Economics Assignment 1000 words.

Please read attached file for Guidelines and the Essay questions,  Please follow all Guidelines,   You must reference in text and Include biblography.  I will check for plagiarism.  

 

Thanks 

  

Due 2nd May.

ASSIGNMENT QUESTION AND GUIDELINE

SECTION A: Economics: please answer both questions

The word limit for Section A is

10

00 words

Question 1 (50 marks)

a) Explain the concept of price elasticity of demand, and how it can be measured numerically.

b) The table below shows the quantity demanded and corresponding price for T-shirts for a producer. Fill in the rest of the table and answer the questions.

(For the price elasticity column use the formula: Qd / mid Qd  P / mid P)

£s

Price	Quantity	Price Elasticity of demand	Total consumer expenditure / producer revenue	Marginal Revenue
£ per unit	Units (000s)		£s
20	300
1 8	380
1 6	460
14	540
12	620
10	700
8	780
6	860

c) Discuss the relationship between the price elasticity of demand and the total revenue for the producer of T-shirts for the following:

i) When the price changes from £16 to £14 and ii) When the price changes from £10 to £8.

Question 2 (50 marks)

Read the following quote and answer the questions below:

“After 1992, the UK economy and average household incomes enjoyed a period of unbroken growth. But in 2008, the global financial crisis plunged the UK into its longest and deepest recession since comparable records began in the 1950s” (BBC online, 2013)

a) Discuss the economic factors that contributed to the 2008/09 recession in the UK

economy.

b) Discuss the prospects for a stable economic recovery for the year 2013. In your answer, i) ensure you refer to the latest quarterly figures on UK GDP and ii) compare and discuss the growth predictions by various organisations such as the UK Office for Budget Responsibility (OBR), the Bank of England and the International Monetary Fund (IMF).

Some sources of information:

BBC Online (2013) Economy Tracker GDP, available at http://www.bbc.co.uk/news/10613201

UK National Statistics: http://www.ons.gov.uk/ons/rel/gva/gross-domestic-product– preliminary-estimate/q4-2012/gdp-video-summary-q4-2012.html

BBC online (2013) IMF lowers UK growth forecast for 2013 again:

http://www.bbc.co.uk/news/business-22164028

Note:

Students will be marked based on the following:

A. Content and analysis

Your answers ought to be clear, address the questions and show evidence of an understanding

of the topic. Relevant economic arguments as well as research, need to be demonstrated for question 2.

B. Written expression

Due consideration must be given to writing style and the use of academic English. You

should avoid using slang and ensure that your answers are written in a style which has flow and sequence.

C. Referencing (acknowledgments of sources in text) and bibliography

It is very important to refer in the main text to material written or produced by others. The

full reference should then be provided in the bibliography. Remember to use quotation marks when providing quotes otherwise you are plagiarising the work of others.

Two guides on referencing have been provided on WebLearn and you are expected to go through them.

D. Word count

A word count (available in Word) should be given on the title (front) page. You should

present this as a SCREEN PRINT copied into Word. Please do not exceed the word limit.