ECO10250: Assessment 1 Session 2, 2020
This first assignment consists of five questions based on topics covered in the early part of this unit. The purpose of this assignment is to give you the opportunity to demonstrate the skills you have acquired in this unit.
The assignment due date provided here applies to the Australian study period. This may be varied for students studying elsewhere, so please confirm dates with your local tutor.
Students must submit Assignment 1 online via Turnitin, the online submission facility on the MySCU website for this unit. You must attach an electronic cover sheet (available in MySCU in the Assessment Tasks and Submission icon) as the first page of your assignment otherwise your assignment will NOT be marked. You should keep a copy of all submitted materials. It is important that you that you keep your receipt from Turnitin (it is sent to you once you submit your assignment) and make sure your score is acceptable. A value of over 50 per cent (not including repeating the questions) should raise some concerns for you. You will be able to check your Turnitin score more than once but be aware the first time you submit your assignment you will receive a score very quickly however your subsequent results may take up to 24 hours to get to you.
References and Referencing
Most of assignment no. 1 can be answered if you have studied the textbook. However you may seek other sources here and there (question 5a especially) so it is important to be aware that material posted on the web may not always be reliable. You are advised to carefully consider the authenticity of all sources of the information before using it in assignments.
It is also important to use Harvard-style referencing for external material used in your work. For assignment no. 1 you do not need to reference the Layton et al textbook.
School of Business and Tourism Extension Policy
It is VERY important that YOU make yourself aware of the School’s Extension Policy and Special Consideration Policy. This is covered under the Assessment Policy and Procedures Tab on the MySCU learning site.
Students wanting an extension MUST make a request at least 24 hours before the assessment item is due and the request must be received in writing via email to firstname.lastname@example.org
Extensions requested within 24 hours of the submission date or following the submission deadline WILL NOT be granted (unless supported by a doctor’s certificate or where there are exceptional circumstances – this will be at unit assessor’s discretion and will be considered on a case by case basis). Extensions will be given for a maximum of 48 hours (longer extensions supported by a doctor’s certificate or exceptional circumstances will be considered on a case by case basis).
A penalty of 5% of the total available marks will accrue for each 24 hour period that an assessment item is submitted late. Therefore an assessment item worth 25 marks will have 1.25 marks deducted for every 24 hour period.
Students who fail to submit their assignments according to the correct guidelines provided above will be deemed to have not submitted their assessment item and a penalty will be applied until the correct submission guidelines are followed.
Extensions can be sought by emailing email@example.com When emailing it is essential to put ECO10250 in the subject area of your email otherwise it may be deleted as SPAM.
Re-submissions and re-sits
In this unit there are no provisions for re-submitting assignments. If you have failed the unit after completing all three assessment items, there is an opportunity to re-sit the exam. The following conditions apply in this case:
• The ability to re-sit the exam will only be open to you if you have submitted ALL assessment items and sat he original exam.
• For any student who takes up this option a pass will be the highest result achievable.
Assignment 1- ECO10250 Questions
Due: 11pm Monday, 17 August 2020 (Week 7)
Note that when you are answering questions that require mathematical calculations, you should provide details as to how the answers were derived. In completing your answers, you should use diagrams wherever possible and relevant. Always provide a brief explanation of each diagram, including how it relates to your overall answer.
Parts i to v are worth 1 mark each.
b. Suppose that a Council is considering lowering the fees charged for parking in the CBD but not near the Council’s beaches for two reasons: a) to substantially raise its revenue from parking fees in the popular CBD area; and b) to discourage people from using the limited amount of parking near the Council beaches. Are these two objectives mutually consistent? Explain why or why not. Describe any assumptions you may need to make in order to answer this question.
i) Use demand and supply curves of solar power to show this doubling of capacity. (2 marks)
ii) Use demand and supply curves of solar power to show what is likely to happen to demand for solar power over time in response to the capacity increases. (2 marks)
iii) Use demand and supply curves of solar power and coal-fired power separately to show what is likely to happen to demand and supply of solar power if the government introduces a tax on coal-fired power. (4 marks)
Parts i) to iv) are worth 1.5 marks each.
Average Fixed Cost
Average variable Cost
Parts i) to iv) are worth 1.5 marks each.
b. The Australian government is considering different methods for pricing carbon emissions.
i) What is the general rationale behind introducing a price for carbon emissions? (1 mark)
ii) Explain three methods for addressing the external cost of carbon emissions. (1.5 marks)
iii) Demonstrate graphically carbon tax pricing to address the external cost of carbon emissions. (1.5 marks)
iv) Discuss who you think would carry the cost of a carbon tax for elastic vs inelastic goods and services. (2 mark)