the impact of imposing this price cap on the energy market.
U25292 Economics – Coursework 1 Issue date to deadline:
Coursework 1 task: Recently, the British Prime Minister announced plans to introduce a price cap (a maximum price) on energy suppliers in the UK. Provide a short analyst report that examines the impact of imposing this price cap on the energy market. Self-reflection 1 task: Once you have written your answer, use the file the ‘Coursework 1 Shell’ to complete the following:
1) Place you answer on page 2 (onwards) of ‘Coursework 1 Shell’
2) Provide a short explanation of how you demonstrate the learning outcomes (1 to 3).
3) Give yourself a grade.
4) Ask the marker a specific question that you are unsure of in your answer.
Word Limit: 500 words excluding references, diagrams or tables. Submitting: Submit a single Word document (use Coursework 1 Shell’) to the Coursework 1 Turnitin drop box on the Economics Moodle page, this appears in the Assessment Information box. The name of your document must be your Student Number. Feedback return date: Feedback in the form of written comments on your submitted assignment along with the awarded grade will be returned to you before the Coursework workshop, week commencing 13-Nov-17. This coursework workshop will help you to use the feedback to inform your work for Coursework 2. Grade weighting: Coursework 1 counts towards 30% of the Economics unit grade. Graded and moderated by Adam Cox and Paul Lovejoy. Cheating, Collusion and Plagiarism: This is an individual assignment. The University takes a serious stance against the use of purchased essays. All work submitted must adhere to the University Policy on ‘Cheating, Collusion and Plagiarism’. Reasoning: In a decision making role in a firm, your decisions may be affected by forces external to the organisation. For example, consumer behaviour, the value of currency, interest rate, unemployment, and business confidence. Being able to apply an economic model or tool to help simplify and provide a solution to a problem in and dynamic and competitive environment is vital. You will also need to be aware of the limitations these tools have when interpreting your findings. This assignment requires you to choose an appropriate economic tool to solve a real world problem and have a critical mind of its usefulness. Learning Outcomes: 1) Evaluate key economic theories and principles. 2) Formulate business decisions by application of economic theory. 3) Synthesise arguments based on economic theory. General and Employability Skills Outcomes: Problem solving and analysis. Written communication skills. Critical thinking analysis and synthesis. Research economic and business issues.
Consider whether it would be more appropriate to show data monthly, quarterly or annually. Furthermore, consider whether you should be showing seasonally adjusted data (if available).
Forecast data can be useful, but it is not the same as historic data.
Consider whether you should be presenting real or nominal data. This may be a calculation.
Trends can add value to a presentation of data over time, consider whether it is appropriate to show one trend line over the whole length of the timeline or it needs to be broken up e.g. pre-financial crisis and post.
Manipulation of the raw data can take many forms e.g. converting a series into an index, changing the base year of an index, converting data/indexes into percentage, percentage change or using logs.
Calculations may help try to quantify the difference between the two entities (companies / countries)
General advice on ‘report’ style writing: An ‘analyst report’ is a factual and logical narrative that clearly presents the method used to solve the problem, the results from this method, and provides a solution based on these results. This type of report is used to brief directors/CEOs or Government ministers, who have very little time to read, process and understand what you have written. Assume that you are writing for these people, who are of high intelligence but may not have an in depth training in economics. A ‘good’ conclusion presents no new information or surprises. It completes the circle by referring back to the original question/topic and briefly summarises key findings. Ideally, write in the third person e.g. “this report shows” but it doesn’t matter too much as long as you are consistent. Keep the writing style formal and professional, no slang, colloquialisms/sayings. Do not “do a Joey” from Friends and overuse the thesaurus – a.k.a. “Fix not prepare a baby kangaroo after Networks then overemployment the lexicon.” https://youtu.be/9s0LqZMsfTQ Caption/title every figure/table, show the source and identify any manipulations you have made to the data. Rule of thumb, the figure should still make sense be a standalone item. Keep the title simple and factual; include units (e.g. £) and the time period.
Example of a title/caption: Figure 1. Average wages in UK (£, 2008 prices), 1999-2017.
Example of source to be placed directly below figure/table: Source: OECD (2017) Average wages (indicator), author’s own calculations: conversion to £ in 2008 prices.
The reference list would include the following info: OECD (2017), Average wages (indicator). doi: 10.1787/cc3e1387-en (Accessed on 28 September 2017).
Use APA 6th edition, see http://referencing.port.ac.uk/
40-49% 50-59% 60-69% 70%+
Independence Guidance and help needed in planning and carrying out work.
Some evidence of independence in planning and carrying out work.
Independence in planning and carrying out work.
Ability to plan, carry out and evaluate own work without guidance.
Style Style and presentation restricts audience.
Generally coherent. Flow, presentation and consistency clear to the audience.
Credibility – clarity and conciseness. Useful for purpose.
Comprehension Assignment brief/question addressed but not developed.
Main aspects addressed and covered.
Accurate comprehensive coverage. Ability to generalise and hypothesise.
Reading and Referencing
Limited reading. Some referencing. Some appropriate reading used with citations.
Academically sound sources used. Havard APA presentation format followed.
Criticism of opinions and arguments found in literature and/or data.
Research Little evidence of research. Limited capability in research methods.
Ability to exercise some research techniques. Appropriate, accurate use of research methods and content.
Analysis Main aspects covered with a use of economic theory.
Attempt to break down concepts and ideas into constituent elements. Appropriate economic theory used.
Ability to evaluate and contextualise concepts and ideas.
Ability to re-cycle and re-contextualise concepts, ideas and practice. Excellent use of economic theory.
Synthesis Limited ability to balance or relate theories and practice.
Attempts to relate and balance theories and practice to reveal perspectives.
Ability to relate and balance theories and practice to create ideas and perspectives.
Original ideas and/or synthesis.
Criticality Personalised and/or generalised assertions of the basic arguments, not necessarily supported by evidence.
Some evidence of arguments being developed.
Able to make connections with deeper issues supported by evidence.
Well evidenced and sophisticated connections with deeper ideas.
Self-reflection Limited awareness of answer quality. Evidence of understanding the grade criteria and learning outcomes.
Accurate self-given grade. Appropriate question(s) raised for feedback requested.
80+ As below plus:
Excellent work – able to express an original reasoned argument in a lucid manner by reviewing & critiquing a wide range of material. Original, critical thinking based on outstanding insight, knowledge & understanding of material. Material contributes to current understanding & is of potentially publishable quality in terms of presentation and content
Wide reaching research showing breadth & depth of sources
60-69 As below plus:
Clear, balanced coherent critical & rigorous analysis of the subject matter. Detailed understanding of knowledge & theory expressed with clarity
Extensive use of relevant & current literature to view topic in perspective, analyse context & develop new explanations and theories
50-59 As below plus:
Detailed review and grasp of pertinent issues & a critical contextual overview of the literature. Thorough knowledge of theory and methods & uses this to underpin arguments and conclusions
Confidence in understanding and using literature
40-49 Demonstrates grasp of key concepts & an ability to develop & support an argument in a predominately descriptive way with valid conclusions draw from the research
Familiarity with key literature which is cited and presented according to convention
Logical & clear structure, well organised with good use of language and supporting material
30-39 FAIL Some knowledge of relevant concepts & literature but significant gaps in understanding and/or knowledge. Little attempt at evaluation, conclusions vague, ambiguous & not based on researched material. Limited or inappropriate research. Deficits in length, structure, presentation &/or prose 0-29