Final Assessment: Apply Microeconomics Principle and Analyze Zinc Price Fluctuations

Task A - Original Microeconomic Principle-Based Question

The final assessment is comprised of two tasks. You must complete both tasks.

Task A - applied economics task (20% of your final mark)
In 500 words or fewer, answer an original question of your choice which requires you to use a microeconomic principle, or principles, discussed in the module. You must create an original question. This question should involve a pattern of events or behaviour that you personally have observed. The issue you address need not be one traditionally analysed using economics, but your work should be an original application of economic logic and reasoning to something which interests you.
Examples of issues students elsewhere have addressed are:
1.Why do brides spend so much money on wedding dresses, whereas grooms often rent cheap tuxedos, even though grooms could potentially wear their tuxedos on many other occasions and brides will never wear their dresses again?
2.Why are child safety seats required in cars but not in airplanes?
3.Why are round-trip fares from Hawaii to the US mainland higher than the corresponding fares from the US mainland to Hawaii?
4.Why do airlines charge much more for tickets purchased at the last minute, yet theatres follow exactly the opposite practice?
5.Why do many people buy larger houses when they retire and their own children leave home?
 Your question and the issue you address need not be important or worthy, but try to begin with an interesting question. You should check with your seminar tutor that the question you wish to address is suitable. The most successful answers begin with a really interesting question (one that makes the reader instantly curious to learn the answer) and then use an economic principle or principles to construct a plausible answer. You do not have to provide a complete solution to the question – the key is to apply economic principles to achieve an insight into the issue.
It should be written as if to a friend or relative who has never taken a course in economics. It must be clearly understood by such a person. It does not need diagrams or mathematics. It should not be heavily laden with economic jargon or terminology. You should not need to include references in this task since it is an original application of principles. However, if you draw upon sources these must be referenced. You are not expected to do extensive research in support of your argument, although a relevant fact or two might help convince yourself and others that you are on the right track.

Task B - Analyzing Zinc Price Fluctuations with Economic Analysis

Task A of the assignment is designed to test your ability to apply the concepts covered in the module to the real world (Learning Outcome 4). It is taken from Robert H. Frank's 2006 paper `The Economic Naturalist Writing Assignment’ in the Journal of Economic Education.
The first (and perhaps greatest) challenge is to pick the issue or question you wish to address. There are many examples online (so don’t think your tutors don’t know this). To give you an idea of what you should aim for some (very good) examples are available at:

Be sure to check with your seminar tutor that the issue you wish to address is suitable – if you pick an unsuitable topic it will constrain the maximum mark you can achieve. Interesting is good. If you can answer a puzzling question or provide an explanation of a phenomenon which appears counter-intuitive at first sight you will do well. Feel free to discuss your issue with others, and to try out your explanation on your friends and family. Although the word limit is 500 words, it is possible to submit an excellent answer which is significantly shorter.

Task B - Essay (80% of your final mark)
Figure 1 below shows the monthly spot price of zinc in US$ per metric tonne between August 2016 and August 2021. It can be seen from Figure 1 that the price of zinc has fluctuated a great deal during this period.  In an essay of 2500 words or fewer, use economic analysis to explain changes in the prices of zinc over the period shown in Figure 1 and why the price changes have been so great.

Structure (10 marks)
Is there an introduction? Does the introduction provide a clear outline of the aim and focus of the essay? Is the structure made clear? Are sections/paragraphs clearly linked? Are conclusions offered? Are they clear? Reasoned? Grounded in the analysis?
Use of theoretical analysis (15 marks)
Is theory used to explain price changes? Is a theoretical explanation of price volatility offered? Is theory clearly explained? Is theory considered in depth or superficial? Are diagrams used? Are they appropriate and well explained?
Relating theory to real world (20 marks)
Are theoretical explanations related to changes in real world? Are the explanations credible? Are statistics/charts used to support the analysis? Are a range of causes considered?
Clarity and referencing (5 marks)
Clarity of explanation, language, use of academic style, referencing (Harvard style? Correctly applied? Uses a range of academic sources?), well presented?

Task B of the assignment allows you to analyse an economic issue in depth and to develop an argument at length. This part must also be written in academic style with all sources thoroughly referenced using Harvard style. Using diagrams to illustrate your arguments is essential. Be sure to explain them in the text. For this part you should draw on a wide range of (academic) sources.
Being both concise and precise in your language will yield dividends. Try to avoid repeating yourself by explaining your arguments clearly. If you feel you have to repeat yourself the initial explanation should instead be revised.
Try to ensure that you:
Provide a clear introduction and outline of the aim and focus of the essay;
Provide an in-depth consideration of the pertinent theoretical ideas;
Make good use of relevant data, charts and diagrams to support the central narrative contained within the essay;
Provide a critical and analytical discussion of the relevant issues;
Appropriately reference the arguments and evidence contained within the paper using a wide range of sources;
Provide a clear, structured and coherent review and analysis of the relevant issues.
Provide a reasoned conclusion grounded in the essay’s analysis.