Consider a market transaction that you have undertaken (or are considering) as a consumer, and that was notable because it is particularly recent, large, or unusual. Analyse this transaction from a microeconomic standpoint:

Assignment Brief Purpose of the Assessment To assess understanding of key principles and theories in economics and the ability of the students to apply these principles and theories to business and management scenarios. The aim of the assessment is to: 1. Introduce students to business and economics environment. In addition to helping build an individual identity, it also immerses students into a research-oriented culture and environment. 2. Provide students with the opportunity to be creative and imaginative whilst learning (and applying) several of the fundamentals of macroeconomics and microeconomics. Assessment Task Details of Assignment: Consider a market transaction that you have undertaken (or are considering) as a consumer, and that was notable because it is particularly recent, large, or unusual. Analyse this transaction from a microeconomic standpoint: 1. PART 1: Explain how & why (from the perspective of the supplier) the good 2 or service in question was created and the reason you entered the market to secure this product or service (demand side). 2. PART 2: Discuss in general terms the factors on the demand and supply side that will have influenced the price you paid for this product. Show what might happen to the price of the product if one of these factors changes. 3. PART 3: Assess whether the product in question is likely to be price elastic or inelastic at the current market price (demand). Following this assessment, describe the likely impact on the supplying company’s revenue following an increase in the price they charge (ceteris paribus) Writing Guidelines: • Answer the individual parts of the assignment clearly labelling your answer. • Make sure that you do not include hand-drawn graphs in your work • Your name should appear on the script. • Your student number should be included on every page. • Use font Arial or Times New Roman, size 12 • 1.5 line spacing • The page orientation should be ‘portrait. ’ • Margins on both sides of the page should be no less than 2.5 cm • Pages should be numbered Recommended Outline/Structure: Introduction: Provide a brief introduction to demand and supply analysis and elasticity. You should also clearly introduce your aims and objectives. PART 1: Explain the Creation of the Good or Service: – Describe the process and motivations behind the development of the good or service from the supplier’s perspective. – Highlight the key factors that influenced the design, features, and functionalities of the product or service. – Discuss any market research, customer feedback, or technological advancements that played a role in its creation. Reason for Entering the Market: – Explain the demand-side factors that prompted the supplier to enter the market with this product or service. – Identify the specific needs or gaps in the market that the product or service aims to address. – Discuss the target audience and the expected benefits or value that the product or service provides to customers. – Highlight any competitive advantages or unique selling points that differentiate the product or service from existing offerings in the market. PART 2: Discuss Factors Influencing Price: 3 • Demand-Side Factors: o Identify and explain the key demand-side factors that have influenced the price of the product. o Consider aspects such as consumer preferences, income levels, price of substitutes, and market trends. • Supply-Side Factors: o Identify and explain the key supply-side factors that have influenced the price of the product. o Consider aspects such as production costs, availability of raw materials, technology, and number of suppliers. Impact of Changes in Factors: • Choose one demand-side or supply-side factor and discuss what might happen to the price of the product if this factor changes. • Provide a hypothetical scenario illustrating the impact of this change on the product’s price. • Explain the economic principles behind the expected price change, such as shifts in demand or supply curves. PART 3: Assess Price Elasticity: • Evaluate whether the product is likely to be price elastic or inelastic at the current market price. • Consider factors such as the availability of substitutes, necessity versus luxury status, proportion of income spent on the product, and time period for adjustment. • Provide a reasoned argument based on these factors to support your assessment. Impact on Revenue: • Describe the likely impact on the supplying company’s revenue following an increase in the price they charge, assuming all other factors remain constant (ceteris paribus). • If the product is price elastic, explain how an increase in price might lead to a proportionally larger decrease in quantity demanded, potentially reducing total revenue. • If the product is price inelastic, explain how an increase in price might lead to a proportionally smaller decrease in quantity demanded, potentially increasing total revenue. • Use economic principles and examples to illustrate the expected outcomes. Conclusion: Summary of key findings from the report and address the aim of the report. References: Provide references (and Bibliography if applicable) in accordance with the Harvard Standard. Appendix: Optional section to provide additional information applicable to the report that would complement the main body. Sources The reference List is expected to contain between five and ten sources. At a minimum, it should include one refereed academic journal and three academic books. Assessment Guidance 4 The quality of your presentation and academic referencing is very important. Please use the Harvard Referencing System. Within your assignment your tutor will be looking for content that addresses the key elements of the assignment brief. Try not to overcomplicate your answers by choosing a company that you know little about. Keep to simple processes that you know well. Reassessment The reassessment will be a resubmission of this essay, considering any feedback. The date will be announced following the release of the results. The Learning Outcomes assessed by this assessment. Knowledge 1. Demonstrate understanding of the assumptions, logical structure, implications and limitations of core economic concepts, theories and ideas (EID, CI). Thinking skills 2. Critically evaluate the relevance of diverse theories and concepts (EID) Subject-based practical skills 3. Apply economic theories and tools to the analysis of business and non-business organisations, national and global financial structures and public policy (EID, SID, CI) Skills for life and work (general skills) 4. Analyse and reason – both deductively and inductively (CI, EID). 5. Gather evidence and assimilate, structure, analyse and evaluate qualitative and quantitative data (DP, CI, EID). We strongly suggest that you try to submit all coursework by the deadline set as meeting deadlines will be expected in employment. How to submit your work: All submissions for this component(s) of this Module must be submitted according to these instructions. If you fail to submit this component as directed, a mark of 0 will be awarded for the component. Assessment should be submitted to Turnitin by the date and time stated. The Turnitin link is available on Moodle – see Assessment and Feedback tab. The material that you submit to Turnitin will be marked. The Module Leader does not accept hardcopies of assignments via email. Return of your work: Assessment work will be returned via Turnitin on Moodle – please see point of submission in the Assessment and Feedback tab. 5 REASSESSMENT ARRANGEMENTS If you fail the assessment (i.e., receive a mark between 0% and 39%), you have a chance to re-submit an improved version of your work for a capped module pass mark of 40%. If you did not submit your work for assessment, you also have a chance to submit it for a capped module pass mark of 40%. Reassessment will take place during the summer of 2025 (date to be confirmed in Moodle). PROBLEMS COMPLETING AN ASSESSMENT You may be in a position where you cannot submit your coursework or take an exam due to circumstances that are: • unforeseeable – in that you could have no prior knowledge of the event concerned, and • unpreventable – in that you could do nothing reasonably in your power to prevent such an event, and • expected to have a serious impact on performance. Please follow this link for guidance on what to do. RETURN OF WORK AND FEEDBACK Formal results are ONLY available in UEL Direct and will be published within 8 working days of the Board, where results are formally confirmed. Any other results are provisional / indicative but not approved. You will receive feedback throughout your course through the following: x one-to-one or individualised (i.e. tutorials, conversations with supervisors, or individualised comments on assignments) x generic feedback (i.e. use of rubrics, ‘Quickmarks’ in Turnitin or standardised forms) peer feedback (i.e. feedback from other students) x informal feedback (i.e. through in-class discussions or online forums) self-evaluation (i.e. online checklists or reflective submissions) other (see below)