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)|
|Due Date||11 November 2022 at 12 noon|
|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|
|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|
|*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.|
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:
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:
- 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.|
|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.|
|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.|
|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.|
For solution: +610482078788