Table 1: Assignment 2 Steps
1. Choose topic and question
Look at the business and economics news for ideas for an appropriate issue. It needs to fit the purpose of microeconomics (lecture 1) – a topical, important example of resource allocation with questions you can answer by applying microeconomic methods from the lectures relevant to the assignment. State the question, why it’s interesting and economically significant. Present facts or descriptive data to illustrate. The issue needs to be a specific (topical or historical) case. This means you will discuss a specific market for a product, service or factor of production in a specific context rather than a general economic issue or problem. Also make sure your topic does not fall within macroeconomics, which is not covered in this course.
2. Select your methods (concepts and models)
Select the right method (i.e. microeconomic model, theory or tool) from lectures and workshops 2-6 to answer your question.
3. Explain your concepts and models
Explain your method. Assume your reader needs to be explained every concept and model needed to follow your analysis, as if you are teaching your reader these.
4. Analyse your topic
Apply the method to your issue. Report the different steps of your analysis and your findings. Typical analysis applies the tools from the relevant lectures to your specific case. Use relevant diagrams or models as they answer the question better than only words. If your chosen method comes with such models (e.g. diagrams or graphs), not using these in your assignment will result in a significant loss in marks.
5. Conclude
Your conclusion will directly answer the question and maybe look at the big picture – the significance and limitations of your work. Provide answers to questions like: What have we learnt from your analysis for business or government policy? So what?
