ICL Post-graduate Diploma in Business

Paper name and number: 8220, Economics and Quantitative Analysis

Programme: WPG2102

Assessment number: 1

Name of assessment: Report-1

Type of assessment: Individual

Marks: 60

Weighting of this assessment of total paper: 30%

Assessment Submission details:

Electronic copy: To Canvas

Late assignments will be penalised 10% per day and after five days late
assignment will be marked zero. All assessments, including late assignments
must be submitten on Canvas.

First Name: ______________________________

Family Name: ______________________________

Student ID: ______________________________

Lecturer: Dr. Dayal Talukder Page 1 of 6

Instructions:

1. As adult learners it is your responsibility to ensure you submit work on time. It is

not an excuse for late submission of assignment that the printer was not working
- print the assessment well before the due date and time.
2. If an extension to the due date is required a student must request this from the
lecturer BEFORE the due date NOT on the due date. A medical certificate or
other evidence is required to support an extension. If a student is sick on the due
date then he must submit a medical certificate with the assignment. NOTE: The
medical certificate must state the day of the assessment’s due date.
3. Staple or attach your assessment answers firmly to your assessment question
paper and complete other details like your ID number, name and signature.
4. Students are required to keep an electronic copy of all completed assessments
before they are handed in to be submitted with the assessment (see point 5)
5. Students are required to submit an electronic copy of the assessment to the
lecturer as well as a printed hard/paper original assessment. Assessments
submitted without electronic copies will not be marked.
6. Students must ensure they complete the assessment receipt form, attach it to
your assessment (if appropriate) and have reception staff sign it when handing in
the assessment.
7. APA referencing style should be used to show the source of all information which
is obtained in a source, e.g. newspapers, web page, academic journal, article,
any book or textbook as well as any other internet source.
8. Formatting assignment: Font: Times New Roman (size: 12) or Arial (size: 11),
Line Spacing: 1.5, Alignment: Justified.
9. Do not copy anyone else’s work and do not allow anyone to see your work (See
point 9)
10. If COPYING or PLAGIARISM is identified, students will be formally requested to
come to a disciplinary meeting for punishment. Plagiarism includes NOT just
copying another student's work, but includes copying from the internet or
textbook without paraphrasing the words used. NOTE: ‘students’ means the
student who copies the assessment answers and the student who assessment
answers are copied are all disciplined.
11. Students must submit their assignments through Canvas. They must attach a
similarity report produced from Canvas with their assignments.
12. Your assessment must meet the following word limit requirements:
 Word limit of 3000 words where 10% variance is allowed i.e. maximum word
limit is 3300 and the minimum word limit is 2700
 This word limit includes all the text in the assessment (including in-text
referencing) but excludes the reference list and research annotations.
 Students are required to do a word count and include it in the right hand side
of the footer of the assessment paper being submitted.

Lecturer: Dr. Dayal Talukder Page 2 of 6

Report-1: Fundamental Economic Problems and Decision Making

Note: This assessment (Report-1) has covered the learning outcomes as follows:

Learning Outcome 1 (25%)

Apply microeconomic and macroeconomic theory to understanding the behaviour
of consumers, business, governments and other organizations.

Learning Outcome 2 (5%)

Assess the impacts of economic activity on business, society, and the natural
environment to inform business decisions applying economic tools and concepts

All students note the following conditions:

1. Each student must choose one country (to represent the government and
economy) approved by the lecturer before he/she starts writing the report.

2. Students must select different countries for this report. This ensures that
we do not have plagiarism where students copy someone else’s
assignment topic.

3. Similarly, each student must select a product that he/she usually buys
approved by the lecturer before he/she starts writing the report.

4. Students must conduct research to write this report.

5. This assessment is designed to use actual data from the secondary

sources and hypothetical data created by each student.

The objectives of the assignment are to develop:

1. Intellectual rigour: a commitment to excellence in all scholarly and intellectual

activities, including critical judgment

2. Knowledge of a discipline: command of a discipline to enable a smooth transition

and contribution to professional and community settings

3. Creativity: an ability to develop creative and effective responses to intellectual,

professional and social challenges

Lecturer: Dr. Dayal Talukder Page 3 of 6

Report writing guideline and instructions:
Students must write the report using the following structure. Copy only the bold headings
to your report. Do not write the italic instructions or information.

Report-1: Fundamental Economic Problems and Decision Making

Name of the student:

Student ID number:

Selected Product:
Selected Country:

1. Executive summary of the report [5 marks]

2. Introduction (total 5 marks)

Three fundamental economic problems [3 marks]
Objective of your report [1 mark]
Structure of your report [1 mark]

3. Application of economic concepts and decision making

Student should apply economic theory and concepts to understanding behavior of
consumers, business and governments.
(a) Consumer behaviour
(i) Application of fundamental economic problems [4 marks]

Reflect your consumer buying behavior in buying products [2 marks]

Reflect your consumer behavior in buying selected product [2 marks]

(ii) Application of demand concept [9 marks]

Table 1: Demand for my selected product – [1 mark]

Price ($) Quantity bought (Q e.g., kg)

Source:
Students should use hypothetical data from the Table 1 to understanding buying
behavior of the selected product.
Law of demand: [3 marks]

Factors affect your demand: [2 marks]

Price elasticity of demand: [3 marks]

Lecturer: Dr. Dayal Talukder Page 4 of 6

(b) Business/firm’s behaviour in producing the selected product

(i) Application of fundamental economic problems [4 marks]

Firm’s behavior in producing goods/products [2 marks]

Firm’s behavior in producing selected product: opportunity cost and comparative
advantage [2 marks]

(ii) Application of supply concept [9 marks]

Table 2: Supply of selected product – [1 mark]

Price ($) Quantity sold (Q e.g., kg)

Source:
Students should use hypothetical data from the Table 2 to understand firm’s selling
behavior of the selected product.

Law of supply: [3 marks]

Factors affect supply of your selected product: [2 marks]

Price elasticity of supply [3 marks]

(c) Buyer and seller interaction: market equilibrium [8 marks]

Graph [2 marks]
Draw demand and supply curves using data from Table 1 and Table 2

Equilibrium [2 marks]
Explain buyer (consumer) and seller (firm) behavior in reaching market
equilibrium.

Technological change: impact on market equilibrium [2 marks]

Students should assess the impact of technological change (improvement) on
market equilibrium.

Consumer and producer surplus [2 marks]

Explain consumer surplus and producer surplus using information from the
graph.

Lecturer: Dr. Dayal Talukder Page 5 of 6

 (d) Economy/government’s behavior [10 marks]

Table 3: Basic economic indicators of (your selected country) in 2020 [2 marks]

Population (millions)
Land area (sq. km.)
GDP (current USD, millions)
GNI per capita (current USD)
Gross capital formation (USD, millions)
Sectoral share of GDP (%)
(a) Agriculture
(b) Industry
(c) Service

Source:

(i) Application of fundamental economic problems [4 marks]

Students should use data from the Table 3 and apply the above economic concepts to
understanding the economy of selected country.

(ii) PPF model and fundamental economic problems [4 marks]

Student should apply the production possibility frontier (PPF) model to understanding
economic problems and decision making by selected country. . [1 mark for graph and 3
marks for application).

4. Conclusion (total 5 marks)

Students must use own words (and no repetition from the text) to conclude the
report.

Lecturer: Dr. Dayal Talukder Page 6 of 6