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BMI4001M Student Assessment

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BMI4001M Student Assessment :

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BMI4001M Student Assessment
BMI4001M Student Assessment
Module CodeBMI4001MModule TitlePrinciples of Applied Economics
Level4Module TutorDr Silvia Szilagyiova
Credit Value of Module20Feedback ProcessOnline on Turnitin
Type of SubmissionOnline (Turnitin)Expected Feedback Date02 December 2022 at 12 noon
Assessment TaskCase study (1500)
Due Date11 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
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.
BMI4001M Student Assessment

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.” (, 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
 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 shownYou have shown excellentYou have demonstrated a veryYou have demonstrated a goodYou have demonstrated aYour knowledge andYour knowledge and
understandingexemplary knowledge andknowledge and understandinggood breadth and depth ofbreadth and depth of subjectsufficient depth of knowledgeunderstanding of materialunderstanding of the
e.g., knowledgeunderstanding of materialof material taught in thisknowledge and understandingknowledge and understandingand understanding in keytaught in this modulesubject are inadequate, without
andtaught in this module, wellmodule, well beyond theof material taught in thisof material taught in thisaspects of the field of study,are below the thresholdthe required breadth or depth,
understandingbeyond the thresholdthreshold expectation ofmodule, showing a clear,module, which are sometimessufficient to deal withstandard and insufficient towith deficiencies in key areas.
of materialexpectation of a student at thisa student at this level.critical insight.balanced towards theterminology, facts, anddeal with some key aspects of 
taught in thelevel.  descriptive rather than theconcepts.the subject. 
module.   critical or analytical.   
Research &You have shown exemplaryYou extensively engage withYou have drawn on relevantYour research is limited toYou have rarely drawn onLittle to no use of academicYou have not drawn on any
Evidencelevels of research, engagingthe reading list and showmodule material, as well asmodule material and restrictedacademic sources. Your worksources. Your work has notacademic sources Your work
e.g.,with the reading list, andstrong relevant independentappropriate academic sourcesin scope. Your work does notrarely engages with relevantengaged with relevant readinghas not engaged with relevant
engagementshown outstanding relevantresearch that furthers thefrom your own independentdemonstrate any reading ofreading material either withinmaterial from the module orreading material from the
with academicindependent research thatmodule material. Your workresearch. Your work usesacademic sources that goesor beyond module material.beyond.module or beyond.
literature.furthers the module material.uses ample high-qualityappropriate high-qualitybeyond the module material,   
 Your work uses ample high-academic sources which areacademic sources which areand any additional sources that   
 quality academic sourcesboth appropriate for yourlargely appropriate for youryou have used are of poor   
 which are both appropriate forargument and far reachingargument and reach beyondquality or inappropriate.   
 your argument and far reachingbeyond module material.module material.    
 beyond module material.      
Analysis &You have made consistentYou have made consistent,You have demonstrated theYou have argued logically,You have shown the ability toYou can provide explanations,Your arguments and
Evaluationlogical, coherently developed,logical, coherently developed,ability to make coherent,with supporting evidence, anddevise and sustain anbut your argument is neitherexplanations are weak and/or
e.g., logic andand substantiated arguments,and substantiated arguments,substantiated arguments, ashave demonstrated the abilityargument, with somesustained nor sufficientlypoorly constructed, and you are
argument;and have demonstrated theand have demonstrated thewell as the ability to consider,to consider and evaluate aconsideration of alternativesupported by alternativenot able to critically evaluate
analyticalability to systematicallyability to systematicallycritically evaluaterange of views andviews and ability to explainviews.the arguments of others or
reflections;consider, critically evaluateconsider, critically evaluateand synthesise a range ofinformation. You have clearlyoften complex matters and consider alternative views
organisationand synthesise aand synthesise a wide range ofviews and informationand consistently explainedideas. required at this level.
andcomprehensive range of viewsviews and information (beyond(appropriate to the expectedcomplex matters and ideas.   
communicationand information (substantiallythe expected level). You havelevel). You have demonstrated    
of ideas andbeyond the expected level).demonstrated sophisticateda thorough, perceptive, and    
evidence.You have demonstratedperception, critical insight, andthoughtful interpretation of    
 sophisticated perception,interpretation of complexcomplex matters and ideas.    
 critical insight, andmatters and ideas in most     
 interpretation of complexaspects of your work.     
 matters and ideas in all aspects      
 of the work.      
CommunicatioYou have shown an exemplaryYou have an engaging,Your writing style is clear andYour style is somewhat clear,Your style often gets in theYour style is unclear andYour style is minimal and very
n & Academiclevel in your academic writingacademic writing style. Yourmostly academic. Your workbut is sometimes colloquial.way of effectivelyprevents understanding of yourunclear, preventing
Writing Stylestyle. An exemplary structurework effectively communicateseffectively communicates yourYour structure, grammar, andcommunicating your meaning.point. Your writing isunderstanding. Your writing is
e.g., logic andhas been used to effectivelyyour point, is clearlypoint but needs a more logicalsyntax need improvement andYour writing is mostlycolloquial, non-academic, andcolloquial, non-academic, and
structure;communicate your point, andstructured, and isstructure and/or grammaticalyour work implies a lack ofcolloquial, with frequentin need of proof reading toin need of proof reading to
formatting;your work is grammaticallygrammatically and logicallyimprovement.proof reading.grammar and/or syntax errorscorrect frequent grammar andcorrect frequent grammar and
grammar.and logically appropriate.appropriate.  which would have beensyntax errors. You maysyntax errors. You may
     prevented with proof reading.consider contacting ourconsider contacting our
     You may consider contactingacademic skills team foracademic skills team for
     our academic skills team forimprovement.improvement.
BMI4001M Student Assessment
Citations & Referencing. Harvard Referencing StyleYou 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 styleYou 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 & OriginalityYou 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 SolvingYou 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.
BMI4001M Student Assessment


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