Assignment
Task 1a: Illustrate in the form of diagrams, the effects, various changes have on demand and supply of a particular good or service and explain briefly your diagrams.
With reference to the assessment criteria, you should prepare your diagramsto show:
• Changes in demand and supply in diagrams due to changes in various factors.
• For diagrams showing changes in demand you could consider factors such as changes in price,income, substitute/complementary goods/service, taste/preference etc
• For diagrams showing changes in supply you could consider changes in price, technology, change in other factors of production etc
This task should be done in class under controlled conditions and submitted to the tutor on the day then subsequently reproduced digitally (scanned original or reproduction is acceptable) and submitted at due date.
Task 1b: Explain with reference to a diagram in about 400 words the relationship between price equilibrium and quantity.
• With reference to the above task you need to look at the relationship between thequantities of goods demanded and or supplied and price and what happens when there is price equilibrium.
• ANDHowprice equilibrium is achieved?
Task 2: Prepare an essay of 600 words, on the wide range of factors which affect the demand and supply curves.
With reference to your report you need the to do the following:
• You must have an introduction, a body/findings and conclusion
• You must use Harvard referencing and avoid plagiarising.
• You need to analyse the wide range of factors which affect the demand and supply curves
Task 3: Write a summary of 800 words, applying the economic theory learnt to explain the effects of changes on price and output on equilibrium with the help of a diagram.
For this assignment you will produce:
• Diagrams illustrating your application of knowledge and understanding of demand and supply and effect of various changes on it.
• Essay of no more than 600 words analysing factors affecting the demand and supply curves
• A Summary of 800 words explaining the effects of changes on price and output equilibrium.