ECON6000 Economic Principles & Decision Making

Assessment 3: Report
Page 1 of 5
ASSESSMENT BRIEF
Subject Code and Title ECON6000 Economic Principles & Decision Making
Assessment Assessment 3: Report
Individual/Group Individual
Length Up to 3000 words
Learning Outcomes 1. Interpret and successfully apply economic concepts of
supply and demand for effective organisational problem
solving.
2. Apply quantitative methods to forecast complex business
variables including demand, supply, production and costs.
3. Critically analyse production processes and cost functions
and classify the main forms of market structures as well as
recommend appropriate pricing and strategies.
4. Critically evaluate the role and impact of various forms of
government intervention in the economy including the
implications of competition and deregulation policy for
managerial practices.
Submission By 11:59 PM AEST/AEDT Friday at the end of Module 6
Weighting 40%
Total Marks 40 marks
Context:
This assessment allows you to apply your knowledge on the concepts and ideas discussed
during the Modules. This assessment draws on your work for assessment 2.
Assessment 3: Report
Page 2 of 5
Instructions:
Schmeckt Gut plans the market launch for the Schmeckt Besser energy bar in Atollia within the next
couple of months. The Research Department of Schmeckt Gut has conducted a market analysis of
Atollia. The results are provided for you in the supplied EXCEL file.
Based on international sources, the Research Department is comfortable in working with the
following scenarios on the future development of average income in Atollia, the inflation rate
development and tariff rates on imports from Industria:
– Income growth: 1% increase or 3% increase or 5% increase or 7% increase
– Inflation rate development: 2% increase or 3% increase or 4% increase or 5% increase
– Tariffs on imports from Industria: 7.5% or 10% or 5% or free trade
Note: These developments are not necessarily matched to each other in the sequence shown above;
meaning that we do not know if the 1% increase in income is associated with a 2% increase in
inflation rate and a 7.5% tariff rate.
Your task:
Your task is to write a 3,000-word report addressed to the Board of Directors of Schmeckt Gut in
which you address the following:
– Do you think you can match the different projections? That is, do you think that a 5%
increase in income is associated with a 10% tariff rate and a 2% inflation rate? Explain by
linking your discussion to the following concepts:
o supply and demand
o aggregated demand and aggregated supply
o the Philipps Curve, and
o the Laffer curve.
– What impact would the different predictions of income development, inflation rate
development and tariff rate development have on the potential demand of Schmeckt Gut?
Conduct a multiple regression analysis using data in the supplied Excel file and then interpret
the results. Fully discuss and explain their implications.
– Make recommendations as to what the Board of Directors should do under each of your
scenarios, based on your matching of the predictions.
The precise format of the report will be informed by research undertaken by the student using the
Torrens University library. Formal document sections such as executive summary, table of contents
and appendices are not counted in the word count. Assume that the prescribed word limit is literally
a limit and that the board will reject any report that breaches it.
ECON6000 Assessment 2 brief Page 3 of 5
Learning Rubrics
Assessment
Attributes
Fail
0-49
(Unacceptable)
Pass
50- 65
(Functional)
Credit
66-75
(Proficient)
Distinction
76-85
(Advanced)
High Distinction
86-100
(Exceptional)
Grade Description
(Grading Scheme)
Evidence of unsatisfactory
achievement of one or more
of the learning objectives of
the course, insufficient
understanding of the course
content and/or unsatisfactory
level of skill development.
Evidence of satisfactory
achievement of course learning
objectives, the development of
relevant skills to a competent
level, and adequate
interpretation and critical
analysis skills.
Evidence of a good level of
understanding, knowledge
and skill development in
relation to the content of the
course or work of a superior
quality on the majority of the
learning objectives of the
course. Demonstration of a
high level of interpretation
and critical analysis skills.
Evidence of a high level of
achievement of the
learning objectives of the
course demonstrated in
such areas as
interpretation and critical
analysis, logical
argument, use of
methodology and
communication skills.
Evidence of an
exceptional level of
achievement of learning
objectives across the
entire content of the
course demonstrated in
such areas as
interpretation and
critical analysis, logical
argument, creativity,
originality, use of
methodology and
communication skills.
Knowledge and
Understanding of
economic concepts
of supply and
demand
25%
Limited understanding of
required concepts and
knowledge
Key components of the
assignment are not
addressed.
Knowledge or understanding of
the field or discipline.
Resembles a recall or summary
of key ideas.
Often conflates/confuses
assertion of personal opinion
with information substantiated
by evidence from the
research/course materials.
Thorough knowledge or
understanding of the field or
discipline/s. Supports
personal opinion and
information substantiated by
evidence from the
research/course materials.
Demonstrates a capacity to
explain and apply relevant
concepts.
Highly developed
understanding of the field
or discipline/s.
Discriminates between
assertion of personal
opinion and information
substantiated by robust
evidence from the
research/course
materials and extended
reading.
Well demonstrated
capacity to explain and
apply relevant concepts.
A sophisticated
understanding of the
field or discipline/s.
Systematically and
critically discriminates
between assertion of
personal opinion and
information
substantiated by robust
evidence from the
research/course
materials and extended
reading.
Mastery of concepts
and application to new
ECON6000 Assessment 2 brief Page 4 of 5
situations/further
learning.
Critical reasoning,
presentation and
defence of an
argument and/or
position in context of
organisational
problem solving
25%
Specific position (perspective
or argument) fails to take into
account the complexities of
the issue(s) or scope of the
assignment.
Makes assertions that are not
justified.
Specific position (perspective or
argument) begins to take into
account the issue(s) or scope of
the assignment.
Justifies any conclusions
reached with arguments not
merely assertion.
Specific position (perspective
or argument) takes into
account the complexities of
the issue(s) or scope of the
assignment. Others’ points of
view are acknowledged.
Justifies any conclusions
reached with well-formed
arguments not merely
assertion.
Specific position
(perspective or
argument) is expertly
presented and accurately
takes into account the
complexities of the
issue(s) and scope of the
assignment.
Justifies any conclusions
reached with welldeveloped
arguments.
Specific position
(perspective or
argument) is presented
expertly, authoritatively
and imaginatively,
accurately taking into
account the
complexities of the
issue(s) and scope of
the assignment. Limits
of position are
acknowledged.
Justifies any conclusions
reached with
sophisticated
arguments.
Analysis and
application with
synthesis of new
knowledge related
to economic
concepts of supply
and demand
30%
Limited synthesis and
analysis.
Limited
application/recommendations
based upon analysis.
Demonstrated analysis and
synthesis of new knowledge
with application.
Shows the ability to interpret
relevant information and
literature.
Well-developed analysis and
synthesis with application of
recommendations linked to
analysis/synthesis.
Thoroughly developed
and creative analysis and
synthesis with application
of pretested models and /
or independently
developed models and
justified
recommendations linked
to analysis/synthesis
Highly sophisticated
and creative analysis,
synthesis of new with
existing knowledge.
Strong application by
way of pretested
models and / or
independently
developed models.
Recommendations are
clearly justified based
on the
analysis/synthesis.
ECON6000 Assessment 2 brief Page 5 of 5
Applying knowledge to
new situations/other
cases.
Content, Audience
and Purpose
20 %
Demonstrates no awareness
of context and/or purpose of
the assignment.
Demonstrates limited
awareness of context and/or
purpose of the assignment
Demonstrates consistent
awareness of context and/or
purpose of the assignment.
Demonstrates an
advanced and integrated
understanding of context
and/or purpose of the
assignment.
Consistently
demonstrates a
systematic and critical
understanding of
context and purpose of
the assignment.

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