Supply and demand analysis allows us to investigate and understand the operation of markets.
Using supply and demand analysis identify which you believe to be the main factors in determining the price of Polo mints in the UK. (80 marks)
Note: 20 marks are available for referencing and effective communication
(Total marks available: 100)
In part (i) 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,
You must illustrate your answer where possible with suitable diagrams in particular shifting supply and demand curves. All diagrams must be referenced. Failure to do so will mean you will fail to achieve all of the marks available. These diagrams should be referred to in your assignment and where appropriate explained.
There is no correct number of academic references to be utilised as the student may draw as many references as required to provide a high quality answer but is unlikely the use of one source will draw more than pass marks.
Wikis and other sharing sources such as Wikipedia and SlideShare are not acceptable references, please do not use them.
Please note that once handed out this assignment will be discussed every week in the first part of your EFB class.
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POINTS TO CONSIDER
Supply and demand diagrams explain the relationship between supply, demand and price. Which is what this assignment is about.
Your assignment should explain what equilibrium is using a supply and demand diagram.
Your assignment should explain what leads to a change in demand.
Your assignment should explain what leads to a change in supply.
Your assignment should explain what impact these changes in supply and demand will have on price.
You should use supply and demand diagrams to illustrate the impact of changes in supply and demand upon price.
You should 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.
While your assignment must include theory 20 marks of this assignment is awarded for applying supply and demand theory to the good the task is about.
LO 1: Understand the language of economics
LO 2: Know the basic methodology and models used in this area and their application to real-life situations
LO 3: Demonstrate the ability to analyse hypothetical and / or real world situations that occur in our economy