Explain why it is important for firms to understand the level of elasticity for each product they offer

| May 20, 2015

Explain why it is important for firms to understand the level of elasticity for each product they offer. Explain what part PED has in understanding the behavior of firms in an oligopoly market, use appropriate diagrams and examples.

•    You may find it useful to think about this essay question in separate but related parts;

•    The first part of the question is asking you to define and explain the relevance of  elasticity of demand and the different levels of elasticity products may face

•    The second part of the question asks you to explain the elasticity within an oligopoly market and compare this with elasticity levels within other market structures.

•    You are also specifically asked to use appropriate diagrams as part of your response to the question;

•    A successful essay will need to provide all of these things as a minimum;

i.    a definition and explanation of elasticity

ii.    an explanation of how firms use this information

iii.    an explanations of elasticity levels within an oligopoly market structure

iv.    a comparison of how elasticity differs within different market structures

v.    appropriate and accurately drawn diagrams

vi.    Appropriate examples to illustrate understanding

•    For a piece of work of this length we expect to see references to at least three academic works;

•    Your notes or materials provided in class will not be counted as academic references;

•    Wikipedia will not be counted as an academic reference;

•    The marking criteria are listed below. These are the things we will be looking for when marking your essay

Marking Criteria
Marks for this assignment will be given according to the following criteria:
a)    how accurately you identify and explain the different levels of elasticity;

b)    how comprehensively you describe how firms use this information;

c)    how well you describe and explain elasticity within oligopoly market structure;

d)    how well you describe and explain elasticity within different market structures;

e)    whether you include appropriate and accurately drawn diagrams and also how effectively you introduce these into your essay;

f)    the quality and depth of research you carry out for this piece of work;

g)    the accurate referencing of any texts and data sources that you have used in answering the questions (a referencing guide is given below);

h)    whether you use examples to help explain your ideas and the quality and relevance of any examples you use and how well you introduce these into your work;

i)    the quality of grammar and the structure of your answers;

Hints and Tips

1.    Answer the question that has been set.

2.    Remain within the word limits given for the essay – 1000 words

3.    Do not use headings or sub headings.

4.    Use appropriate and relevant up to date sources of reference.

5.    Use the Harvard style reference list.  Your list should be alphabetical by author and list out the author(s)’s surname, first name, date of publication, title of book, publisher of book and the place of the book’s publication.  If you have used internet sources, you should give the author(s)’s name, title of web page, the full internet address of the page(s) you have used and the date(s) that they were accessed.

6.    Do not copy large pieces of text from a book, another person’s essay or internet sites and imply that it is your own work.  If you want to quote directly from a book, you should indicate that it is a quote (by using quotation marks “…”) and the name of the author whose work you have cited in the main body of your essay.

7.    Typed answers should use a 1.5 line spacing and a 12 or 14 font size,

8.    The pass mark for this assignment is 40%. This means that if you receive a mark of 40%; you have just succeeded in meeting the criteria set out. An ‘average’ mark is 50-55%.  A good mark is 60% and above, with marks over 70% only being given to work of excellent quality. Do not expect to get mark of 90-100% as a matter of course.

9.    When you hand your work in, please ensure that all the pages are stapled together using a front sheet from the VLE. Submit an electronic copy to TURNITIN by the deadline


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