BMI4001M Student Assessment :

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Module Code		BMI4001M	Module Title	Principles of Applied Economics
Level		4	Module Tutor	Dr Silvia Szilagyiova
Credit Value of Module		20	Feedback Process	Online on Turnitin
Type o	f Submission	Online (Turnitin)	Expected Feedback Date	02 December 2022 at 12 noon
Assessment Task		Case study (1500)
Weighting		50%
Due Date		11 November 2022 at 12 noon
Assessment Regulations
Your attention is drawn to the University policy on cheating and plagiarism. Penalties will be applied where a student is found guilty of academic misconduct, including termination of programme (Policy link).You are required to keep to the word limit set for an assessment and to note that you may be subject to penalty if you exceed that limit. (Policy link). You are required to provide an accurate word count on the cover sheet for each piece of work you submit.For late or non-submission of work by the published deadline or an approved extended deadline, a mark of 0NS will be recorded. Where a re-assessment opportunity exists, a student will normally be permitted only one attempt to be re-assessed for a capped mark. (Policy link). An extension to the published deadline may be granted to an individual student if they meet the eligibility criteria of the Exceptional Circumstances policy.
Module Specific Requirements
None
Learning Outcomes
LO1: Demonstrate knowledge of the basic principles of economics and behaviour of economic agents LO2: Apply basic economic techniques and appreciate the complexity of basic economic issues
Assignment Description
Background information
*Following information are not to be used in your case study. The information is here to help you to understand the situation and familiarise yourself with the facts. Please read the information carefully.   The petrol and diesel prices have been increasing in the UK. The following Figure 1 demonstrates the average price of diesel fuel from supermarkets in the United Kingdom (UK) from April 2017 to March 2022.

Figure 1

Source: Statista (2022)

There are several reasons for increased prices, including the war in Ukraine, post-pandemic recovery and weak British Pound. However, the focus here is on the price increase rather than the causes of the increase. Increasing diesel and petrol prices were causing problems not only for individual consumers, but also for the businesses who had to pass the increase in their costs to customers. Unprecedent situation pressured the government to intervene. In March 2022, when the price of petrol was 167p/a litre and price of diesel was close to 180p/a litre, the government introduce a 5p /per litre fuel duty cut on petrol and diesel. Read following article (click on the link) Fuel duty rates 2022-2023.

The following statement of BMI4001M Student Assessment is taken directly from the report:

” The measure will support household disposable incomes and therefore spending in the economy.

Impact on individuals, households, and families

This measure of BMI4001M Student Assessment has potential to impact up to an estimated 36 million individuals by reducing motoring costs, subject to how much they drive, relative to Fuel Duty rates remaining unchanged. This measure is not expected to have an impact on family formation, stability, or breakdown.” (gov.uk, 2022, pp.1)

This statement suggests two things. Firstly, that the cut in fuel duty rate by 5p/a litre will make the price of diesel and petrol/a litre cheaper and therefore lead to higher household disposable income. The logic behind this statement is that lower fuel duty will translate into lower price for diesel and petrol/a litre, hence households will spend less on this product and will have more disposable income to spend on other products/bills.

The second part elaborates on the assumption of BMI4001M Student Assessment that the cut in fuel duty will benefit approximately 36 million individuals.

However, as of June 2022, despite of cut in fuel duty on petrol and diesel, the prices hit new records as displayed in Figure 2 bellow, with prediction to reach 200p/a litre to follow:

Figure 2

Source: RAC (2022)

While there are several reasons for continuing price increase, part of the problem is the fact that the cut in fuel duty has not been passed on consumers. Read following article (click on the link) Business Secretary Kwasi Kwarteng writes to fuel giants reminding them to pass on tax cuts to motorists as diesel price hits record high.

———————————–END                                         OF                                        BACKGROUND INFORMATION                                                 

Case study task: Critically discuss and present reason why the cut in fuel duty was not passed on the consumers and explain the consequences on consumers.

In your answer after studying BMI4001M Student Assessment you are expected to cover following:

1. Draw the demand and supply diagram representing the fuel (diesel & petrol) market and demonstrate the effect of lower fuel duty. Here you need to carefully consider the slope of both curves (demand and supply) and clearly label the fuel duty. The slope represents the elasticity of both the demand and supply, and you need to think carefully what the elasticity is. It is strongly suggested that you support your assumption on elasticity by existing data/research. You should draw two diagrams. First one with the government’s assumption of how the market will behave and second diagram representing how the market responded. Explain the discrepancies. (Taxation is covered in week 2 and the law of Demand and supply, as well as elasticity is covered in week 3).

• Discuss the possible effect of market (demand & supply) response to lower fuel duty (diesel and petrol) on individual’s spending. The evaluation of the market response (point 1) should feed into this second point. The market response will affect the income and consequently the individual spending. You should therefore discuss this in your answer using appropriate diagrams. To cover this part, you may want to consider using a concept of income elasticity. (Income elasticity is covered in week 3)

• In your discussion, you are also expected to incorporate the arguments for and against the taxation. The arguments should not be listed but embedded into your discussion. For example, research suggests that subsidies may be more effective than taxation. Click here to read a report discussing the perception of taxes. Inclusion of alternative such as subsidy may help you

to build a balanced discussion. (Subsidy is covered in week 2)

These are the minimum requirements and not necessary in the order in which they need to be discussed.

Tips for good BMI4001M Student Assessment assignment:

• You should only use reputable sources such as: government website, journal articles, economic books, official reports. If you are unsure that source you plan to use is reputable, please ask your tutor in seminar, or alternatively email your tutor.

• Avoid quotations and use paraphrasing. When using paraphrasing always acknowledge the original author.

• Think about the word count and structure. You have 1500 words (+/-10%) excluding reference list, tables, graphs, figures, or cover page. Here is an example of basic clear structure that you may wish to use:

• Cover page (not included in word count): Cover page is provided on Moodle. Please fill in the required information such as student ID and programme of study. Do not write your name on any page – we are using anonymous marking.

• Introduction: (between 150 – 200 words). Here you may want to briefly outline the topic you are discussing and how you are going to answer the question such as models or approaches you will be using. Top tip: write the introduction once you finish your assignment, as at this stage you will know how you answered the question. You should not provide any definitions or data in this section; therefore, you should not have any in- text references in this section.

• Main body: This is the section where you demonstrate your understanding. Take time and think about the structure of this section, particularly how you build the discussion. Use paragraphs when you are moving from one topic to another. This will make your writing clearer and easier for reader to follow. Make sure paragraphs are logically linked together and your discussion is well organised. Make sure you cover the minimum requirements (points 1- 3 on previous page). Avoid definitions of terms and discussion of basic information such definition of tax, demand & supply etc. Any diagrams, graphs or figures need to be placed in main body where you discuss them or refer to them. All figures, tables or diagrams must have a label and source – See example above (Fig.1)

– All diagrams e.g., Demand&Supply, must have axes labelled. You must construct your own diagrams in word document. A short video tutorial is provided on Moodle (Week 2).

You need to use appropriate writing style. In this assignment you are required to use academic writing style. Look at ‘Academic writing’ page, sections – Writing skills and Critical Writing for guidance.

It is important to stay focused in your discussion. Remember, the aim of this assignment is to demonstrate the level of your understanding of topics taught in this module and is based around material covered in weeks 1 – 4 only. It may be tempting to divert into political issues or even environmental issues, but this is not the task, and you therefore need to avoid it. If you are not sure, please ask your tutor.

• Conclusion: (between 150 – 200 words). Here you should summarize the main points of

your discussion (not in the bullet points!). Conclusion should logically follow from body of your discussion and mirror your introduction. You should not include any new information. This section also should not include any in-text references as you are summarizing points discussed in your main body.   o Reference list (not included in word count): This must follow Harvard referencing style, be in alphabetical order and NOT numbered/in bullet points. Take a look at Harvard ‘quick guide’ for examples. There is no “rule” on how many references you should have but as a guidance, you are expected to use at least 10 different sources. The sources you are expected to use include: core reading, suggested reading, journal articles, official reports, official databases. You must avoid sources such as: Wikipedia, Investopedia, Tutor2u, cheating websites, YouTube videos, personal blogs, and similar websites – always check with your tutor if you are unsure.

Additional Information

You will have an opportunity to submit a draft. The submission link and deadline will be provided on Moodle. Email submissions or submissions after the deadline will not be accepted. Please include references (in-text references as well as reference list) in your draft submission. The purpose of draft submission is to gain valuable feedback on your work.Failure to include requirements discussed in points 1- 4 will lead to a fail mark.Failure to use Harvard Referencing style will lead to low mark or possibly a fail mark.The submission format is word documentMore details on assignment will be provided in seminars.

Assessment Criteria

	PASS GRADES					FAIL GRADES
	1st (100-85) – Exemplary.	1st (84 – 70) – Excellent.	2:1 (69 – 60) – Very good.	2:2 (59 – 50) – Good.	3rd (49 – 40) – Sufficient.	(39 – 20) – Insufficient.	(19 – 0) – Minimal to None.
SUMMARY DESCRIPTOR: Learning accredited at undergraduate will reflect the ability to display mastery of a complex and specialised area of knowledge and skills, employing advanced skills to conduct research or advanced technical/professional activity, accepting accountability for related decision-making, including use of supervision.
General Characteristics (UG)
Knowledge &	You have shown	You have shown excellent	You have demonstrated a very	You have demonstrated a good	You have demonstrated a	Your knowledge and	Your knowledge and
understanding	exemplary knowledge and	knowledge and understanding	good breadth and depth of	breadth and depth of subject	sufficient depth of knowledge	understanding of material	understanding of the
e.g., knowledge	understanding of material	of material taught in this	knowledge and understanding	knowledge and understanding	and understanding in key	taught in this module	subject are inadequate, without
and	taught in this module, well	module, well beyond the	of material taught in this	of material taught in this	aspects of the field of study,	are below the threshold	the required breadth or depth,
understanding	beyond the threshold	threshold expectation of	module, showing a clear,	module, which are sometimes	sufficient to deal with	standard and insufficient to	with deficiencies in key areas.
of material	expectation of a student at this	a student at this level.	critical insight.	balanced towards the	terminology, facts, and	deal with some key aspects of
taught in the	level.			descriptive rather than the	concepts.	the subject.
module.				critical or analytical.
Research &	You have shown exemplary	You extensively engage with	You have drawn on relevant	Your research is limited to	You have rarely drawn on	Little to no use of academic	You have not drawn on any
Evidence	levels of research, engaging	the reading list and show	module material, as well as	module material and restricted	academic sources. Your work	sources. Your work has not	academic sources Your work
e.g.,	with the reading list, and	strong relevant independent	appropriate academic sources	in scope. Your work does not	rarely engages with relevant	engaged with relevant reading	has not engaged with relevant
engagement	shown outstanding relevant	research that furthers the	from your own independent	demonstrate any reading of	reading material either within	material from the module or	reading material from the
with academic	independent research that	module material. Your work	research. Your work uses	academic sources that goes	or beyond module material.	beyond.	module or beyond.
literature.	furthers the module material.	uses ample high-quality	appropriate high-quality	beyond the module material,
	Your work uses ample high-	academic sources which are	academic sources which are	and any additional sources that
	quality academic sources	both appropriate for your	largely appropriate for your	you have used are of poor
	which are both appropriate for	argument and far reaching	argument and reach beyond	quality or inappropriate.
	your argument and far reaching	beyond module material.	module material.
	beyond module material.
Analysis &	You have made consistent	You have made consistent,	You have demonstrated the	You have argued logically,	You have shown the ability to	You can provide explanations,	Your arguments and
Evaluation	logical, coherently developed,	logical, coherently developed,	ability to make coherent,	with supporting evidence, and	devise and sustain an	but your argument is neither	explanations are weak and/or
e.g., logic and	and substantiated arguments,	and substantiated arguments,	substantiated arguments, as	have demonstrated the ability	argument, with some	sustained nor sufficiently	poorly constructed, and you are
argument;	and have demonstrated the	and have demonstrated the	well as the ability to consider,	to consider and evaluate a	consideration of alternative	supported by alternative	not able to critically evaluate
analytical	ability to systematically	ability to systematically	critically evaluate	range of views and	views and ability to explain	views.	the arguments of others or
reflections;	consider, critically evaluate	consider, critically evaluate	and synthesise a range of	information. You have clearly	often complex matters and		consider alternative views
organisation	and synthesise a	and synthesise a wide range of	views and information	and consistently explained	ideas.		required at this level.
and	comprehensive range of views	views and information (beyond	(appropriate to the expected	complex matters and ideas.
communication	and information (substantially	the expected level). You have	level). You have demonstrated
of ideas and	beyond the expected level).	demonstrated sophisticated	a thorough, perceptive, and
evidence.	You have demonstrated	perception, critical insight, and	thoughtful interpretation of
	sophisticated perception,	interpretation of complex	complex matters and ideas.
	critical insight, and	matters and ideas in most
	interpretation of complex	aspects of your work.
	matters and ideas in all aspects
	of the work.
Communicatio	You have shown an exemplary	You have an engaging,	Your writing style is clear and	Your style is somewhat clear,	Your style often gets in the	Your style is unclear and	Your style is minimal and very
n & Academic	level in your academic writing	academic writing style. Your	mostly academic. Your work	but is sometimes colloquial.	way of effectively	prevents understanding of your	unclear, preventing
Writing Style	style. An exemplary structure	work effectively communicates	effectively communicates your	Your structure, grammar, and	communicating your meaning.	point. Your writing is	understanding. Your writing is
e.g., logic and	has been used to effectively	your point, is clearly	point but needs a more logical	syntax need improvement and	Your writing is mostly	colloquial, non-academic, and	colloquial, non-academic, and
structure;	communicate your point, and	structured, and is	structure and/or grammatical	your work implies a lack of	colloquial, with frequent	in need of proof reading to	in need of proof reading to
formatting;	your work is grammatically	grammatically and logically	improvement.	proof reading.	grammar and/or syntax errors	correct frequent grammar and	correct frequent grammar and
grammar.	and logically appropriate.	appropriate.			which would have been	syntax errors. You may	syntax errors. You may
					prevented with proof reading.	consider contacting our	consider contacting our
					You may consider contacting	academic skills team for	academic skills team for
					our academic skills team for	improvement.	improvement.
					improvement.

	PASS GRADES					FAIL GRADES
Citations & Referencing. Harvard Referencing Style	You have cited and referenced all necessary ideas accurately in Harvard style.	You have cited and referenced all necessary ideas and the vast majority are accurate and in the Harvard style	You have cited everything but there are some errors in formatting. Take a look at the Harvard ‘quick guide’ or use ‘cite them right’ to help next time.	There are some errors in formatting and some missing citations. Take a look at the Harvard ‘quick guide’ or use ‘cite them right’ to help next time.	There are many citations that are missing, and/or there are significant mistakes in referencing style. Take a look at the Harvard ‘quick guide’ or use ‘cite them right’ to help next time.	You have not cited or referenced your work appropriately. Take a look at the Harvard ‘quick guide’ or use ‘cite them right’ to help next time.	Little to no attempt at referencing your work. Take a look at the Harvard ‘quick guide’ or use ‘cite them right’ to help next time.
Creativity & Originality	You have shown exemplary levels of originality of thought, and/or independence far beyond the expectation(s) of the level of study.	You have shown an excellent and sustained originality of thought, and/or evidence of substantial independent study.	You have shown very good examples(s) of originality of thought, and/or evidence of wide-ranging independent study.	You demonstrated good evidence of originality of thought, and/or clear evidence of study independent of set/ recommended material.	You have shown limited evidence of originality of thought, and/or study independent of set/recommended material.	You have shown very limited originality of thought and/or evidence of study independent of set/recommended material.	You have shown no originality of thought and/or evidence of independent study.
Graduate employability Skill: Problem Solving	You are exceptionally competent at autonomously defining and solving a range of complex problems and you have demonstrated an outstanding ability to apply knowledge and methods to your solution far beyond the expectations of this level.	You are competent at autonomously identifying and defining a range of complex problems and you are excellent at applying knowledge and methods to your solution beyond the expectations of this level.	You are competent at autonomously identifying and defining a range of complex problems and you are very good at applying knowledge and methods to your solution appropriate at this level.	You are competent at autonomously identifying and defining complex problems and you are good at applying knowledge and methods to your solution appropriate at this level.	You are mostly competent at autonomously identifying and defining complex problems and you apply some knowledge and methods to your solution but this is often inconsistent.	You have not gained the skills required at this level of study. There are significant weaknesses evident which suggest that further development is needed in this area.	You have demonstrated little or no evidence of the required skills at this level.

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