4008AFE – The Economic Environment of Business
Coursework 1 Assignment Brief
|Submission Date and Time:
|Expected Return of Feedback and Marked Work:
14 days from submission
|Assignment Weighting: 25% (5 credits)|
|Word Count: 1500 words
View guidance on word limits for written assignments here
|Learning Outcomes Assessed by this Assignment:
· ML01, MLO3
Details of Assignment:
Consider a market transaction that you have undertaken (or considering) as a consumer which was notable because it is particularly recent, large or unusual. Analyse this transaction from a micro-economic standpoint:
a. Explain how & why (from the perspective of the supplier), the good or service in question was created, and the reason you entered the market to secure this product or service (demand side).
b. Discuss in general terms the factors on the demand and supply side that will have influenced the price you paid for this product. Show what might happen to the price of the product if one of these factors changes.
c. Assess whether the product in question is likely to be price elastic or inelastic at the current market price (demand). Following this assessment describe the likely impact on the supplying company’s revenue following an increase in the price they charge (ceteris paribus)
· Answer the individual parts of the assignment clearly labelling your answer.
· Make sure that you do not include hand-drawn graphs in your work
· Use the “Anonymous Coversheet”
· Your name [should/should not – delete as required] appear on the script.
· Your student number should be included on every page.
· Use font Arial or Times New Roman, size 12
· 1.5 line spacing
· The page orientation should be ‘portrait’
· Margins on both sides of the page should be no less than 2.5 cm
· Pages should be numbered