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ECON1101 Microeconomics Prices And Markets

tag 1 Download 11 Pages / 2,706 Words tag 28-07-2021


Part 1 of the Written Report

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.

  • Identify the trading place you visited. (e.g Is it a market? What is being traded? Who are the sellers and the buyers?)
  • How is equilibrium achieved in this market, e.if there is excess demand and excess supply how do sellers and buyers coordinate to achieve equilibrium?
  • What market structure does this market fall under?
  • 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

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.

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Total 11 pages

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