Assessment 2 – Applied Writing

Order Description

read the assessment 2 – applied writing on page 7 (Cyclone Marcia wipes out bumper nut crop) and then answer the four questions that follows on page 8. Please note that we need a draw a graph for each question to explain the answer e.g supply and demand to show market equilibrium price and quantity for macadamias. you can make up the price of macadamias. the assessment is from page 7 – 8. Word limit is 1250 references list is not included in the word count. I have selected 5 pages 1375 words from Australian writings website as there was no option to go 1250. Please don’t go under 1200 words minimum. We need to include at least one reference at the end of the page. We use “Economic Principles” 3rd edition by Chris Bajada. you can use that for referencing. I only have hard copy of the textbook.
Let me know of you need more info. call me on my mobile: 0412658918.

ECO11 (Principles of Economics)
Study Period 2, 2015
About this booklet
This booklet contains details about the assignments for this unit. In addition, some
exam tips are included at the end of the document.
Submission and return of assignments
For full details on the appropriate submission processes for the assignments for this
unit, please read the section in your Unit Outline entitled ‘Submission and return of
assignments’.
Nicky Kassoudakis
School of Commerce
University of South Australia
Page 2 of 12
ASSIGNMENT OVERVIEW
Assignment 1: Online Tests (3 parts – 1, 2 and 3)
Online Test 1:
Due Date: Week 4 Monday 22 June at 9am SA time
Topics assessed: 1-2
Weighting: 7.5%
Online Test 2:
Due Date: Week 9 Monday 27 July at 9am SA time
Topics assessed: 3-6
Weighting: 7.5%
Online Test 3:
Due Date: Week 12 Monday 17 August at 9am SA time
Topics assessed: 7-9
Weighting: 10%
Details on submission will also be available via the online unit pages. All
assessments are to be submitted using the internet only.
Please note: There will be no extensions or supplementary assessments. Those
students who do not have internet access will have to contact the unit
coordinator or cmr_oua@unisa.edu.au four weeks prior to the assessment due
date to arrange an alternative assessment.
Assignment 2: Applied Writing
Due Date: Week 7 Monday 13 July 9am (SA, Adelaide time)
Topics assessed: 1-4
Weighting: 25%
Word limit: 1250 words
Topic: See Assignment 2 details below
Late assignments that do not have approved extensions will incur a penalty of 10%
each day
Examination:
Weighting: 50%
Exam information and ‘Tips for the different sections of the exam’ can be found on
page 11-12.To obtain a pass grade overall students will normally need to achieve
40% in the final exam. The standards by which the exam will be assessed are
consistent with the standards of the benchmark institutions.
Given the large student numbers, no resubmission of assignments is possible. For
the same reason, no supplementary assessment is available.
Page 3 of 12
IMPORTANT REQUIREMENTS FOR ALL ASSIGNMENTS
Assignments are compulsory and must be presented by the due date.
Students should stick strictly to the word limit. Penalty marking at the rate of 1%
per 100 words (or part thereof) will be imposed on papers that exceed the word
limit. Students may add a reasonable amount of material to appendices, but should
only use appendices as a way of supplying corroborating evidence for points made
in the body of their assignment. Under no circumstances should students use
appendices as the main vehicle for carrying their analysis forward. If they do, then
such appendices will be included in the word count.
References and plagiarism
Any work containing plagiarism will score zero marks. (For policy on this issue see
the section on academic misconduct and plagiarism in:
http://www.unisa.edu.au/policies/manual/default.asp)
These assignments are designed to test students’ understanding of economic
theory rather than the ability to research and apply outside sources of
information.
Students are expected to acknowledge the source of their information including
their set texts in a Reference list. One mark will be deducted if this is not adhered
to, including for copied diagrams.
References that are actually used should be cited. Use the Harvard referencing
system. Further information can be found:
http://resource.unisa.edu.au/course/view.php?id=1572&topic=4. Specific
information about the Harvard system is available as part of the ‘Referencing styles’
section.
Although use of references from the Internet is encouraged, they must be cited in
the body of your work and listed in full in your list of references.
For the main part, you are expected to answer questions in your own words. Whilst
quotations are acceptable, they should be kept to a reasonable length and put
between quotation marks. A student cannot expect to pass an assignment that
consists of a series of linked passages copied off the World Wide Web or other
source irrespective of whether the source is acknowledged or not.
Assignments received more than seven days after the due date will not be marked.
You are advised to make a copy of your work prior to submission.
Page 4 of 12
ASSIGNMENT 1: ONLINE TEST
Online Test 1
Weighting: 7.5%
Requirement: Answer all questions.
Due date: Week 4 Monday 22 June 2015
Test details
This test will consist of 20 multiple choice questions and
will cover topics 1-2 of the units.
Availability The test will be made available online to students on
Friday 19 June at 9am (Adelaide SA time) and be closed
by Monday 22 June at 9am. Students will only have one
chance to answer all 20 questions. Each question will be
awarded 1 mark. Incorrect answers or unanswered
questions will receive a zero mark. The questions will
cover topics 1-2. The test will be available online for
three days and will not be timed.
No extensions There will be no extensions or supplementary
assessment. Students who do not have internet access
will have to contact the unit coordinator at least two
weeks prior to the assessment due date.
Submission method Assignment 1 is to be submitted online only. For further
details, please refer to your unit webpage.
Page 5 of 12
Online Test 3
Weighting: 10%
Requirement: Answer all questions.
Due date: Week 12 Monday 17 August 2015
Test details This test will consist of 25 multiple choice questions and
will cover topics 7-9 of the units.
Availability The test will be made available online to students on
Friday 14 August at 9am (Adelaide SA time) and be
closed by Monday 17 August at 9am. Students will only
have one chance to answer all 25 questions. Each
question will be awarded 1 mark. Incorrect answers or
unanswered questions will receive a zero mark. The
questions will cover topics 7-9. The test will be available
online for three days and will not be timed.
No extensions There will be no extensions or supplementary
assessment. Students who do not have internet access
will have to contact the unit coordinator at least two
weeks prior to the assessment due date.
Submission method Assignment 1 is to be submitted online only. For further
details, please refer to your unit webpage.
Online Test 2
Weighting: 7.5%
Requirement: Answer all questions.
Due date: Week 9 Monday 27 July 2015
Test details This test will consist of 20 multiple choice questions and
will cover topics 3-6 of the units.
Availability The test will be made available online to students on
Friday 24 July at 9am (Adelaide SA time) and be closed
by Monday 27 July at 9am. Students will only have one
chance to answer all 20 questions. Each question will be
awarded 1 mark. Incorrect answers or unanswered
questions will receive a zero mark. The questions will
cover topics 3-6. The test will be available online for
three days and will not be timed.
No extensions There will be no extensions or supplementary
assessment. Students who do not have internet access
will have to contact the unit coordinator at least two
weeks prior to the assessment due date.
Submission method Assignment 1 is to be submitted online only. For further
details, please refer to your unit webpage.
Page 6 of 12
ASSIGNMENT 2: APPLIED WRITING
Weighting: 25%
Requirement: Answer the questions relating to a newspaper article
Word limit: 1250 words
Due date: Week 7 Monday 13 July 2015 at 9am SA time.
Submission method Details will be available on the unit Learn Online site
Provide adequate referencing. Failure to cite properly is evidence of academic
misconduct and will result in marks being deducted.
There will be no re-submission of the assignment. If you require an extension you
will need to make an application for an extension to the unit coordinators by
clicking the ‘Extensions’ link under the ‘Unit essentials’ section of the course site. If
you require assistance please email cmr_oua@unisa.edu.au.
Late assignments that do not have approved extensions will incur a penalty. In
accordance with the Division of Business guidelines, assignments submitted late
without permission from the course coordinator/s will attract a penalty of 10% of
the total possible marks for the assignment per day for each day late, or part
thereof, after the due date. Assignments more than seven days late without an
approved extension will not be marked.
You will receive a suggested answer guide two weeks after the due date and a
feedback sheet. Normal Harvard referencing conventions apply. Penalties will be
applied for incorrect referencing. See:
http://resource.unisa.edu.au/course/view.php?id=1572
Provide adequate referencing. Failure to cite properly is evidence of academic
misconduct and will result in marks being deducted.
SUBMISSION AND RETURN OF ASSESSMENT PIECES
When preparing an assignment, please do the following:
• Please attach the below assignment cover sheet to your assignment. Make sure
you include your ID number. See page 9.
• Include your FULL NAME AND ID on the first page of your assignment
• Number the pages of your assignment.
• Include the word limit on the bottom of the first page.
• Additionally, assignments are NOT, under any circumstances, to be submitted
by email. This bypasses the assignment tracking systems set up by the School of
Commerce and increases the chances that your assignment will be lost.
• When saving your document, please ensure that you save as the following: “Full
name _ Student id_ Assignment 2_ ECO 11”
Page 7 of 12
INSTRUCTIONS:
Read the article titled “Cyclone Marcia wipes out bumper nut crop” (Source: AAP,
Date: Feb 25, 2015) and provide the analysis for the following statements in 3
different sections.
Cyclone Marcia wipes out bumper nut crop
(Source: AAP, Date: Feb 25, 2015)
Errol Vass was two weeks away from harvesting a bumper crop of
macadamias when Cyclone Marcia stormed in.
Now his Yeppoon-based orchard is in ruins, and Mr Vass is faced with the
heartbreaking reality that this could be the end of the road for his 22-year
farming venture.
“It’s basically destroyed the whole orchard, so we’ve got nothing left now,”
he told AAP on Wednesday.
“We were looking like we were going to get a bumper crop. Everything was
looking really good, but it’s not looking so good now.”
Mr Vass said Marcia tore the limbs from each of his 1700 macadamia trees,
and destroyed at least $150,000 worth of nuts.
“That’s my business for the year. It’s gone,” he said.
“It would take 15 years to replant and get it back to that level of income.”
That’s a path he’s unlikely to take.
“I thought about how old I am, and 15 years puts me into my seventies and I
don’t want to be doing it at that age,” he said.
“I think it’s time to find something else to do.”
Mr Vass said he and his family would spend the next 12 months cleaning up
the orchard, before making a decision about whether to keep the farm.
“I haven’t thought that far ahead. Sell the property and move on? That’s a
big possibility.”
https://au.news.yahoo.com/thewest/a/26430693/cyclone-marcia-wipesout-
bumper-nut-crop/
Page 8 of 12
Questions
1. Assuming macadamias are sold in a purely competitive market, use a welllabelled
demand and supply diagram model to explain how market
equilibrium price and quantity for macadamias are determined. Clearly
explain the equilibrating process.
(4 marks)
2. Use demand and supply model to describe the impact, ceteris paribus, on
the (pre-cyclone) market for macadamias, stemming from consumers’
expectation of a bumper crop before Cyclone Marcia stormed in. Explain
the equilibrating process.
(5 marks)
3. Use demand and supply model to illustrate the impact of Cyclone Marcia on
the equilibrium price and quantity in the market for macadamias. Clearly
explain the equilibrating process to answer the question. Also use demand
and supply model to explain the impact of the cyclone on the market for
other nuts.
(7 marks)
4. Discuss the determinants of the price elasticity of demand for macadamias,
and explain whether you believe the demand for macadamias is elastic or
inelastic. Based on your discussion of elasticity, illustrate and analyse the
effect of the cyclone on total consumer expenditure in macadamias market.
(6 marks)
Your assignment will also be assessed on how effective you can communicate with
the reader; i.e. how well you have presented your arguments and ensured your
analysis is logical and consistent.
Consequently, 3 marks will be awarded for effective writing including proper
grammar, referencing and formatting. Importantly, make sure you use appropriate
diagrams in your analysis.
Presentation and referencing: (3 marks)
Total marks: 25 marks
Page 9 of 12
OUA Assignment Cover Sheet
An Assignment Cover Sheet needs to be included at the front of each assignment submitted.
The attachment of this statement on any electronically submitted assignments will be deemed to have the same authority as a
signed statement.
Personal details
Student ID:
Mr/Miss/Ms/Mrs: First name(s):
Family name:
Address:
Date of birth: Contact phone no:
Email:
Assignment details
Unit code: ECO11 Unit name: Principles of Economics
Assignment no.2 Due date: 13 August 2015 9am SA time
Assignment topic (as stated in the Unit outline):
Student Declaration
I declare the work contained in this assignment is my own, except where acknowledgement of sources is made.
I authorise the University to test any work submitted by me, using text comparison software, for instances of
plagiarism. I understand that this will involve the University or its contractor copying my work and storing it on a
database to be used in future to test work submitted by others.
I understand that I can obtain further information on this matter at
http://www.unisa.edu.au/ltu/students/study/integrity.asp
Student Signature: Date:
LODGING YOUR ASSIGNMENT
Attach this cover sheet to your assignment and submit via AssignIT on your myUniSA course page.
Assignment grade:
Page 10 of 12
Assessment feedback form
ECO11—Principles of Economics (2015)
Assignment 2 Name_______________________ Unisa ID Number____________________
Key components of this assignment Performance on this component Comment
Excellent
Good Fair Poor Very
Poor
Demonstrate effective use of some of the
fundamental methods and tools of economics.
Apply elementary microeconomics and models
in a new context.
Effective communication using appropriate
economics terminology and models (usually in
the form of diagrams) which are incorporated
into your discussion.
Presentation and structure.
Summary comment
Assignment grade/mark
This form meets the 2015 requirements of UniSA’s Code of Good Practice: Student
Assessment
Page 11 of 12
EXAMINATION
Weighting: 50%
Requirement: There are three components to the exam – all must be
completed
Section A: 50 Multiple choice questions
Section B: True/false questions
Section C: Short answer type questions
Due date: To be advised.
Test details 3 hours and 10 mins
EXAM
There will be an exam of 3 hours and 10 minutes, which is worth 50% of your final grade.
The following description provides an indication of the types of questions to expect. We
reserve the right to change the format of the exam, but you will be advised of the exact
forms of the examination prior to it. The standards by which the exam will be assessed are
consistent with the standards of the bench mark institutions. Students must obtain a
minimum of 40% in the exam and a minimum of 50% overall to pass this unit.
Part A
Multiple choice
There will be around 50 questions (TBA).
Part B
True/false statements
You will be advised of the exact format of the examination prior to it, but you may either get
a series of short answer or true or false questions. For each of the statements you must fully
explain your answer using diagrams where possible.
Each question will be worth 4 – 5 marks for clearly stating reasons given in your answer as
well as an appropriate diagram.
Part C
Short answer questions or media/news article questions
This section intends to assess how students can relate economic theory to actual situations
as described in the short answer questions or media article.
• questions requiring the analysis of economic information or data
• each question provides some basic information and may require you to read a news
article (supplied) with 3 – 4 questions
Sample exam papers will be put on the online resource page towards the end of the study
period when most topics have been discussed.
Page 12 of 12
TIPS FOR THE DIFFERENT SECTIONS OF THE EXAM
Here are a few tips specific to the sections that usually form the basis of exams.
Multiple choice questions
• Calculate how much time you will allow yourself for each question and the
section in total.
• Read each question carefully
• Eliminate obviously wrong alternatives
• Identify which alternative is most correct as there may be more than one right
answer!
• Pay close attention to the exact words used (e.g. must, might) which may
provide a clue
• Don’t spend too much time on one question. If you’re stuck, move on and come
back to the question later. Since all questions carry equal marks, a good strategy
is to answer the short questions first to pick up marks fast and boost
confidence, and then return to complete the longer/more difficult questions
• Check your answers!
True/false statements
• Calculate how much time you will allow yourself for each question and the
section in total
• Correctly explain your short answer or identify whether the given statement is
true or false—convince the marker that you understand!
• Define the main concept in the statement
• Don’t spend valuable time on a difficult question—deal with it after you have
done the easier ones
• Include a diagram wherever relevant.
Short answer questions
• Use your reading time to understand the questions and be clear about the
instructions (i.e. is there a choice of questions or do you answer all questions)
• Make sure to use appropriate diagrams when asked to do so
• Make sure to clearly label your diagrams and connect your discussion to the
diagrams you have drawn
• Where appropriate try to link theory to the question.

Assessment 2 – Applied Writing

Order Description

read the assessment 2 – applied writing on page 7 (Cyclone Marcia wipes out bumper nut crop) and then answer the four questions that follows on page 8. Please note that we need a draw a graph for each question to explain the answer e.g supply and demand to show market equilibrium price and quantity for macadamias. you can make up the price of macadamias. the assessment is from page 7 – 8. Word limit is 1250 references list is not included in the word count. I have selected 5 pages 1375 words from Australian writings website as there was no option to go 1250. Please don’t go under 1200 words minimum. We need to include at least one reference at the end of the page. We use “Economic Principles” 3rd edition by Chris Bajada. you can use that for referencing. I only have hard copy of the textbook.
Let me know of you need more info. call me on my mobile: 0412658918.

ECO11 (Principles of Economics)
Study Period 2, 2015
About this booklet
This booklet contains details about the assignments for this unit. In addition, some
exam tips are included at the end of the document.
Submission and return of assignments
For full details on the appropriate submission processes for the assignments for this
unit, please read the section in your Unit Outline entitled ‘Submission and return of
assignments’.
Nicky Kassoudakis
School of Commerce
University of South Australia
Page 2 of 12
ASSIGNMENT OVERVIEW
Assignment 1: Online Tests (3 parts – 1, 2 and 3)
Online Test 1:
Due Date: Week 4 Monday 22 June at 9am SA time
Topics assessed: 1-2
Weighting: 7.5%
Online Test 2:
Due Date: Week 9 Monday 27 July at 9am SA time
Topics assessed: 3-6
Weighting: 7.5%
Online Test 3:
Due Date: Week 12 Monday 17 August at 9am SA time
Topics assessed: 7-9
Weighting: 10%
Details on submission will also be available via the online unit pages. All
assessments are to be submitted using the internet only.
Please note: There will be no extensions or supplementary assessments. Those
students who do not have internet access will have to contact the unit
coordinator or cmr_oua@unisa.edu.au four weeks prior to the assessment due
date to arrange an alternative assessment.
Assignment 2: Applied Writing
Due Date: Week 7 Monday 13 July 9am (SA, Adelaide time)
Topics assessed: 1-4
Weighting: 25%
Word limit: 1250 words
Topic: See Assignment 2 details below
Late assignments that do not have approved extensions will incur a penalty of 10%
each day
Examination:
Weighting: 50%
Exam information and ‘Tips for the different sections of the exam’ can be found on
page 11-12.To obtain a pass grade overall students will normally need to achieve
40% in the final exam. The standards by which the exam will be assessed are
consistent with the standards of the benchmark institutions.
Given the large student numbers, no resubmission of assignments is possible. For
the same reason, no supplementary assessment is available.
Page 3 of 12
IMPORTANT REQUIREMENTS FOR ALL ASSIGNMENTS
Assignments are compulsory and must be presented by the due date.
Students should stick strictly to the word limit. Penalty marking at the rate of 1%
per 100 words (or part thereof) will be imposed on papers that exceed the word
limit. Students may add a reasonable amount of material to appendices, but should
only use appendices as a way of supplying corroborating evidence for points made
in the body of their assignment. Under no circumstances should students use
appendices as the main vehicle for carrying their analysis forward. If they do, then
such appendices will be included in the word count.
References and plagiarism
Any work containing plagiarism will score zero marks. (For policy on this issue see
the section on academic misconduct and plagiarism in:
http://www.unisa.edu.au/policies/manual/default.asp)
These assignments are designed to test students’ understanding of economic
theory rather than the ability to research and apply outside sources of
information.
Students are expected to acknowledge the source of their information including
their set texts in a Reference list. One mark will be deducted if this is not adhered
to, including for copied diagrams.
References that are actually used should be cited. Use the Harvard referencing
system. Further information can be found:
http://resource.unisa.edu.au/course/view.php?id=1572&topic=4. Specific
information about the Harvard system is available as part of the ‘Referencing styles’
section.
Although use of references from the Internet is encouraged, they must be cited in
the body of your work and listed in full in your list of references.
For the main part, you are expected to answer questions in your own words. Whilst
quotations are acceptable, they should be kept to a reasonable length and put
between quotation marks. A student cannot expect to pass an assignment that
consists of a series of linked passages copied off the World Wide Web or other
source irrespective of whether the source is acknowledged or not.
Assignments received more than seven days after the due date will not be marked.
You are advised to make a copy of your work prior to submission.
Page 4 of 12
ASSIGNMENT 1: ONLINE TEST
Online Test 1
Weighting: 7.5%
Requirement: Answer all questions.
Due date: Week 4 Monday 22 June 2015
Test details
This test will consist of 20 multiple choice questions and
will cover topics 1-2 of the units.
Availability The test will be made available online to students on
Friday 19 June at 9am (Adelaide SA time) and be closed
by Monday 22 June at 9am. Students will only have one
chance to answer all 20 questions. Each question will be
awarded 1 mark. Incorrect answers or unanswered
questions will receive a zero mark. The questions will
cover topics 1-2. The test will be available online for
three days and will not be timed.
No extensions There will be no extensions or supplementary
assessment. Students who do not have internet access
will have to contact the unit coordinator at least two
weeks prior to the assessment due date.
Submission method Assignment 1 is to be submitted online only. For further
details, please refer to your unit webpage.
Page 5 of 12
Online Test 3
Weighting: 10%
Requirement: Answer all questions.
Due date: Week 12 Monday 17 August 2015
Test details This test will consist of 25 multiple choice questions and
will cover topics 7-9 of the units.
Availability The test will be made available online to students on
Friday 14 August at 9am (Adelaide SA time) and be
closed by Monday 17 August at 9am. Students will only
have one chance to answer all 25 questions. Each
question will be awarded 1 mark. Incorrect answers or
unanswered questions will receive a zero mark. The
questions will cover topics 7-9. The test will be available
online for three days and will not be timed.
No extensions There will be no extensions or supplementary
assessment. Students who do not have internet access
will have to contact the unit coordinator at least two
weeks prior to the assessment due date.
Submission method Assignment 1 is to be submitted online only. For further
details, please refer to your unit webpage.
Online Test 2
Weighting: 7.5%
Requirement: Answer all questions.
Due date: Week 9 Monday 27 July 2015
Test details This test will consist of 20 multiple choice questions and
will cover topics 3-6 of the units.
Availability The test will be made available online to students on
Friday 24 July at 9am (Adelaide SA time) and be closed
by Monday 27 July at 9am. Students will only have one
chance to answer all 20 questions. Each question will be
awarded 1 mark. Incorrect answers or unanswered
questions will receive a zero mark. The questions will
cover topics 3-6. The test will be available online for
three days and will not be timed.
No extensions There will be no extensions or supplementary
assessment. Students who do not have internet access
will have to contact the unit coordinator at least two
weeks prior to the assessment due date.
Submission method Assignment 1 is to be submitted online only. For further
details, please refer to your unit webpage.
Page 6 of 12
ASSIGNMENT 2: APPLIED WRITING
Weighting: 25%
Requirement: Answer the questions relating to a newspaper article
Word limit: 1250 words
Due date: Week 7 Monday 13 July 2015 at 9am SA time.
Submission method Details will be available on the unit Learn Online site
Provide adequate referencing. Failure to cite properly is evidence of academic
misconduct and will result in marks being deducted.
There will be no re-submission of the assignment. If you require an extension you
will need to make an application for an extension to the unit coordinators by
clicking the ‘Extensions’ link under the ‘Unit essentials’ section of the course site. If
you require assistance please email cmr_oua@unisa.edu.au.
Late assignments that do not have approved extensions will incur a penalty. In
accordance with the Division of Business guidelines, assignments submitted late
without permission from the course coordinator/s will attract a penalty of 10% of
the total possible marks for the assignment per day for each day late, or part
thereof, after the due date. Assignments more than seven days late without an
approved extension will not be marked.
You will receive a suggested answer guide two weeks after the due date and a
feedback sheet. Normal Harvard referencing conventions apply. Penalties will be
applied for incorrect referencing. See:
http://resource.unisa.edu.au/course/view.php?id=1572
Provide adequate referencing. Failure to cite properly is evidence of academic
misconduct and will result in marks being deducted.
SUBMISSION AND RETURN OF ASSESSMENT PIECES
When preparing an assignment, please do the following:
• Please attach the below assignment cover sheet to your assignment. Make sure
you include your ID number. See page 9.
• Include your FULL NAME AND ID on the first page of your assignment
• Number the pages of your assignment.
• Include the word limit on the bottom of the first page.
• Additionally, assignments are NOT, under any circumstances, to be submitted
by email. This bypasses the assignment tracking systems set up by the School of
Commerce and increases the chances that your assignment will be lost.
• When saving your document, please ensure that you save as the following: “Full
name _ Student id_ Assignment 2_ ECO 11”
Page 7 of 12
INSTRUCTIONS:
Read the article titled “Cyclone Marcia wipes out bumper nut crop” (Source: AAP,
Date: Feb 25, 2015) and provide the analysis for the following statements in 3
different sections.
Cyclone Marcia wipes out bumper nut crop
(Source: AAP, Date: Feb 25, 2015)
Errol Vass was two weeks away from harvesting a bumper crop of
macadamias when Cyclone Marcia stormed in.
Now his Yeppoon-based orchard is in ruins, and Mr Vass is faced with the
heartbreaking reality that this could be the end of the road for his 22-year
farming venture.
“It’s basically destroyed the whole orchard, so we’ve got nothing left now,”
he told AAP on Wednesday.
“We were looking like we were going to get a bumper crop. Everything was
looking really good, but it’s not looking so good now.”
Mr Vass said Marcia tore the limbs from each of his 1700 macadamia trees,
and destroyed at least $150,000 worth of nuts.
“That’s my business for the year. It’s gone,” he said.
“It would take 15 years to replant and get it back to that level of income.”
That’s a path he’s unlikely to take.
“I thought about how old I am, and 15 years puts me into my seventies and I
don’t want to be doing it at that age,” he said.
“I think it’s time to find something else to do.”
Mr Vass said he and his family would spend the next 12 months cleaning up
the orchard, before making a decision about whether to keep the farm.
“I haven’t thought that far ahead. Sell the property and move on? That’s a
big possibility.”
https://au.news.yahoo.com/thewest/a/26430693/cyclone-marcia-wipesout-
bumper-nut-crop/
Page 8 of 12
Questions
1. Assuming macadamias are sold in a purely competitive market, use a welllabelled
demand and supply diagram model to explain how market
equilibrium price and quantity for macadamias are determined. Clearly
explain the equilibrating process.
(4 marks)
2. Use demand and supply model to describe the impact, ceteris paribus, on
the (pre-cyclone) market for macadamias, stemming from consumers’
expectation of a bumper crop before Cyclone Marcia stormed in. Explain
the equilibrating process.
(5 marks)
3. Use demand and supply model to illustrate the impact of Cyclone Marcia on
the equilibrium price and quantity in the market for macadamias. Clearly
explain the equilibrating process to answer the question. Also use demand
and supply model to explain the impact of the cyclone on the market for
other nuts.
(7 marks)
4. Discuss the determinants of the price elasticity of demand for macadamias,
and explain whether you believe the demand for macadamias is elastic or
inelastic. Based on your discussion of elasticity, illustrate and analyse the
effect of the cyclone on total consumer expenditure in macadamias market.
(6 marks)
Your assignment will also be assessed on how effective you can communicate with
the reader; i.e. how well you have presented your arguments and ensured your
analysis is logical and consistent.
Consequently, 3 marks will be awarded for effective writing including proper
grammar, referencing and formatting. Importantly, make sure you use appropriate
diagrams in your analysis.
Presentation and referencing: (3 marks)
Total marks: 25 marks
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OUA Assignment Cover Sheet
An Assignment Cover Sheet needs to be included at the front of each assignment submitted.
The attachment of this statement on any electronically submitted assignments will be deemed to have the same authority as a
signed statement.
Personal details
Student ID:
Mr/Miss/Ms/Mrs: First name(s):
Family name:
Address:
Date of birth: Contact phone no:
Email:
Assignment details
Unit code: ECO11 Unit name: Principles of Economics
Assignment no.2 Due date: 13 August 2015 9am SA time
Assignment topic (as stated in the Unit outline):
Student Declaration
I declare the work contained in this assignment is my own, except where acknowledgement of sources is made.
I authorise the University to test any work submitted by me, using text comparison software, for instances of
plagiarism. I understand that this will involve the University or its contractor copying my work and storing it on a
database to be used in future to test work submitted by others.
I understand that I can obtain further information on this matter at
http://www.unisa.edu.au/ltu/students/study/integrity.asp
Student Signature: Date:
LODGING YOUR ASSIGNMENT
Attach this cover sheet to your assignment and submit via AssignIT on your myUniSA course page.
Assignment grade:
Page 10 of 12
Assessment feedback form
ECO11—Principles of Economics (2015)
Assignment 2 Name_______________________ Unisa ID Number____________________
Key components of this assignment Performance on this component Comment
Excellent
Good Fair Poor Very
Poor
Demonstrate effective use of some of the
fundamental methods and tools of economics.
Apply elementary microeconomics and models
in a new context.
Effective communication using appropriate
economics terminology and models (usually in
the form of diagrams) which are incorporated
into your discussion.
Presentation and structure.
Summary comment
Assignment grade/mark
This form meets the 2015 requirements of UniSA’s Code of Good Practice: Student
Assessment
Page 11 of 12
EXAMINATION
Weighting: 50%
Requirement: There are three components to the exam – all must be
completed
Section A: 50 Multiple choice questions
Section B: True/false questions
Section C: Short answer type questions
Due date: To be advised.
Test details 3 hours and 10 mins
EXAM
There will be an exam of 3 hours and 10 minutes, which is worth 50% of your final grade.
The following description provides an indication of the types of questions to expect. We
reserve the right to change the format of the exam, but you will be advised of the exact
forms of the examination prior to it. The standards by which the exam will be assessed are
consistent with the standards of the bench mark institutions. Students must obtain a
minimum of 40% in the exam and a minimum of 50% overall to pass this unit.
Part A
Multiple choice
There will be around 50 questions (TBA).
Part B
True/false statements
You will be advised of the exact format of the examination prior to it, but you may either get
a series of short answer or true or false questions. For each of the statements you must fully
explain your answer using diagrams where possible.
Each question will be worth 4 – 5 marks for clearly stating reasons given in your answer as
well as an appropriate diagram.
Part C
Short answer questions or media/news article questions
This section intends to assess how students can relate economic theory to actual situations
as described in the short answer questions or media article.
• questions requiring the analysis of economic information or data
• each question provides some basic information and may require you to read a news
article (supplied) with 3 – 4 questions
Sample exam papers will be put on the online resource page towards the end of the study
period when most topics have been discussed.
Page 12 of 12
TIPS FOR THE DIFFERENT SECTIONS OF THE EXAM
Here are a few tips specific to the sections that usually form the basis of exams.
Multiple choice questions
• Calculate how much time you will allow yourself for each question and the
section in total.
• Read each question carefully
• Eliminate obviously wrong alternatives
• Identify which alternative is most correct as there may be more than one right
answer!
• Pay close attention to the exact words used (e.g. must, might) which may
provide a clue
• Don’t spend too much time on one question. If you’re stuck, move on and come
back to the question later. Since all questions carry equal marks, a good strategy
is to answer the short questions first to pick up marks fast and boost
confidence, and then return to complete the longer/more difficult questions
• Check your answers!
True/false statements
• Calculate how much time you will allow yourself for each question and the
section in total
• Correctly explain your short answer or identify whether the given statement is
true or false—convince the marker that you understand!
• Define the main concept in the statement
• Don’t spend valuable time on a difficult question—deal with it after you have
done the easier ones
• Include a diagram wherever relevant.
Short answer questions
• Use your reading time to understand the questions and be clear about the
instructions (i.e. is there a choice of questions or do you answer all questions)
• Make sure to use appropriate diagrams when asked to do so
• Make sure to clearly label your diagrams and connect your discussion to the
diagrams you have drawn
• Where appropriate try to link theory to the question.