Intermediate Economics
1500 words completing including diagrams and models of the illustration of the answers, read the vellore instructions to understand how to create and answer.
Coursework Brief:
Answer ONE of the following questions. The word count guideline is 1750 words. :
1. Cournot, Stackelberg and Bertrand models describe market outcomes in an industry with two rival duopolist. Explain the insights of these models, focussing on outcomes for firms and consumers, compared to the standard competitive and monopoly outcomes.
2. 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.
3. 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.
4. 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.
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, clarity and precision of diagrams/numerical
illustrations
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?
Instructions:
Consult the ASSESSMENT CRITERIA before starting your assignment. Your work will be marked based on these criteria.
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.
