Use diagrams to describe in detail how a market determines the price of a product.

Module: IY008 - Economics

Tutor: 

Term: Summer 2019 – Blue Cohort

Report Assignment Brief

Notes:

• This report is worth 40% of the overall mark for the module.
• For this report assignment you need to fulfil the task that is set out below.
• The word limit for this report is 1250 words (±10%)
• The deadline for this piece of work is 23.59 (11.59pm) Sunday 17^th February (Week 5)
• Submission is through the Turnitin link on the VLE page for the module.
• Marks for work submitted after this date will be reduced in line with the college’s policy on late submissions

• You must ensure that this assignment is your own work and in your own words
• Any ideas/theories based upon the work of other writers must be fully acknowledged and correctly referenced both within the text and the bibliography.
• It is not acceptable to quote major sections of text, even if it has been fully referenced.

Report Task

     i.        Use diagrams to describe in detail how a market determines the price of a product.

    ii.        Apply these theoretical principles by selecting an existing product to assess how and for what reasons the price of your chosen product might change.

  iii.        Briefly speculate as to the most likely impact of future changes in the price of your chosen product – providing a reasoned argument for your forecast. 

Suggestions:

• You may find it useful to think about this question in separate but related parts;

• To begin with you will need describe the theory of how a market works. This means that you must identify and use all the appropriate key terms and concepts to describe the functioning of a market and how an equilibrium price is established.
• Select a product (this can be a good or a service or a combination of both) and use this as an example to demonstrate the ideas you will have discussed in the first part of the work, considering the main factors that are important for determining the price of your product
• Based on what you have found out about the product make a judgement about how the conditions of supply and demand are most likely to change in the near future and describe how this might impact on the market price of the product. This will be a speculation (a forecast) but some form of reasoned argument needs to be included to support your assertions.
• Aim to write about 400 words to address each of the three parts of the task.

• We expect to see references to at least five academic works see below for suggestions regarding this;
• Your notes or materials provided in class will not be counted as academic references;
• Wikipedia will not be counted as an academic reference;
• The marking criteria are listed below. These are the things we will be looking for when marking your report;