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BUA4003 Assessment 2 Term 1 2024
Assignment 20%
Word limit 2000 words including diagrams.
Due Sunday 4 February 11.59pm
Background
Knowledge of the concept of elasticity is critical for business and governments as it plays a crucial role in understanding the behaviour of consumers and producers in the market. In particular, concepts such as price elasticity of demand, income elasticity of demand, and price elasticity of supply can inform the strategic choices of business and guide government policy formulation.
This assignment consists of two separate tasks that must be submitted at the same time. Your response to each task should be no more than 600-700 words plus diagrams. Use headings for Task 1 and Task 2.
Your responses must draw on real world examples and include appropriate diagrams.
Task 1:
Imagine you are a consultant economist and your business has been contracted to provide advice to a supermarket about the importance of elasticity to their strategic choices. Prepare a short report that addresses how elasticity impacts the supermarket’s business, in particular its total revenue, pricing and marketing strategies (600-700 words plus diagrams). Note, appropriate diagrams must be included.
Task 2:
For this task you should consider yourself in the role of an economist in a central government agency like treasury. In your role you evaluate issues relating to economic policy proposals. Your task here is to provide a report about the impact of a subsidy to building companies that is proposed to increase the supply of housing in Melbourne. You should focus on the importance of elasticity on the achievement of the objectives of the subsidy and discuss any potential unintended impacts of the subsidy (600-700 words plus diagrams). Note, appropriate diagrams must be included.
Intended Learning Outcomes:
- Apply economic frameworks for policy and business decision-making
- Collate and analyse information through independent research.
Generative AI tools cannot be used in this assessment task.
In this assessment, you must not use generative artificial intelligence (AI) to generate any materials or content in relation to the assessment task.
Referencing
- It is expected that you will reference a range of resources (e.g. the text book, news media, journal articles, industry reports, the ABS and other sources).
- Attributing authorship correctly helps us all be better scholars. The referencing style for this subject is APA7.
- The Academic Referencing Tool provides detailed referencing examples for the prescribed La Trobe University referencing styles. Select the link if you would like to learn more.
