Hello, dear friend, you can consult us at any time if you have any questions, add WeChat: THEend8_
ECON1012 Principles of Economics
Course Learning Outcomes: 1, 2, 3 & 4 Topic/s of Primary Focus: Monopolies (may also include
content from previous topics.)
Listen to this podcast (or read the transcript) and then complete the task below.
“New drugs. Cheaper drugs. Why not both?”
You can listen to the podcast directly on the web or on any podcast app.
Task:
Utilise the models of monopoly to explain the market described in the podcast. Clearly explain the
where the monopoly power comes from and what this means for consumers in this market. Also
explain how the solutions suggested would reduce monopoly power and/or assist consumers in this
market.
Ensure that you use diagrams where relevant to support your answer, and make sure to use key
terminology and course concepts where appropriate.
Format:
The format of your response should be an essay-style response.
You do not need subheadings or subsections.
You do not need to spend as much attention on formal essay structure as you might for a persuasive
or research-based essay. Instead you should focus on communicating your ideas in a clear and
concise manner and making sure there is a logical flow of ideas and explanation.
Word Limit:
800 words (excluding diagrams and references)
Diagrams:
As stated in the task, you should include diagrams where relevant. Where you use diagrams, they
should be created by you. It is recommended that you draw them by hand and scan/photo them into
your document as this will give you the opportunity to practice preparing such diagrams. If you
prepare them electronically, they must be your own work. You should not paste in diagrams from
the internet or the textbook, even with referencing, as this will not adequately show the grader your
understanding of these diagrams and models.
Referencing:
This is not a research assignment. So you do not necessarily need to find other references. You
should answer the question based on what you have learned in the course and the excerpt provided.
However, it is important that if you do take content directly from other sources including course
materials, both quoting and paraphrasing, that you appropriately reference to show what is your
own original thoughts and what ideas you have borrowed from others.
Where referencing is used, it can be in any standard style, so long as it is consistent. The Harvard
referencing style is preferred, as it is the standard in Economics and is also common in Business
disciplines.
All submissions will be analysed with the assistance of Turnitin, checking for plagiarism against other
students in the class and external sources.
Submission and Feedback
Students must submit the assignment by the due date via the electronic submission portal on MyUni
(the same page you downloaded this pdf!).
It is students’ responsibility to ensure that it is correctly submitted by the due date. Make sure that
you see and check that is says ‘Submitted’.
Late submissions will generally *not* be accepted at all. Not even one minute late. This might seem
more strict than some of your other classes, but do keep in mind that we also have a ‘best 4 of 5’
policy on the Summative Assignments. If you have a medical or other circumstance that you believe
may allow an extension, please email the course coordinator as soon as practical, and generally this
must be before the due date has passed.
Assignments will be graded, with grades and feedback provided within MyUni approximately one
week after the submission due date.
Grading
The assignment will be graded against the Assessment Criteria in the Rubric attached to the MyUni
Assignment and detailed below.
Grades will be allocated in-line with the University’s grade descriptors.
Score (%) Grade General Description
0-49 F Fails to satisfy the minimum requirements
50-64 P Satisfies the minimum requirements
65-74 C Demonstrates a high level of understanding and presentation and a
degree of originality and insight
75-84 D A very high standard of work which demonstrates originality and
insight
85-100 HD Outstanding or exceptional work in terms of understanding,
interpretation and presentation
Your grade is not matter of where you ‘lost marks’, but rather the evaluation of what you have
presented against the standards and the criteria.
Assessment Criteria Marks (25)
Evidence is shown of understanding of all relevant economic concepts and
terminology, which are correctly applied throughout
5
Details of case study are clearly and correctly described and related to relevant
economic concepts, including with appropriate terminology
6
Student-produced diagram/s are correctly depicted and are used wherever
relevant to support the explanation
5
Analysis presented provides a logical and well-structured explanation of changes
to real world outcomes
6
Appropriate writing style, word count and referencing (where relevant) 3