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So these are details, and my ID is s3878351. You must read the detail carefully because it kind of tricky
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Assessment Details
In this task, you will apply the framework of market mechanism (topic 1) to analyze a real
case study. The task is designed to help you develop your analytical thinking of the
relative changes in market demand and/or market supply, the adjustments of market
price and market quantity and the possible market equilibrium outcome.
The details for the designated case study/actual case and associated
requirements will be announced later. (1 week before the due date)
Assessment details
In this assignment, you will apply the framework of market mechanism (Topic 1,
ECON1194) to analyze a real case study. The assignment is designed to help you
develop your analytical thinking of the relative changes in market demand and/or market
supply, the adjustments of market price and market quantity, and the possible market
equilibrium outcome.
Following is the updated news of a few markets of goods and services. You will receive a
market topic randomly assigned based on your student ID and develop an economic
analysis of the market.
There are three markets, numbered “0”, “1” and “2”. You only need to analyze ONE
market. The market assigned to you is the one numbered by the remainder of the
division of sum of the last three digits of your student ID number by 3.
For example: a student ID number “3802655” has the last three digits “655”. The sum of
the last three digits is 16, and the remainder of 16 divided by 3 will be “1”. This student
will work with the market numbered “1” i.e., Market 1.
If you are not sure about your market/topic, please check with your F2F lecturer. For the
case a student did not comply with the instruction of market assignment, choosing a
market different from the assignment rule, the student’s work will be subject to a
penalty of 30% of mark awarded.
=======================================================
Market 0: Market of Rice in Vietnam in 2023: Vietnam 5% Broken Rice
Domestic Price increases recent months
As informed in the news, the prices of rice are increasing in Vietnam in this year, 2023.
•
•
https://ycharts.com/indicators/vietnam_5_broken_rice_priceLinks to an
external site.
https://en.vietnamplus.vn/domestic-rice-prices-on-the-rise-due-to-greaterglobal-demand/266411.vnpLinks to an external site.
1. (4 marks). Based on your knowledge of topic 1 that you learn from the course
and do desk research of more news articles in the assigned market/topic, to
answer questions:
•
o
o
o
What are the reasons of the increases in prices of rice in this year?
Is it because of a change in demand or supply or both?
What are the determinants of these changes?
Provide evidence/data and proper citations to support your
arguments.
2. (3 marks). Assuming that the market started with an initial equilibrium in the
beginning of the year, given the change/s in demand and/or supply in part 1:
•
o
o
What is the market situation (surplus/shortage)? How change/s in
market price and quantity of the product? Make sure you explain
your answer and support it with evidence (by facts and figures,
references).
Compare the change in prices are related with the on-going market
situation that you discuss in this part with the price given in the
provided articles (prices of rice increase). Give your comments.
3. (1 mark). Given the market situation in part 2 (shortage/surplus), it is
theoretically argued that the market will adjust to a new equilibrium on its
own. How do you find this theoretical argument applies to your assigned
market? Explain.
4. (2 marks). Illustrate the ongoing market situation in 2023, changes in
demand/supply of the product, changes in output and price levels of the
product, and the possible market adjustments to a new equilibrium, by a
graph. You are also expected to illustrate your analysis with a clearly labelled
graph. It is assumed that the market had an initial equilibrium at the beginning
of the year.
=======================================================
Market 1: Market of Electricity: An increase in electricity retail price
As informed in the news, the prices of electricity are increasing in Vietnam in this year,
2023.
•
•
•
https://www.allenandgledhill.com/vn/perspectives/articles/23375/vnkhincreases-average-electricity-retailprice#:~:text=The%20minimum%20average%20electricity%20retail,increase%
20of%20537.67%20VND%2FkWhLinks to an external site.
https://www.statista.com/statistics/981190/vietnam-electricity-retailprice/Links to an external site.
https://e.vnexpress.net/news/economy/vietnam-raises-electricity-pricerange-4567394.htmlLinks to an external site.
1. (4 marks). Based on your knowledge of topic 1 that you learn from the course
and do desk research of more news articles in the assigned market/topic, to
answer questions:
•
o
o
o
What are the reasons of the increases in prices of electricity in this
year? Is it because of a change in demand or supply or both?
What are the determinants of these changes?
Provide evidence/data and proper citations to support your
arguments.
2. (3 marks). Assuming that the market started with an initial equilibrium in the
beginning of the year, given the change/s in demand and/or supply in part 1:
•
o
o
What is the market situation (surplus/shortage)? How change/s in
market price and quantity of the product? Make sure you explain
your answer and support it with evidence (by facts and figures,
references).
Compare the change in prices are related with the on-going market
situation that you discuss in this part with the price given in the
provided article (prices of electricity increase). Give your comments.
3. (1 mark). Given the market situation in part 2 (shortage/surplus), it is
theoretically argued that the market will adjust to a new equilibrium on its
own. How do you find this theoretical argument applies to your assigned
market? Explain.
4. (2 marks). Illustrate the on-going market situation in 2023, changes in
demand/supply of the product, changes in output and price levels of the
product, and the possible market adjustments to a new equilibrium, by a
graph. You are also expected to illustrate your analysis by a clearly labelled
graph. It is assumed that the market had an initial equilibrium in the beginning
of the year.
=====================================================
Market 2: Market of Steel: Steel prices dip to near three-year low
As informed in the news, the prices of steel are decreasing in Vietnam in this year, 2023.
•
•
https://e.vnexpress.net/news/data-speaks/steel-prices-dip-to-near-threeyear-low-4631858.htmlLinks to an external site.
https://vietnamnews.vn/economy/1550184/steel-prices-drop-for-tenthstraight-month-in-may.htmlLinks to an external site.
1. (4 marks). Based on your knowledge of topic 1 that you learn from the course
and do desk research of more news articles in the assigned market/topic, to
answer questions:
•
o
o
o
What are the reasons of the decrease in prices of steel in this year?
Is it because of a change in demand or supply or both?
What are the determinants of these changes?
Provide evidence/data and proper citations to support your
arguments.
2. (3 marks). Assuming that the market started with an initial equilibrium in the
beginning of the year, given the change/s in demand and/or supply in part 1:
•
o
o
What is the market situation (surplus/shortage)? How change/s in
market price and quantity of the product? Make sure you explain
your answer and support it with evidence (by facts and figures,
references).
Compare the change in prices are related with the on-going market
situation that you discuss in this part with the price given in the
provided article (prices of steel decrease). Give your comments.
3. (1 mark). Given the market situation in part 2 (shortage/surplus), it is
theoretically argued that the market will adjust to a new equilibrium on its
own. How do you find this theoretical argument applies to your assigned
market? Explain.
4. (2 marks). Illustrate the on-going market situation in 2023, changes in
demand/supply of the product, changes in output and price levels of the
product, and the possible market adjustments to a new equilibrium, by a
graph. You are also expected to illustrate your analysis by a clearly labelled
graph. It is assumed that the market had an initial equilibrium in the beginning
of the year.
RMIT Classification: Trusted
Sample writing structure – Assignment 1
1: Theoretical explanation for the change in market output or price level.
o
o
o
Induced by a change in demand while no change in supply.
Induced by a change in supply while no change in demand.
Induced by both changes in demand and supply. With this part, a further
explanation of relative magnitudes of demand compared to supply should be
provided.
2: Identify the current changes in market supply and demand of product A. Examine the nonprice determinants and how they are driving the changes in the supply and demand of the
product.
Change in demand: Market demand of product A is increasing/decreasing. Following
are facts and figures about the factors of demand:
✓ Fact/figure 1… (citation): specify which determinants of demand this
fact/figure refers to. Additionally, explain how the factor affects demand
(positively or negatively, strongly or weakly).
✓ Facts/figures 2…(citation). Explain in detail as above.
✓ …
✓ Note: factor 1 may not always complement the effect of factor 2. Sometimes,
factor 1 may counter the effect of factor 2, which results in the combined
effects on demand.
Change in supply: Market supply of product A is increasing/decreasing. Following
are facts and figures about the factors driving the increase in supply:
✓ Fact/figure 1… (citation): specify which determinants of supply this
fact/figure refers to. Additionally, explain how the factor affects supply
(positively or negatively, strongly or weakly).
✓ Facts/figures 2…(citation). Explain in detail as above.
✓ …
✓ Note: factor 1 may not always complement the effect of factor 2. Sometimes,
factor 1 may counter the effect of factor 2, which results in the combined
effects on supply.
For the case of both supply and demand changes that are driving the market output,
evaluate the relative change in demand compared to supply and then assess the market
condition (i.e. shortage or oversupply) of the product.
✓ Examine how fast demand changes relative to supply.
✓ Note: You need to provide supporting evidence for your evaluation. The
evidence can be in positive or normative terms.
✓ Positive term means argument based on facts and figures.
✓ Normative term means argument based on value judgement or your own
assumptions.
1
RMIT Classification: Trusted
3: Relate the the market situation (shortage or oversupply) with the individual firms’ pricing
decisions. Discuss the possible change in the market price given the market situation and
whether individual firms’ price levels are going along with the market price.
4: Explanation of market adjustments to new equilibrium with the reference to diagram:
✓ Assuming initial equilibrium.
✓ Introducing current market situation (as claimed in the evaluation part above).
✓ Explaining how the Qe and Pe are likely to change in respect to the market
situation.
✓ Given the Pe is changing, referring to law of D and law of S, how Qd and Qs
are going to change. Then explaining how market adjusts to new equilibrium
quantity in respect to the pricing mechanism.
5: Illustration: Illustrate your economic analysis of the market by a clearly labelled graph.
A complete graph should have changes in D and S, intersections of old and new
equilibrium, change in Pe, change in Qe, illustration of market shortage/oversupply,
illustration of market adjustments to new equilibrium. And all curves, axes,
intersection points and areas should be clearly labelled.
Following is the sample graph of a random case:
S0
P
: Surplus
S1
P0
E0
P1
E1
D0
D1
0
Q0 Q1
Q
(Students may have different graph which depends on their analysis – partial or full marks
are still rewarded upon to the consistency of the illustration with the written analysis)
2
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