Semester 1 2024
Faculty of Business and Economics
ECX2953/ECX5953 Economics
Substitute Essay for MST Absentees
Assignment: Essay and Video
Instructions
Due Date: Friday in Week 9, 3 May 2024
Weighting/Value: 20%
Word limit: Must not exceed 1,500 words
Submission details: On-Line submission of one essay and one minute video via Moodle Submission.
Academic integrity:
The Moodle Submission will have the integrated Turnitin to check the similarity score (Pease see https://guides.lib.monash.edu/turnitin for more information). Please ensure the similarity score is lower than 20%; otherwise, essay will be returned for rewriting and late submission penalty will apply (see below).
· To reduce the similarity,
o First and foremost, complete your assignment by yourself and independently.
o Secondly, you should NOT repeat the questions in your assignment tasks. Please be noted, this assignment is not a Q&A, but an essay - so please embed these questions in your essay.
o Thirdly, you may put all references in a separate document to be uploaded separately along with your main text.
o Fourthly, make sure to upload your assignment coversheet separately along with your main text.
· Plagiarism is strictly prohibited. You should familiarise yourself with what is plagiarism and university guidelines on plagiarism available here.
Condition for use of generative AI: Generative AI tools are restricted for certain functions in this assessment task: In this assessment, you can use generative artificial intelligence (AI) in order to brainstorming only, but not copy/paste text. Any use of generative AI must be appropriately acknowledged (see Learn HQ).
· Penalties for late lodgement: Please read the following policy document for details:
https://www.monash.edu/__data/assets/pdf_file/0017/2300930/Marking-and-Feedback-Procedure.pdf
In particular:
1.11 … students who submit an assessment task after the due date will receive a late-submission penalty of 10 per cent of the available marks in that task. A further penalty of 10 per cent of the available marks will be applied for each additional day (24-hour period), or part thereof, the assessment task is overdue.
1.12 Tasks submitted more than seven days after the due date will receive a mark of zero for that task.
· Assessment coversheet: Work submitted for assessment must be accompanied by a completed copy of the Faculty Cover Sheet which has been signed by the student. No assignment will be accepted or marked if it is not accompanied by a signed Cover Sheet. Your name, I.D. number, and the name of the staff member should be shown on the Cover Sheet.
Assignment cover link: https://www.monash.edu/business/current-students/course-planning-admin- resources-and-advice
· Assessment coversheet should be submitted as a SEPERATE document via Moodle Submission; otherwise, you may fail the compliance check.
· Please use the material available on how to write a good essay on the university website here:
· You should retain a copy of the work submitted until results are finalised.
Estimated return date: Marked assignments will be returned to students before the final exam. Please retain the marked assignment until the result is finalised.
Criteria for marking:
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Coherence of argument (10 marks)
· Relevance to the topic: demonstrate the collection of adequate data and figures to support your arguments (5 marks)
· Logical consistency: demonstrate the understanding and appropriate use of economic rationales in the paper (5 marks)
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Originality (5 marks)
· Demonstrate your creativity in the use of facts to support your arguments
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Presentation (3 marks)
· Having a well-structured executive summary and conclusion section
· Demonstrate the appropriate use of language and the style. of charting in presentation
· Demonstrate the competency in video presentation
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Referencing (2 mark)
· Having a minimum of three (3) references (books or articles written in English from reputable publishers*), in addition to the references mentioned in this instructional paper
· Demonstrate appropriate use of reference style. in the paper (footnotes, endnotes, and etc.)
· Note: In the current context, reputable publishers include international organisations, governments, universities, and well-known commercial publishers. Citing newspaper articles is allowed but with caution in checking the sources of information.
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Citation requirements: Please follow Section 3.2 of Monash University Q Manual for referencing and citation.
Details of task
2020-2023 Global Chip Shortage (https://en.wikipedia.org/wiki/2020–2023_global_chip_shortage) provided a good example for Microeconomics analysis. In-depth analysis requires us to examine the following topics:
· Supply and Demand
· Market Structures
· Externalities
· Government Intervention
Task No 1
Write a reflective essay to address the following issues/questions (this is not a comprehensive list and please feel free to add any issue you want to investigate):
1. Analyse the 2020-2023 chip shortage through the lens of supply and demand. What factors have caused a shift in either supply or demand for chips? How have these shifts affected equilibrium price and quantity?
2. Discuss the concept of market structures and how they can influence pricing and production decisions. How does the market structure of the chip industry potentially affect the current situation?
3. The chip shortage has caused disruptions across various industries. Explain the concept of externalities and how negative externalities can be addressed in a market economy.
4. US Governments are considering policies to increase domestic chip production. Discuss the potential benefits and drawbacks of such intervention. How might these policies affect market efficiency?
5. Compare and contrast the impact of the chip shortage on different industries. How does the price elasticity of demand for different chip-reliant products affect the way these industries are impacted?
Please note: students must write an essay to address these questions in a coherent way, rather than a Q&A style. writing.
Task No 2:
Please create a brief one-minute video to succinctly encapsulate your primary research outcomes. Ensure that your face is clearly visible, alongside a legible Monash ID card, akin to a TV presenter, as depicted in the image. During the video, explain the principal narrative of your essay in words without employing PowerPoint slides.