.

You might find it a useful exercise to allocate the 1850 words to the logical parts of your answer. As a suggestion, you might want to spend 650 words each on introduction, analysis and conclusion, although this may vary depending on your chosen topic and personal style.

An introduction should typically outline the issue or phenomenon you have chosen, highlight its importance or topical nature and the question about it you are aiming to answer with your analysis. You may present some data to illustrate the issue. Good analysis is based on choosing the appropriate analytic tool that is designed for the job that you have in mind. In your second section, you can explain your choice and outline the theoretical concept or model that you propose to use in order to answer the question you have set yourself. In deciding breadth and depth of your coverage, assume you have a reader who is intelligent but not knowledgeable of the subject (perhaps similar to you on the day you started this module). The reader should be able to follow and assess your analysis after reading your outline of the theory. Use graphs, formulae and diagrams where they help you explain the theory better (more rigorously and succinctly) than words alone.

In your final part, you apply the tool you have outlined to the issue you introduced. The objective is to provide a direct answer to the question you set yourself. In addition, good assignments will provide a look at the big picture, the significance of your findings in a larger context, and even suggest limitations of the models that you used.

This part of the written report should not be more than 1850 words. Please clearly provide a word count in your submission.

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