Module: FC006 – Economics in an International Context
Tutors: FH / DL
Essay Assignment Brief. Given out week 10
Essay submission date : week 16
Notes:
• This essay is worth 40% of the overall mark for the module.
• For this essay assignment you need to answer the question set out below.
• Your essay should be no more than 1000 words in length.
• Marks for work submitted after this date will be reduced in line with the college’s policy on late submissions
• You must ensure that this assignment is yourown workand in yourown words. Any ideas/theories based upon the work of other writers must befully acknowledgedandcorrectly referencedboth within the text and the bibliography.
• It is not acceptable to quote major sections of text, even if it has been fully referenced. You need to submit an electronic copy to Turnitin. Your seminar tutor will give you details.
Question
Explain why it is important for firms to understand the level of elasticity for each product they offer. Explain what part PED has in understanding the behaviour of firms in an oligopoly market, use appropriate diagrams and examples.
Suggestions:
• You may find it useful to think about this essay question in separate but related parts;
• The first part of the question is asking you to define and explain the relevance of elasticity of demand and the different levels of elasticity products may face
• The second part of the question asks you to explain the elasticity within an oligopoly market and compare this with elasticity levels within other market structures.
• You are also specifically asked to use appropriate diagrams as part of your response to the question;
• A successful essay will need to provide all ofthese things as a minimum;
i. a definition and explanation ofelasticity
ii. an explanation of how firms use this information
iii. an explanations of elasticity levels within an oligopoly market structure
iv. a comparison of how elasticity differs within different market structures
v. appropriate and accurately drawn diagrams
vi. Appropriate examples to illustrate understanding
• For a piece of work of this length we expect to see references to at least three academic works;
• Your notes or materials provided in class will not be counted as academic references;
• Wikipedia will not be counted as an academic reference;
• The marking criteria are listed below. These are the things we will be looking for when marking your essay
