explain how price elasticity of demand impacts UK consumers and how price elasticity of supply impacts UK suppliers.

• This report assignment must be completed individually. • You must use the Harvard referencing system. • Your work must indicate the number of words you have used on the cover page. Written assignments must not exceed the specified maximum number of words. When a written assignment is marked, the excessive use of words beyond the word limit is reflected in the academic judgement of the piece of work which results in a lower mark being awarded for the piece of work (regulation 6.74). • Assignment submissions are to be made anonymously. Do not write your name anywhere on your work. • Write your student ID number at the top of every page. • Where the assignment comprises more than one task, all tasks must be submitted in a single document. • You must number all pages.

 

SUBMITTING YOUR ASSIGNMENT: In order to achieve full marks, you must submit your work before the deadline. Work that is submitted late – up to five working days after the published submission deadline – will be accepted and marked. However, the element of the module’s assessment to which the work contributes will be capped with a maximum mark of 40%. Work cannot be submitted if the period of 5 working days after the deadline has passed (unless there is an approved extension). Failure to submit within the relevant period will mean that you have failed the assessment.

 

ASSESSMENT QUESTION: Understanding price elasticity of demand, price elasticity of supply, and how these impact taxation Task 1: 45/100 marks: Answer the following question “Using MOD3327 module content and the Krugman & Wells textbook, explain how price elasticity of demand impacts UK consumers and how price elasticity of supply impacts UK suppliers. Analyse and explain what you perceive to be the biggest challenge for UK households and individuals in terms of price elasticity of demand and other elasticities such as income elasticity of demand and cross-price elasticity of demand, supported with approved reference materials. Explain these economic concepts using real examples from within the UK economy and UK society within the past three years (2020-2022).”

 

Task 2: 45/100 marks: Answer the following question “Using MOD3327 module content and the Krugman & Wells textbook, explain the benefits versus costs of consumer taxation in the UK as it relates to elasticities, consumer surplus, and deadweight loss. Analyse and discuss one example of UK taxation between 2020-2022 and give your opinion of why it is positive or negative for the UK economy, supported with evidence from approved sources. Explain these economic concepts using real examples from within the UK economy and social environments within the past three years (2020-2022).” • R

 

• References & formatting: 10/100 marks TOTAL MARKS: 100/100 ASSESSMENT CRITERIA: For both Task 1 and Task 2: Students must demonstrate the following assessed learning outcomes: • Knowledge and understanding of the language of economics. • Knowledge and understanding of the basic methodology and models used in economics and their application to real-world situations. • Intellectual, practical, effective, and transferable skills, which is achieved through demonstrating the ability to analyse hypothetical and/or realworld situations that occur in economics.