Marking Scheme:
The total marks for Portfolio A assessment is 40. This assessment is worth 20% of your overall assessment.
There are no part marks awarded for each question and it is either a pass of fail., i.e., 0 or 1; 0 or 2; 0 or 3; 0 or 4.
Work with your fellow students:
This assessment is the main learning tool in the unit. It is very important that you work with your fellow students when completing this assignment. You may approach your tutor during tutorial if you need further clarification on the questions. However, your tutor will NOT answer any enquiries outside the tutorial sessions, i.e., email or face to face consultation.
While we strongly encourage you to work with your fellow students, you must submit your OWN work in your OWN words. If we find significant overlap between two answers, then both students fail that question. Don’t share completed answers with others.
General guidelines:
When answering each question, you are to adhere strictly to the word limit imposed on the question, otherwise you risk getting a zero mark. The word limit includes words, tables and symbols. Graphs drawn are NOT included in the word limit. Your answers should be clear and concise.
You are expected to word-process your answers and submit your work as a word document only. Any piece of assessment submitted in other format such as PDF will not be accepted, and you will need to re-submit your work with the late submission penalty imposed. Please use Times New Roman font of Size 12 and 1.5-line spacing for your work.
For those who do not wish to use the tools available in Word to draw your diagram but instead preferred to insert a pre-drawn graph into the document as a picture/snapshot, you are allowed to do so.
Submission:
All work must be submitted using the Turnitin link and not through emailing your lecturer/tutor nor in hardcopy. You do not need to attach any coversheet to your assignment. Also, do not submit a copy of the questions or include them within your document as this will only increase your plagiarism score!
You are advised not to submit your work at the very last minute, as the probability of encountering technical difficulties will be high.
Please note that in the event that you encountered technical difficulties in submitting your work online, you are to contact your unit convenor immediately to avoid the late submission penalty.
Referencing for the written assessment:
If you are using the textbook or the lecture notes to answer questions you do not need to reference this but you do need to use your own words – not exactly what is in the text or replacing only a few words in the paragraph and treating it as your own! If you are using something other than the text or the lecture notes, then in-text citation and a reference using a reference list will be required.
You are to submit your Portfolio ONLINE through Turnitin by the due date. Failure to do so will incur a penalty: marks will be deducted at a rate of 1% each working day (i.e., Monday to Sunday and a maximum of 5% for up to a week after the deadline). Any Portfolio submitted beyond one week after the deadline will be awarded a zero. There is no procedure for extension. Penalties for late submission (i.e., up to 7 days from the deadline) may be waived if you are seriously ill or encountered serious family emergency. You must submit the appropriate documentation (i.e., medical certificate that give clear details of your sickness) within 3 days after the deadline together with your request to your unit convenor. The unit convenor and unit panel members will examine the appropriate document(s) and the student will be informed of the panel’s decision.
a)Which country has an absolute advantage in the production of hair dryer? Why?
b)Which country has an absolute advantage in the production of wheat? Why?
c)What is Philippines’ opportunity cost of producing one hair dryer? One bushel of wheat?
d)What is Thailand’s opportunity cost of producing one hair dryer? One bushel of wheat?
e)If each country specializes in the production of the product in which it has a comparative advantage, who should produce i) hair dryer ii) wheat?
2.The following schedule relates to a firm.
production schedule
demand schedule
What is the marginal revenue from the employment of the third worker? Explain your answer and show your calculation.
3.A firm’s elasticity of supply is 0.5. At the original market price of $10 the quantity supplied by the firm is 500 units. The market price then rises to $11.
a)What will be the firm’s revenue after the price rise in price?
4.The diagram below illustrates the market for rented housing which is initially in equilibrium at rent OP. Subsequently, a law fixes the maximum rent at p1. Other things being equal, use the alphabets given in diagram and answer the following questions from (a) to (c).
a)Identify the area that illustrates the decrease in revenue received by the landlords after the maximum rent is implemented.
b)Identify the area in total rent reduction paid by households who retain their tenancies.
c)What is the reduction of the number of tenancies as a result of implementing the maximum rent
5.Use the evidences from Extract 1 and 2, and/or your own knowledge and answer the following questions:
a)Identify and explain using diagram(s) TWO reasons for implementing an excise tax on cigarettes by the government.
b)Using demand and supply diagram, explain how the excise duty on cigarettes in 2015 has affected the illegal cigarette market.
c)Apart from the implementation of excise tax on cigarettes and banning smoking in public places, identify another way which the government can use to curb smoking? Explain your answer.
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