Economic | Analysis of an economic article using microeconomic theory

$36.00

Assignment (Microeconomics): Hardcopy and Electronic copy via Blackboard (Bb) are due by 5pm on
Monday 3rd October, in Week 8.
OBJECTIVE of Assignment: You are to apply microeconomic theory to explain and analyse an article.

Task Value % Date Due

Unit Learning
Outcome(s)
Assessed

1
Mid-Semester Test 20 percent Week: 6
Day: Thursday,
September 15th
Time: 8:00am
(Surname: A-K);

9:00am (Surname: L-
Z)

1,2,3

2
Assignment 20 percent Week: 8
Day: Monday, 3rd
October
Time: 5pm

3,4,5

3
Tutorial exercises and quizzes 10 percent Week: 4 (August
22nd-26th) and 11
(October 24th-28th)
Day: Tutorial Day
Time: Tutorial Time
3,4,5

4
Final Examination 50 percent Week: 14 and 15
Day: TBA
Time: TBA

2,3,4

Curtin Business School (CBS) 
School of Economics and Finance

ECON1000 Introductory Economics

Bentley Campus
20 Jul 2016
School of Economics and Finance, Curtin Business School (CBS)

Page: 4 of 13
CRICOS Provider Code 00301J
The only authoritative version of this Unit Outline is to be found online in OASIS

1. You are to select a newspaper/magazine/web article for your microeconomic analysis.
a. The main article must relate to ANY two or more of the topics (L1 to L5, i.e. chapters 1 – 5)
covered in the lecture program.
b. The main article must have been written after 1st May, 2016.
c. Article can be internationally focused, so long as it’s in English.
d. You should back up some of your key points or use for data purposes by having several

relevant supplementary articles—either from peer-reviewed journals or other relevant topic-
related news sources. You should cite your use of other sources via appropriate in-text

referencing.
e. Your microeconomics diagrams can either be hand-drawn and then scanned and inserted as a
'picture' into your working document, or be drawn by using appropriate computer/web software
— such as using the textbook's MyEconLab.
2. You need to submit both a hardcopy AND electronic copy via Bb:
1. Hardcopy of your assignment INCLUDING a printed copy of your main article + official
COVER SHEET is due by 5pm on Monday 3rd October, in Week 8. Hand in your hardcopy to the
front office of the School of Economics and Finance, Building 402, Level 5.
l The official School of Economics and Finance Cover Sheet is available for download on
Bb. Cover sheet – student’s name, student ID, unit name, tutorial day and time,
tutor’s name, and student’s signature. Complete the check list before submitting! For
the hardcopy, the Cover sheet must be ‘date stamped’.
2. Electronic copy via Blackboard (Bb) EXCLUDING the copy of your main article and
excluding the official cover sheet is due by 5pm on Monday 3rd October. Yet make sure the
front page of your electronic copy includes: student's name, student ID, unit name, tutorial
day/time, and tutor’s name.
3. 1500-1800 words (excluding reference list). Suitable length: 1500-1600 words.
4. The essay must be word processed in an editable Microsoft Word document or PDF (sorry, no PAGES
files). Keep in mind the following essential formatting requirements:
a. single-spaced
b. line spacing between each paragraph
c. body of text justified
d. font size 12 in Calibri or Verdana
e. 2.5cm margins on the Left & Right
f. 2.0cm margins on the Top & Bottom
g. pages to be consecutively numbered and identified
l Students should allow a 2 to 3 week marking turnaround for written assignments. It is the
student’s responsibility to keep electronic copies of their assignment. The assignment must be
submitted to ‘Turnitin’—instructions are on Bb.
l The main article must have been written after 1st May, 2016. Please check the date/month/year
of the main article before you show the article to the tutor, as tutor is not responsible if you
choose the incorrect date/month/year. Assignment will not be marked if date of article is before
the time specified.
l Strictly no time extensions are available under normal circumstances, as there is plenty of time in
advance to plan and work on the assignment.
In summary, you are to select a newspaper/magazine/web article for economic analysis. The article must relate to two or more
of the microeconomics topics (chapters 1 – 5) covered in the lecture program. The article must also have been written after 1st
May, 2016. You are to apply relevant economic theory to explain and analyse your chosen article. Refer to the ‘An Inside Look’
section at the end of each chapter in the textbook for examples. The assignment should be approximately 1500-1600 words
in length and include (where relevant) well-labelled diagrams. When submitting the hardcopy, include a signed copy of
the official ECON1000 assignment COVER SHEET, and a printed copy of the main article showing date and source is to be
included with the analysis.
It is also very important to discuss the choice of topic/article with your tutor well before the submission date (sorry, but no detailed discussion
about the assignment will take place via email, unless you talk to your tutor in person about it first). You will have the opportunity to discuss the
assignment with your tutor in your tutorial in Week 6. You should be presenting your assignment in essay style, where the body of the essay is
divided into the following four (4) sections: introduction; analysis; conclusions; and references.

Description

In the recent past, the oil industry has witnessed difficult times with oil prices falling drastically. Although the industry is recovering, it is important to analyze the industry to understand the economic perspectives of the situation. An article appearing on Wall Street Journal titled ‘Global Oil Demand Closing in on Supply, Executives Say’ by McFarlane and Hsu written on 7th September, 2016 gives the true picture of the industry. According to the article the chief executives of the leading oil companies such as BP, IEA, among others are optimistic that the the market will stabilize. The article says that the demand for oil will rise in the near future. It also argues that the prices will go up and oil companies are contemplating on new ventures. This paper will analyze the article using the demand and supply and consumer surplus concepts.