How do rational individuals decide what to buy?
  • Coursework Brief: Please answer ONE of the following questions.
  • IMPORTANT INFORMATION FOR STUDENTS RESITTING THIS TASK. YOU MUST NOT ATTEMPT THE SAME QUESTION AS ON THE PREVIOUS ATTEMPT. PLEASE SELECT ONE OF THE OTHER THREE QUESTIONS[1].
  • The word count guideline is 1750 words.

 

  1. How do rational individuals decide what to buy?
  2. Explain how microeconomics provides answers to this, outlining key insights from microeconomics theory on Rational Consumer Choice.
  3. Why might optimal choices vary between individuals?
  4. Why might optimal choices change over?

With respect to parts b) and c), provide interesting illustrative example(s) to compare and contrast different outcomes under different scenarios.

 

  1. How do individuals decide how much they are willing to pay for insurance?
  2. Explain how microeconomics provides answers to this, outlining key insights from microeconomics theory on Choice under Uncertainty.
  3. How and why might an individual’s attitude to risk affect this decision?
  4. How and why might an individual’s life situation (e.g. age) affect this decision?

With respect to parts b) and c), provide interesting illustrative example(s) to compare and contrast different outcomes under different scenarios.

 

 

 

  1. How do firms decide the best combination of labour and capital in production planning?
  2. Explain how microeconomics provides answers to this, outlining key insights from microeconomics theory on Production and Costs.
  3. Why might optimal use of capital and labour vary between firms?
  4. Why might optimal use of capital and labour change if a new production process is invented?

With respect to parts b) and c), provide interesting illustrative example(s) to compare and contrast different outcomes under different scenarios.

 

 

PLEASE READ THE INSTRUCTIONS FOR COMPLETION AND SUBMISSION OF ASSIGNMENT

Instructions:

  • Please consult the ASSESSMENT CRITERIA before starting your assignment.Your work will be marked based on these criteria.
  • Please read the question(s) carefully, answer them in a formal and concise manner but include all the logical steps you have taken to answer the question. This would allow you to get partial marks where it is appropriate.
  • Make sure your answer is written in a full and coherent manner, i.e. write in proper sentences (not notes!) with correct grammar and spelling.
  • This is a technical exercise. The assessor is looking for clear, insightful microeconomics analysis.
  • Use appropriate models and diagrams and make sure the models are clearly explained and the diagrams are drawn carefully and correctly labelled (axes, points, curves, etc.)
  • Make sure you refer to your model or diagram in your explanation in the text of your answer.
  • There is no right answer. Your task is to provide a suitable and well annotated microeconomics analysis, with illustrations and full explanation.
  • Be as creative as you can in your use of illustrations and examples. These illustrations and examples should have a real world aspect and illustrate actual outcomes as they apply to people/firms.
  • You must submit your assessment electronically on My Beckett using the Turnitin icon
  • This assessment is worth 50% of the marks for the module
  • The word count guideline is 1750 words. The School policy is +/- 10% of recommended word limit. This does not include diagrams, front page, reference/ bibliography /annex materials.
  • You should only use Harvard referencing, where appropriate; websites referred to must be properly referenced.
  • The text of your assessment must be displayed using a 12-point (or larger) Arial or Verdana font and with a line spacing of at least 1.5.
  • All parts of the question must be answered.

 

 

 

 

Your answer will be evaluated on the following ASSESSMENT CRITERIA:

  • Use of appropriate microeconomic concepts/theory, including technical clarity of explanations, including technical precision
  • Applicability, appropriate use, presentation, clarity and precision of diagrams
  • Creative use of illustrations and examples to show interesting alternative scenarios based on real world outcomes
  • Narrative, including flow and direction: have you answered the set question?

 

 

 

 

2021/22 SEMESTER 1

 

MODULE TITLE:                      Intermediate Microeconomics

 

TITLE OF ASSESSMENT:        Assessment 2, RESIT Coursework 2

 

LEVEL:                                     5

 

COURSE(S):                             BABUE; BEAFN

 

SUBMISSION BY STUDENTS:           

                                            

SUBMISSION LOCATION:      On the MyBeckett module page using the Turnitin icon

 

ASSESSOR(S):                       

—————————————————————————————————————-

Coursework Brief:

Please answer ONE of the following questions. The word count guideline is 1750 words.

 

IMPORTANT INFORMATION FOR STUDENTS RESITTING THIS TASK. YOU MUST NOT ATTEMPT THE SAME QUESTION AS ON THE PREVIOUS ATTEMPT. PLEASE SELECT ONE OF THE OTHER THREE QUESTIONS[2].

 

  1. Cournot, Stackelberg and Bertrand models describe market outcomes in an industry with two rival duopolists. Explain the insights of these models, focussing on outcomes for firms and consumers, compared to the standard competitive and monopoly outcomes.

 

  1. A representative firm has two factor inputs, capital and labour. Explain the derivation of the firm’s demand curve for labour and explain how changes in (a) product demand and (b) production technology shift this curve, examining implications.

 

  1. Coase’s theorem suggests that externality problems can be solved by negotiation between affected parties. Explain when and how this might reasonably hold and examine scenarios where more coercive measures might be needed.

 

  1. Public goods pose fundamental problems in terms of how much to provide and “who pays?” Explain how economics provides answers to these questions and how these might be put into practice.

 

 

PLEASE READ THE INSTRUCTIONS FOR COMPLETION AND SUBMISSION OF ASSIGNMENT

Instructions:

  • Please consult the ASSESSMENT CRITERIA before starting your assignment.Your work will be marked based on these criteria.
  • Please read the question(s) carefully, answer them in a formal and concise manner but include all the logical steps you have taken to answer the question. This would allow you to get partial marks where it is appropriate.
  • Make sure your answer is written in a full and coherent manner, i.e. write in proper sentences (not notes!) with correct grammar and spelling.
  • This is a technical exercise. The assessor is looking for clear, insightful microeconomics analysis.
  • Use appropriate models and diagrams and make sure the models are clearly explained and the diagrams are drawn carefully and correctly labelled (axes, points, curves, etc.)
  • Make sure you refer to your model or diagram in your explanation in the text of your answer.
  • There is no right answer. Your task is to provide a suitable and well annotated microeconomics analysis, with illustrations and full explanation.
  • Be as creative as you can in your use of illustrations and examples. These illustrations and examples should have a real world aspect and illustrate actual outcomes as they apply to people/firms.
  • You must submit your assessment electronically on My Beckett using the Turnitin icon
  • This assessment is worth 50% of the marks for the module
  • The word count guideline is 1750 words. The School policy is +/- 10% of recommended word limit. This does not include diagrams, front page, reference/ bibliography /annex materials.
  • You should only use Harvard referencing, where appropriate; websites referred to must be properly referenced.
  • The text of your assessment must be displayed using a 12-point (or larger) Arial or Verdana font and with a line spacing of at least 1.5.
  • All parts of the question must be answered.

 

Your answer will be evaluated on the following ASSESSMENT CRITERIA:

  • Use of appropriate microeconomic concepts/theory, including technical clarity of explanations, including technical precision
  • Applicability, appropriate use, presentation, clarity and precision of diagrams
  • Creative use of illustrations and examples to show interesting real world examples
  • Narrative, including flow and direction: have you answered the set question?

 

[1] Attempting the same question again will automatically result in a mark of zero. Please speak to your tutor if you are confused.

[2] Attempting the same question again will automatically result in a mark of zero. Please speak to your tutor if you are confused.