Economics for Business Assignment - Essay
LEARNING OUTCOMES -
- Understand the language of economics.
- Know the basic methodology and models used in this area and their application to real-life situations.
- Demonstrate the ability to analyse hypothetical and / or real world situations that occur in our economy.
ASSIGNMENT QUESTION -
The Task - Supply and demand analysis allows us to investigate and understand the operation of markets.
Required: Using supply and demand analysis identify which you believe to be the main factors in determining the price of Polo mints in the UK.
ASSESSMENT CRITERIA -
In this assignment requires you to demonstrate your knowledge and understanding of static supply and demand analysis. To do this you must explain the theoretical factors that shift supply and demand curves. Once the theory has been outlined it should then be specifically applied to the price of Polo mints in the UK.
Please note that you do not need to explain basic supply and demand curve theory, but only the reasons for shifts in supply and demand curves. This essay is not about what impact price has on the demand or supply of the good in question but what impacts upon the price for the good in question.
The answers to the questions must be supported by academic theories and concepts and the paper must comply with the academic essay format and the Harvard referencing guidelines.
POINTS TO CONSIDER -
Supply and demand diagrams explain the relationship between supply, demand and price. Which is what this assignment is about.
- Explain what equilibrium is using a supply and demand diagram.
- Explain what leads to a change in demand.
- Explain what leads to a change in supply.
- Explain what impact these changes in supply and demand will have on price.
- Use supply and demand diagrams to illustrate the impact of changes in supply and demand upon price.
- Not provide numerical supply and demand schedules. You should not explain the impact that price has on demand and or supply as this theory is assumed.
Word Limit - 2,500.