Interpret and successfully apply economic concepts of supply and demand for effective organisational problem solving.
Module 1 - Assessment 2: Short written assessment
Page 1 of 5
ASSESSMENT BRIEF
Subject Code and Title ECON6000 Economic Principles and Decision Making
Assessment Module 1 - Assessment 2: Short written assessment
Individual/Group Individual
Length NA
Learning Outcomes 1. Interpret and successfully apply economic concepts of
supply and demand for effective organisational problem
solving.
2. Apply quantitative methods to forecast complex business
variables including demand, supply, production and costs.
3. Critically analyse production processes and cost functions
and classify the main forms of market structures as well as
recommend appropriate pricing and strategies.
4. Critically evaluate the role and impact of various forms of
government intervention in the economy including the
implications of competition and deregulation policy for
managerial practices.
Submission By 11:59 PM AEST/AEDT Friday at the end of Module
Weighting 4%
Total Marks 4 marks
Context:
The short written module assessment allows you to apply your knowledge on the concepts
and ideas discussed during the Module. This assessment will prepare you for the final
report.
Module 1 - Assessment 2: Short written assessment
Page 2 of 5
Instructions:
Provide written answers to the following 2 problems. Discuss and explain sufficiently.
Problem A:
Schmeckt Gut has several production facilities in Industria with different production capacities. In
District B we are producing both of our energy bars: The Schmeckt Gut Energy Bar and Schmeckt Gut
2.0. The table below summarises our production capacity:
Table 1 – District D production capacity
Schmeckt Gut Energy Bar Schmeckt Gut 2.0
30,000 0
28,000 1,000
24,000 2,000
18,000 3,000
10,000 4,000
0 5,000
1. Using the above figures and Microsoft Excel, map out the Production Possibilities Frontier
(PPF) for the production of the Schmeckt Gut Energy Bar and Schmeckt Gut 2.0.
Hint A: If you are unsure how to use Microsoft Excel, review the Module 1 Learning
Activities and try to replicate the examples.
Hint B: If you are unsure how to create the PPF with the help of Microsoft Excel, do a
quick google search.
2. In your own words, while making use of the graph that you have created in part 1, explain
what the PPF is.
3. District D usually has a demand of 3,000 Schmeckt Gut 2.0 and 18,000 Schmeckt Gut Energy
Bars. Suddenly we receive notice that the demand has increased to 4,000 Schmeckt Gut 2.0
and 20,000 Schmeckt Gut Energy Bars.
a. Discuss and explain at least three possibilities how we could meet that demand.
Hint: Make appropriate assumptions.
b. For each solution that you have identified and discussed above, explain whether or
not your solution is sustainable.
Problem B:
At a local market in Industria, the following demand and supply information are given:
Demand for energy bars: ! = 800 − 2'(
Supply for energy bars: ! = 200 + 1'+
1. What are the market equilibrium price and quantity?
2. If the subsequent price increases by $1, how does demand and supply change? Explain with
the help of the concepts of the law of demand and supply.
Module 1 - Assessment 2: Short written assessment Page 3 of 5
Learning Rubrics
Assessment
Attributes
Fail
0-49
(Unacceptable)
Pass
50- 65
(Functional)
Credit
66-75
(Proficient)
Distinction
76-85
(Advanced)
High Distinction
86-100
(Exceptional)
Grade Description
(Grading Scheme)
Evidence of unsatisfactory
achievement of one or more
of the learning objectives of
the course, insufficient
understanding of the course
content and/or unsatisfactory
level of skill development.
Evidence of satisfactory
achievement of course learning
objectives, the development of
relevant skills to a competent
level, and adequate
interpretation and critical
analysis skills.
Evidence of a good level of
understanding, knowledge
and skill development in
relation to the content of the
course or work of a superior
quality on the majority of the
learning objectives of the
course. Demonstration of a
high level of interpretation
and critical analysis skills.
Evidence of a high level of
achievement of the
learning objectives of the
course demonstrated in
such areas as
interpretation and critical
analysis, logical
argument, use of
methodology and
communication skills.
Evidence of an
exceptional level of
achievement of learning
objectives across the
entire content of the
course demonstrated in
such areas as
interpretation and
critical analysis, logical
argument, creativity,
originality, use of
methodology and
communication skills.
Knowledge and
Understanding of
economic concepts
presented in the
Module
25%
Limited understanding of
required concepts and
knowledge
Key components of the
assignment are not
addressed.
Knowledge or understanding of
the field or discipline.
Resembles a recall or summary
of key ideas.
Often conflates/confuses
assertion of personal opinion
with information substantiated
by evidence from the
research/course materials.
Thorough knowledge or
understanding of the field or
discipline/s. Supports
personal opinion and
information substantiated by
evidence from the
research/course materials.
Demonstrates a capacity to
explain and apply relevant
concepts.
Highly developed
understanding of the field
or discipline/s.
Discriminates between
assertion of personal
opinion and information
substantiated by robust
evidence from the
research/course
materials and extended
reading.
Well demonstrated
capacity to explain and
apply relevant concepts.
A sophisticated
understanding of the
field or discipline/s.
Systematically and
critically discriminates
between assertion of
personal opinion and
information
substantiated by robust
evidence from the
research/course
materials and extended
reading.
Mastery of concepts
and application to new
Module 1 - Assessment 2: Short written assessment Page 4 of 5
situations/further
learning.
Critical reasoning,
presentation and
defence of an
argument and/or
position in context of
organisational
problem solving
25%
Specific position (perspective
or argument) fails to take into
account the complexities of
the issue(s) or scope of the
assignment.
Makes assertions that are not
justified.
Specific position (perspective or
argument) begins to take into
account the issue(s) or scope of
the assignment.
Justifies any conclusions
reached with arguments not
merely assertion.
Specific position (perspective
or argument) takes into
account the complexities of
the issue(s) or scope of the
assignment. Others’ points of
view are acknowledged.
Justifies any conclusions
reached with well-formed
arguments not merely
assertion.
Specific position
(perspective or
argument) is expertly
presented and accurately
takes into account the
complexities of the
issue(s) and scope of the
assignment.
Justifies any conclusions
reached with welldeveloped
arguments.
Specific position
(perspective or
argument) is presented
expertly, authoritatively
and imaginatively,
accurately taking into
account the
complexities of the
issue(s) and scope of
the assignment. Limits
of position are
acknowledged.
Justifies any conclusions
reached with
sophisticated
arguments.
Analysis and
application with
synthesis of new
knowledge related
to economic
concepts of supply
and demand
30%
Limited synthesis and
analysis.
Limited
application/recommendations
based upon analysis.
Demonstrated analysis and
synthesis of new knowledge
with application.
Shows the ability to interpret
relevant information and
literature.
Well-developed analysis and
synthesis with application of
recommendations linked to
analysis/synthesis.
Thoroughly developed
and creative analysis and
synthesis with application
of pretested models and /
or independently
developed models and
justified
recommendations linked
to analysis/synthesis
Highly sophisticated
and creative analysis,
synthesis of new with
existing knowledge.
Strong application by
way of pretested
models and / or
independently
developed models.
Recommendations are
clearly justified based
on the
analysis/synthesis.
Module 1 - Assessment 2: Short written assessment Page 5 of 5
Applying knowledge to
new situations/other
cases.
Content, Audience
and Purpose
20 %
Demonstrates no awareness
of context and/or purpose of
the assignment.
Demonstrates limited
awareness of context and/or
purpose of the assignment
Demonstrates consistent
awareness of context and/or
purpose of the assignment.
Demonstrates an
advanced and integrated
understanding of context
and/or purpose of the
assignment.
Consistently
demonstrates a
systematic and critical
understanding of
context and purpose of
the assignment.
Page 1 of 5
ASSESSMENT BRIEF
Subject Code and Title ECON6000 Economic Principles and Decision Making
Assessment Module 1 - Assessment 2: Short written assessment
Individual/Group Individual
Length NA
Learning Outcomes 1. Interpret and successfully apply economic concepts of
supply and demand for effective organisational problem
solving.
2. Apply quantitative methods to forecast complex business
variables including demand, supply, production and costs.
3. Critically analyse production processes and cost functions
and classify the main forms of market structures as well as
recommend appropriate pricing and strategies.
4. Critically evaluate the role and impact of various forms of
government intervention in the economy including the
implications of competition and deregulation policy for
managerial practices.
Submission By 11:59 PM AEST/AEDT Friday at the end of Module
Weighting 4%
Total Marks 4 marks
Context:
The short written module assessment allows you to apply your knowledge on the concepts
and ideas discussed during the Module. This assessment will prepare you for the final
report.
Module 1 - Assessment 2: Short written assessment
Page 2 of 5
Instructions:
Provide written answers to the following 2 problems. Discuss and explain sufficiently.
Problem A:
Schmeckt Gut has several production facilities in Industria with different production capacities. In
District B we are producing both of our energy bars: The Schmeckt Gut Energy Bar and Schmeckt Gut
2.0. The table below summarises our production capacity:
Table 1 – District D production capacity
Schmeckt Gut Energy Bar Schmeckt Gut 2.0
30,000 0
28,000 1,000
24,000 2,000
18,000 3,000
10,000 4,000
0 5,000
1. Using the above figures and Microsoft Excel, map out the Production Possibilities Frontier
(PPF) for the production of the Schmeckt Gut Energy Bar and Schmeckt Gut 2.0.
Hint A: If you are unsure how to use Microsoft Excel, review the Module 1 Learning
Activities and try to replicate the examples.
Hint B: If you are unsure how to create the PPF with the help of Microsoft Excel, do a
quick google search.
2. In your own words, while making use of the graph that you have created in part 1, explain
what the PPF is.
3. District D usually has a demand of 3,000 Schmeckt Gut 2.0 and 18,000 Schmeckt Gut Energy
Bars. Suddenly we receive notice that the demand has increased to 4,000 Schmeckt Gut 2.0
and 20,000 Schmeckt Gut Energy Bars.
a. Discuss and explain at least three possibilities how we could meet that demand.
Hint: Make appropriate assumptions.
b. For each solution that you have identified and discussed above, explain whether or
not your solution is sustainable.
Problem B:
At a local market in Industria, the following demand and supply information are given:
Demand for energy bars: ! = 800 − 2'(
Supply for energy bars: ! = 200 + 1'+
1. What are the market equilibrium price and quantity?
2. If the subsequent price increases by $1, how does demand and supply change? Explain with
the help of the concepts of the law of demand and supply.
Module 1 - Assessment 2: Short written assessment Page 3 of 5
Learning Rubrics
Assessment
Attributes
Fail
0-49
(Unacceptable)
Pass
50- 65
(Functional)
Credit
66-75
(Proficient)
Distinction
76-85
(Advanced)
High Distinction
86-100
(Exceptional)
Grade Description
(Grading Scheme)
Evidence of unsatisfactory
achievement of one or more
of the learning objectives of
the course, insufficient
understanding of the course
content and/or unsatisfactory
level of skill development.
Evidence of satisfactory
achievement of course learning
objectives, the development of
relevant skills to a competent
level, and adequate
interpretation and critical
analysis skills.
Evidence of a good level of
understanding, knowledge
and skill development in
relation to the content of the
course or work of a superior
quality on the majority of the
learning objectives of the
course. Demonstration of a
high level of interpretation
and critical analysis skills.
Evidence of a high level of
achievement of the
learning objectives of the
course demonstrated in
such areas as
interpretation and critical
analysis, logical
argument, use of
methodology and
communication skills.
Evidence of an
exceptional level of
achievement of learning
objectives across the
entire content of the
course demonstrated in
such areas as
interpretation and
critical analysis, logical
argument, creativity,
originality, use of
methodology and
communication skills.
Knowledge and
Understanding of
economic concepts
presented in the
Module
25%
Limited understanding of
required concepts and
knowledge
Key components of the
assignment are not
addressed.
Knowledge or understanding of
the field or discipline.
Resembles a recall or summary
of key ideas.
Often conflates/confuses
assertion of personal opinion
with information substantiated
by evidence from the
research/course materials.
Thorough knowledge or
understanding of the field or
discipline/s. Supports
personal opinion and
information substantiated by
evidence from the
research/course materials.
Demonstrates a capacity to
explain and apply relevant
concepts.
Highly developed
understanding of the field
or discipline/s.
Discriminates between
assertion of personal
opinion and information
substantiated by robust
evidence from the
research/course
materials and extended
reading.
Well demonstrated
capacity to explain and
apply relevant concepts.
A sophisticated
understanding of the
field or discipline/s.
Systematically and
critically discriminates
between assertion of
personal opinion and
information
substantiated by robust
evidence from the
research/course
materials and extended
reading.
Mastery of concepts
and application to new
Module 1 - Assessment 2: Short written assessment Page 4 of 5
situations/further
learning.
Critical reasoning,
presentation and
defence of an
argument and/or
position in context of
organisational
problem solving
25%
Specific position (perspective
or argument) fails to take into
account the complexities of
the issue(s) or scope of the
assignment.
Makes assertions that are not
justified.
Specific position (perspective or
argument) begins to take into
account the issue(s) or scope of
the assignment.
Justifies any conclusions
reached with arguments not
merely assertion.
Specific position (perspective
or argument) takes into
account the complexities of
the issue(s) or scope of the
assignment. Others’ points of
view are acknowledged.
Justifies any conclusions
reached with well-formed
arguments not merely
assertion.
Specific position
(perspective or
argument) is expertly
presented and accurately
takes into account the
complexities of the
issue(s) and scope of the
assignment.
Justifies any conclusions
reached with welldeveloped
arguments.
Specific position
(perspective or
argument) is presented
expertly, authoritatively
and imaginatively,
accurately taking into
account the
complexities of the
issue(s) and scope of
the assignment. Limits
of position are
acknowledged.
Justifies any conclusions
reached with
sophisticated
arguments.
Analysis and
application with
synthesis of new
knowledge related
to economic
concepts of supply
and demand
30%
Limited synthesis and
analysis.
Limited
application/recommendations
based upon analysis.
Demonstrated analysis and
synthesis of new knowledge
with application.
Shows the ability to interpret
relevant information and
literature.
Well-developed analysis and
synthesis with application of
recommendations linked to
analysis/synthesis.
Thoroughly developed
and creative analysis and
synthesis with application
of pretested models and /
or independently
developed models and
justified
recommendations linked
to analysis/synthesis
Highly sophisticated
and creative analysis,
synthesis of new with
existing knowledge.
Strong application by
way of pretested
models and / or
independently
developed models.
Recommendations are
clearly justified based
on the
analysis/synthesis.
Module 1 - Assessment 2: Short written assessment Page 5 of 5
Applying knowledge to
new situations/other
cases.
Content, Audience
and Purpose
20 %
Demonstrates no awareness
of context and/or purpose of
the assignment.
Demonstrates limited
awareness of context and/or
purpose of the assignment
Demonstrates consistent
awareness of context and/or
purpose of the assignment.
Demonstrates an
advanced and integrated
understanding of context
and/or purpose of the
assignment.
Consistently
demonstrates a
systematic and critical
understanding of
context and purpose of
the assignment.
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