Assessment Report: Microeconomics - ECON6000

Word limit : 2500 words

Business report guidelines

Covering page - ensure you include your name, Student ID and word count.

Executive summary. Table of Contents (use the Word automatically generated table of contents). Body of report with answers to each of your questions, including headings for each question and part of question.

References: when you use another person's wording or another person's idea you need to include an in-text or embedded reference and then include the full reference in the Reference List.

Ensure that your report contains a minimum of six academic references (standard websites are accepted; blogs are not to be used to support your answer). Use APA 6 reference style. Use a minimum 11 point font. Use page numbers. Appendices (only if required).

The weighting on the marks are evenly distributed, but we mark according to the rubric, which is: Effective explanation of the concepts covered to demonstrate understanding and knowledge of the core areas of Microeconomics (30%) Application of core concepts (25%) Quality of the answers (20%) Managing Time (25%)

Table of Contents Ensure you use the Word automatic table of contents with style guides

Page numbers Page numbering starts after the table of contents (i.e. page 1 will contain your first answer).You should not have a page number on your covering page.Your table of contents page should have the roman numeral "i".

Assessment 1 -2020:

The Federal government has introduced JobKeeper payments to tackle the rising unemployment due to COVID-19. Loss of employment has meant a loss of income; this means we are experiencing a decrease in individual demand by households. With affordability now low, income elasticity of demand has been impacted. This paper requires you to use microeconomic analysis to assess how individual demand can be improved.

Question 1:

1. Is JobKeeper effective in retaining casual employment? How is it impacting individual demand? Do individuals have enough purchasing power to continue buying goods as normal? Explain whether elasticity has changed. If so, how has price and income elasticity changed? Provide evidence and use supply and demand diagrams to support your answer.

Question 2:

2. Is this change in demand having an impact on the supply side? Will moving some manufacturing back to Australia help? If yes, what strategies can the government adopt to help grow individual industries? Is this likely to influence consumer and producer welfare? Will there be a dead weight loss? Provide evidence and use supply and demand diagrams to support your answer.