Economic Principles

ASSESSMENT BRIEF
Subject Code and TitleECON 6001 Economic Principles
AssessmentOptional Assessment 2
Individual/GroupIndividual
Length1000 words
Learning OutcomesAnalyse, individually, the role of fundamental micro- and macroeconomic principles Analyse the impact of industry competition on individual businesses. Analyse the impact of monopolies and monopolis1c competition within an industryCommunicate complex economic concepts to business professionals.
SubmissionBy 11:55pm AEST/AEDT Tuesday of Week 12
Weighting12%
Total Marks100

Context:

Produce markets, like the Adelaide Central Market  are a common feature in many countries. These make for a good study because, in many ways,  they represent monopolistically competitive businesses with easy-to-observe business practices.

Look at a group of traders operating in the Adelaide Central Market (for example those listed in the ‘Fruit & Vegetables’ section of the Traders page on the Adelaide Central Market website. See: http://www.adelaidecentralmarket.com.au/traders/) and then answer Parts 1 and 2 below.

Part 1: If you were a prospective trader, what assumptions inherent in a perfectly competitive market could you ignore or modify in your objective to maximise profits? Use examples drawn from the website to illustrate your answer. Your explanation should be approximately 600 words

Part 2: Discuss why competition results in normal profits for traders in the long run.  What measures could they follow to ensure long-run survival? Justify your explanation in approximately 400 words.

Note: This assignment must adhere to the following:

• Include a cover sheet that contains your course name, your first and last name and student number.

 • Clearly indicate question number and part thereof for each of your answers.

• Submit as a Word document only; we may use track changes to provide feedback and grade your submission. Do not submit a pdf.

• When inserting diagrams such as a graph the following are acceptable:

  • neatly hand–drawn diagrams inserted into the document as a picture
  • diagrams copied from a text book or other source as long as the source is correctly attributed
  • screen captures as long as the source is correctly attributed
  • diagrams drawn using a drawing package that produces images acceptable to Word

• References use APA style as per text guide. If you use hyperlinks for referencing information, please include the hyperlink and name of site in your reference list.

• In text referencing, reference list, appendices and calculations not included in word count…

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