Your task is to select a market and present an analysis of the demand and supply changes that have occurred in that market over a recent period of time, and how the interaction of those changes impacted market outcomes such as price and quantity traded.
You must clearly define the market that you are analysing. Markets may be defined by product type (including how specific/broad), location and time period.
This could be for example be the ‘market for organic Roma tomatoes in Adelaide’, or it could be the ‘global market for tomatoes’. Both of those would be acceptable. Think carefully how best to define the market for analysis, as this will impact the arguments you can make, and your ability to support them with data.
Note that the demand and supply model is most applicable to describing competitive markets; and you may wish to avoid markets where pricing and other outcomes are driven primarily by factors outside of the basic demand and supply framework.
As this is an individual assignment, students should not intentionally select the same market as their classmates.
Select and communicate clearly the period of analysis.
For example, you may wish to discuss changes over the past 12 months until now.
Alternatively, you may wish to select a more limited period of time to focus the analysis. Such as the changes in the March quarter of 2024.
You should seek to identify all relevant changes in demand and changes in supply. These changes should be based on evidence or data where appropriate, but can also include logically justified assumptions.
You should use a demand and supply model to discuss how the changes have jointly led to the price and quantity outcomes. These outcomes should be supported by evidence or data obtained through your own online search.
Where demand and supply diagrams are used, they should be your own diagrams, whether prepared in a computer software, or (often more easily) hand-drawn and a scan/photo embedded in the document.
Make sure to refer to all relevant economic concepts that have been studied, for example elasticity, if/where relevant.
You will find topics ‘Demand and Supply’ from Week 2 and ‘Elasticity’ from Week 3 to be most relevant. You may of course find course content from other topics useful, but there is no need to try to force their incorporation if not relevant. To give you adequate time to work on this assignment, I consider that only topics up to Week 3 inclusive are expected to be included.
Week 4 or Week 5 topics may be included if you specifically want to, however we will not be specifically expecting you to do so, and given they are not the focus of what we are looking for on this assessment task, I would suggest you do not waste too much time, effort or limited word count on that.
It is important that if you do take content directly from other sources including course materials, both quoting and paraphrasing, that you appropriately reference to show what is your own original thoughts and what ideas you have borrowed from others. Please refer to the https://www.adelaide.edu.au/writingcentre/resources/avoiding-plagiarism for further guidance and links regarding referencing, plagiarism, and academic integrity.
Where referencing is used, it can be in any standard style, so long as it is consistent. The Harvard referencing style is preferred, as it is the standard in Economics and is also common in Business disciplines.
https://www.adelaide.edu.au/writingcentre/resources/referencing-guides
All submissions will be analysed with the assistance of Turnitin, checking for plagiarism against other students in the class and external sources.
1000 words (excluding diagrams and references)
Students must submit the assignment by the due date via the electronic submission portal on MyUni (the same page you downloaded this pdf!). https://community.canvaslms.com/t5/Student-Guide/How-do-I-upload-a-file-as-an- assignment-submission-in-Canvas/ta-p/274
It is the students’ responsibility to ensure that it is correctly submitted by the due date.
Make sure that you see and check that is says ‘Submitted’.
For Assignment 1 and Assignment 2, there will be a penalty of 20% applied per day late (unless an extension was granted in advance). Exceptions may be made in line with the University's Modified Arrangements for Coursework Assessments Policy.
If you have a medical or other circumstance that you believe may allow an extension, please email the course coordinator as soon as practical, and generally this must be before the due date has passed.
Assignments will be graded, with grades and feedback provided within MyUni approximately two weeks after the submission due date.
The assignment will be graded against the Assessment Criteria in the Rubric attached to the MyUni Assignment and detailed below.
Grades will be allocated in-line with the University’s grade descriptors.
For example, a grade between 75-84 is a Distinction, which should indicate ‘A very high standard of work which demonstrates originality and insight’.
Your grade is not matter of where you ‘lost marks’, but rather the evaluation of what you have presented against the standards and the criteria.
It is vitally important that you keep these assessment criteria in mind during the preparation of your submission, and that you ensure that you have responded to the task in a way that best allows you to show evidence of your achievements against these criteria.
| Assessment Criteria | Marks (100) |
Scope and contextof market analysis clearly specified and maintained consistently throughout | 5 |
| Appropriate demandand supply changesidentified with reference to evidence | 20 |
Evidence of understanding of the demandand supply model, and evidence of ability to apply the model | 25 |
Analysis presented provides a logicalexplanation of changesin real world market outcomes | 20 |
Appropriate writingstyle and correctusage of an appropriate referencing style | 5 |
Evidence is shown of understanding of relevant economicconcepts and terminology which are correctly applied throughout whenever relevant | 25 |
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