Assignment Instructions/ Description
REPEAT COURSEWORK ASSIGNMENT
This is an individual assignment. You are required to answer all parts of the assignment. Thehand-in date for the assignment is MONDAY MAY30TH2022.
The Intended Learning Outcomes of the Assignment are:
Examine the firms’ cost curves. To understand the factors determining the firms’ cost curves in the short and longrun. To understand the principle of increasing and diminishing marginalreturns. Evaluate the behaviour of the firms’ variable costcurve.
Assignment
What are the main factors determining the shape of firms’ average cost curves in the short and long-run?
Assignment Guide
Toprepareandunderstandthisassignment,youwillneedtostudylecture5ofthemoduleand chapter 8 of Begg, Vernasca, and Dornbusch, and chapter 9 of Sloman and Jones. To complete the assignment, you will need to briefly explain and discuss the importance and meaning of cost to the firm as a transformation unit in its utilisation of factors such as labour, raw materials and machinery and transforming these into saleable output via the process of production. In the production process, the firm will have to meet costs for the use ofresources and from its sales will expect to earn sufficient revenue not only to cover these costs but also to generate a surplus that will constitute profit. In this respect, you should identify and bring out related points concerning the factors that determine the shape of the firms’ average cost curvesovertheshortandlongrun.Andbysodoing,tosupportthesepointsbyusingadiagram that shows the relevant cost curves. You should ensure that you answer the question directly and bring out how the firm’s cost curves will behave as output increases as it adjusts towards the most efficient use of its resources. A good answer should express your view and provide a well-thought-out explanation for the positiontaken.
I expect formal and rigorous answers, which means that you should provide a gooddiscussion of the relevant points and analysis where required. Remember to explain in your own words instead of copying them from the textbook. Please ensure that your assignment is adequately referenced.
Avoid the temptation of presenting the discussion under a separate heading. I expect to see coherent and logical communication of ideas and economic concepts with linkages between the central points of the question. Marking Scheme
The marks will be allocated as follows: Answers question or correctly approaches the question with relevant content, clear structure and logical development of argument 40%Interpretation of question and demonstrable knowledge of the topic 20%Use of supporting literature, examples from economics 15%Connectedness and relevance of argument between all parts of the discussion 10%Presents clear argument throughout, the strength of analysis and conclusion. 15%
Useful References
Begg, D, Vernasca. G, Dornbusch. R, and Fisher. S. (2020) Economics (12th ed) McGraw-Hill. Sloman, J, and Jones, E. (2017). Essential economics for business (5thed.). Harlow, England: Pearson Link: Physical orElectronic.
LectureNotes
Other useful references
Parking, M., Powell, M., and Matthews, K. (2017) Economics (10thed)Pearson. Case, K. (2016) Principles of Economics ( 12thed)Pearson.
Hand-in Date
The hand-in date for Coursework Assignment MAY30TH2022 by 23:55. The coursework must be submitted via Moodle dropbox.
Note: This is the latest date we are allowed to give for handing in the assignment. No extensions beyond this date are possible.
Word Count
The coursework word count is a MAXIMUM OF 1,000 WORDS (THERE IS NO ±10% MARGIN), excluding reference list, bibliography, appendices, the cover page, abstract, glossary and list of tables, figures, charts and abbreviation. Tables are expected to be primarily for the presentation of numerical data. Work that exceeds 1,000 words will not be read beyond the stated word count.
The word count should be stated at the top of your submission. A falsely stated word count is an assessment offence, which will be referred to PBS Student Assessment and Assessment Regulations Lead.
Formatting
The work should be word processed. Font size should be between 12 and 14 and ‘easy to read’ e.g. Calibri, Arial, Times New Roman. Line spacing should be between1.5and2with(approx.)4cmmarginsallround.TheHeadermustincludethestudent number and the Footer must include a page number. There are no extra marks for excessive presentation; for example elaborate graphics on the coversheet.
Referencing Requirements
All sources should be acknowledged and appropriately cited within your work, following the University's approved referencing conventions [APA 6th ed.]. Forfurther guidance see:http://referencing.port.ac.uk/
Referencing is required to give intellectual credit to your source, help your reader recover your source easily and to avoid being accused of plagiarism.
Please include a Reference List of all items cited in your work and follow this with a Bibliography to show your wider background reading.Table 1: Marking Criteria - Essay Type
Component and Suggested Marks Failure < 40% Pass40 – 55% Good Pass 56 – 69% Distinction>70%Introduction and background to topic Limited introduction not focussed on aims ofassignment Topic well focussed but introduction and contextincomplete Introduction clearly expressed; context welldefined As for good passUnderstanding of key issues Minimal understanding of key issues Main issues largely identified, but some lack of focus All issues clearly understood, with some differentiation in terms ofimportance Issues clearly understood and differentiated in terms of importanceEvidence of reading and/or choice of appropriate concepts Little evidence of reading or limited/inappropriate use of module material; unclear theoretical framework; important workuncited or key concepts ignored Evidence of reading or appropriate use of module material but with some gaps.Literature/concepts adequately but not critically reviewed. Good critical literature review or well-justified choice of modulematerial. Theoretical framework supportsstudy. Demonstrates high level of scholarship.Analysis Largely descriptive; practically no analysis of central issues.Qualitative or quantitative data analysisinaccurate. Some critical analysis of central issues, but with some inaccuracies. Relevant and full analysis Comprehensive and critical analysis of central issues.Presentation and evaluation of evidence Some evidence to support arguments but uncritical acceptance of material; poor or incomplete citation; unjustified conclusions. Appropriate evidence, generally assessed critically; weak interpretation of qualitative aspects; some gaps inlinkagesbetween evidence and conclusions. Full, critical assessment of discriminatingly selected material; some evidence of independent thought Full, critical assessment of discriminatingly selected material; evidence of independent thought; substantialindividual insights evidentPresentation: Structure, clarity, use of grammar, correct spelling Poor: lack of structure and clarity; grammatical mistakes; inadequate referencing Reasonably clear presentation; reasonable referencing; few grammatical/spelling mistakes Demonstrates very good communication skills; accurate referencing; very few/no grammatical or spelling errors Excellent communication skills; accurate referencing; virtually no errors; scholarly, well-organised treatment ofmaterialAttainment of learning objectives Attainment of few/none of the relevant learning objectives Attainment of a good majority of the relevantlearning objectives Attainment of substantial majority of therelevant learning objectives Attainment of nearly all of the relevant learning objectivesTable 2: University of Portsmouth General Grading Criteria for Level 7
Level 780+ As below plus: Outstanding work – contains accurate, relevant material, demonstrates understanding of complex subject matter and is able to view it in a wider context. Shows originality and confidence in analysing and criticising assumptions, is aware of the limits of knowledge. Likely to add new insights to the topic and approaches the quality of publishedmaterial. Evidence of extensive research, uses and presents referenceseffectively. Outstanding quality in terms of organisation, structure, use and flow of language, grammar, spelling, format, presentation, diagrams, tablesetc.70-79 As below plus: Outstanding work – contains accurate, relevant material, demonstrates understanding of complex subject matter and is able to view it in a wider context. Shows originality and confidence in analysing and criticising assumptions, is aware of the limits ofknowledge. Evidence of extensive research, uses and presents referenceseffectively. Excellent in terms of organisation, structure, use and flow of language, grammar, spelling, format, presentation, diagrams, tablesetc.60-69 As below plus: Very good work – contains most of the information required, is accurate and relevant and demonstrates understanding of the subject matter and attempts to view it in a wider context. Shows some originality of thought with good critique and analysis assumptions, is aware of the limits ofknowledge. Well-researched, good use and presentation ofreferences. Very good in terms of organisation, structure, use and flow oflanguage.50-59 As below plus: Work that attempts to address the topic with some understanding and analysis, key aspects of the subject mattercovered. Research extends to primary sources. Appropriately cited and presented references. Satisfactory presentation with respect to presentation, organisation,language, grammar, spelling, format, diagrams, tablesetc.40-49 Adequate work which attempts to address the topic with limitedunderstanding and analysis. Some research using texts, Internet and key reference sources with reference citation and presentation according toconvention. An attempt to follow directions regarding organisation, structure, use andflow of language, grammar, spelling, format, diagrams, tables etc.30- 39 FAIL – Anything which is inadequate in most or all of the following: length, content, structure, analysis, expression, argument, relevance, research and presentation. Work in this range attempts to address the question / problem but is substantially incomplete and deficient. Serious problems with a number ofaspectsof language use are often found in work in this range.0-29 FAIL – No serious attempt to address the question or problem, and / or manifestsa serious misunderstanding of the requirements of the assignment. Acutely deficient in all aspects.
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