[SOLVED] Microeconomics I Essay 2024 /25 Java

Microeconomics I

Essay 2024 /25

Government Intervention in the Market for Vapes

Write an essay of no more than 1200 words (no headings or sections) on the following scenarios and questions

Assume a country in which many people use vapes containing nicotine. There are health concerns because of this.

Researchers estimate that :

Supply of Vapes is given by:           QS = 0.1P – 2

And

Demand for Vapes is given by:        QD = 40 – 0.05P

P isin pence per millilitre [ml]    (eg P = 100:  = 100 pence/ml  = £1/ml) and:

Qs and QD are quantity of vape (in thousands of litres) supplied/demanded in the country per year

Assume:

•    all vapes are homogenous (no variation in active content)

•   the vape market is competitive, and all producers are price takers.

1.  Create and explain a diagram showing Demand and Supply curves and showing

market-clearing Price (P) and Quantity (Q) and Producer Surplus (PS) and Consumer Surplus (CS).

[10%]

The Government imposes a tax on sales (paid by the seller) of Vapes at a fixed rate of 150

pence per ml of vape

2.  Create a diagram showing how this tax changes the market-clearing equilibrium.    Explain (in terms a non-economist can understand) if / how the tax changes supply and demand curves.

[10%]

3.  Create a diagram showing the changes in P, Q, PS, CS and Tax Revenue after the tax has been imposed. Calculate and explain:

•    price paid by consumers and price received by producers

•    changes in PS and CS at equilibrium.

Explain the diagram (in terms a non-economist can understand)

[20%]

4.  Critically discuss the impact of the tax, highlighting strengths and weaknesses. What effects, in addition to those shown in your diagrams, might occur because of its

imposition.

[25%]

Researchers discover the relationship between price and demand for vapes used above is incorrect, in fact the Q demanded is given by:

QD = 80 – 0.1P

5.  Create a diagram showing (the changes in) demand curve, P, Q and PS, CS and Tax Revenue after the tax has been imposed.

Explain how and why this change will affect the tax incidence compared to the initial result.

[25%]

[10%] will be awarded for the quality of the writing and structure.

Reading:

The primary reading for this essay isCore Chapters 8 and 10, and lectures 13 – 15.

Please ensure you have read those chapters and watched those lectures first.

You can also refer to other textbooks, for example:

•   Acemoglu et al Chapters 9 (available via Kortext, via Bb)

•    Goolsbee et al., Chapter 17 (available via Kortext, via Bb)

Some additional research/reading could inform your answer to Q4.

Questions?

1.  Check this document, including the FAQ below

2.  Join the Zoom session on Mon 2nd December at 5pm

(you can post questions for that Zoom session via thisPadlet)

3.  After the Zoom session, use Piazza

Note 1: Reading

This is an opportunity to develop and exhibit your understanding of, and ability to explain, Econ concepts.

We are not expecting you to do a huge amount of additional research on the topics covered by the essay. Some additional research/reading could inform your answer to Q4.

The expectation is that you use the concepts and frameworks covered in Micro I, especially Core Units 8 and 10, lectures 13-15, Tutorial 6.

Note 2: Diagrams

Your diagrams must be electronically produced (see FAQ below).

They can either be precise (eg created in Excel) or schematic (like the example below) with the values approximately to scale (no difference in marking based on which type you use).

 

Guidance and FAQ

You should submit your essay via Turnitin on Blackboard (Assessment folder) by

2pm Wednesday January 15th   2025

Late submission incurs mark penalties.

The essay should be anonymous – your names should not appear anywhere, only your registration ID number.

Marking Criteria

You are strongly advised to consult the Economics UG marking criteria (See Essay folder on Bb)

My Learning Essentials

You are strongly advised to consult the advice and resources (direct and virtual) regarding academic writing and referencing available at MLE:

https://www.library.manchester.ac.uk/training/my-learning-essentials/

Length

Maximum Length: 1200 words excluding references (this is a precise limit, no + X%) There is a penalty for exceeding the word count.

A word count should be included before the  Reference Section (see later in this document)

Further guidance is appended.

Econ Writing Resources

We have gathered a collection of resources on writing in general and writing in Econ particularly the Study Skills area on Micro 1’s Bb space.

Q

Referencing and Plagiarism

A full list of the references should be appended as a reference section.

Consult My Learning Essentials for guidance.

https://www.library.manchester.ac.uk/training/my-learning-essentials/online- resources/?level2Links=referencing

Plagiarism is presenting the ideas, work or words of other people without proper, clear and unambiguous acknowledgement.  It  also includes self-plagiarism and the submission of material from essay banks.

Make clear in your essay the distinction between:

•     ideas and work of other people

•     ideas or material that you have personally contributed. To assist you, here are a few important dos and don’ts:

•     Do not construct a piece of work by cutting and pasting or copying material written by other people.

•     Quotations must be enclosed in quotation marks to show that it is a direct quote, and it must have the source properly acknowledged at that point. Include page numbers.

•     Any URLs (website addresses) consulted must be included in the references and must be accurate and exact.  If you have used information from many sites, list them all.

•    References to journal articles must list year of publication, volume/issue number and page numbers.

•    References to books must list all authors, year of publication and the exact title.

•    If the  book  is an edited work with different authors contributing individual chapters, you must list the edited work and the specific chapter(s) used.

•    Quotes should be accompanied by page numbers.

Essays will also be electronically submitted and scanned via TurnItIn

More details at: http://www.regulations.manchester.ac.uk/guidance-to-students-on-plagiarism-and- other-forms-of-academic-malpractice/

Referencing Style

A full list of the references should be appended as a reference section. Use the Harvard Referencing style. This comprises:

1.        In-text citation. Used when directly quoting or paraphrasing a source. They are in the body of the work and contain a fragment of the full citation. For example:

“After that I lived like a young rajah in all the capitals of Europe … ” (Fitzgerald, 2004).

             2.        Reference  List. At the end of the work which displays full citations for all

sources used. For example:

Fitzgerald, F. (2004). The great Gatsby. New York: Scribner.

Marks will be deducted for not following this referencing format.

Proofread your work

Proofreading is an essential part of the writing process.

It is the final step you need to take to ensure that you are communicating your ideas clearly and to ensure that you are fulfilling the goals of your writing.

It is more than merely a spell check. It should involve double-checking your work against any criteria you have, making sure your references are accurate, your analysis sound, and clarifying any remaining questions or limitations of your work.

See the online guide at:

https://tinyurl.com/MLEproof

Word Count

State the Word count at the end of the essay, before the start of the Reference section

The word count covers everything after the title and up to the Reference section at the end (not including the Reference section) – see the example below with a word count  of 16 words.

If you want to know how text in Figures etc. are used, then run a Word Count in Word or whatever software you are using.

Essay Structure

Put the full title at the top of your essay. The Structure is:

•   Title

•    Essay content

•   Word Count

•    Reference Section

For example:

Essay Formatting

You must format your document so that it is:

•    Double line spaced

•    Font = Arial

•    Font Size = 12pt

•    2.5cm margins – left and right, top and bottom

•    Left justified

•    Page numbers (bottom right of page)

Marks will be deducted for deviations from this formatting.

Do not put your name anywhere on the essay, just your student ID.

FAQ

Do we need to give the essay a specific title?

Use the title exactly as given – do not change or paraphrase it.

Where do we include the title?

At the start (eg on a title page, or above the start of the essay) – in full : “Government Intervention in the Market for Vapes ”

Where do we include our ID number?

Either on title page or in a header on each page – is it up to you – we just need to be able to see it easily.

Do I have to use a particular font?

See above where we set out the requirements on fonts, spacing etc.

How do I reference the CORE textbook?

To cite the ebook, use

The CORE Econ Team 2023 The Economy 2.0: Microeconomics Open access e-text https://core-econ.org/the-economy/.

To cite a unit, use

The CORE Econ Team 2023 The Economy 2.0: Microeconomics Open access e-text https://core-econ.org/the-economy/ Unit [unit number] (url).

Should I reference Lecture notes/slides?

No

Should I write in 1st or 3rd person?

Use first or third person, it is up to you.

Can I include an Appendix / Appendices?

No, there is no need for them in this essay.

Is there a minimum Word length?

No, you can be as brief as you wish.

Can I use Diagrams and Tables?

They are perfectly acceptable, and some diagrams are required. Beyond that, you must judge what to include.

Provide a source for all Tables and Figures – give each a title and a number – see below for some examples.

Can I include (photos of) hand drawn diagrams?

The essay must be typed, and all diagrams must be electronically produced (not photos of hand drawn diagrams).

You can download Office 365 via instructions at:

https://www.itservices.manchester.ac.uk/students/office365

Do I have to use Diagrams and Tables?

Some are required, you can include additional ones if you think it useful.

Provide a source for all Tables and Figures – give each a title and a number:

Figure 1: When is a pie chart the wrong chart to use?

source: xxxxxxxxxxxxx

Table 1. Greatest Cities in the UK

City	Ranking
Manchester	1

source: xxxxxxxxxxxxx

Can I use Section Headings?

No.

In a long piece, subheadings are more likely to be needed.

But in an essay of this length they are not necessary – so do not use them.

Does the Word Count include…X, Y or Z?

As the essay document states:

The word count covers everything after the title and up to the Reference section at the end (not including the Reference section)

See example above

If you want to know how text in Figures etc. are used, then run a Word Count in Word or whatever software you are using

Why does Word Count in document differ with that shown in the Digital Receipt?

Ignore the Word Count in the Digital Receipt.

Should I include page numbers?

Yes – include them at the bottom right of the page.

Should we use Left or Full justification for essay text?

Please use Left justification

Can I see some sample essays?

Two essays were made available on Bb for the essay writing clinics earlier in the course

– they are still available on Bb

What File Format should I use?

Upload a word processing document (e.g., from MSWord) or a PDF file. You can download Office 365 via instructions at:

https://www.itservices.manchester.ac.uk/students/office365

If it is not the file you upload (eg you upload a PDF) you must retain (and be able to send if requested) a copy of the file in which you wrote your essay (eg a Word file).

How do we cite a source for a Table or Figure which we created?

Use “source: original” to indicate you created it. If there are values included in it from a secondary source, then indicate the source(s) of those values/content.

What referencing format should I use?

Harvard referencing is to be used.

How do I cite/reference foreign language materials?

See this guide to using the Harvard system with foreign language material.

https://library.leeds.ac.uk/referencing-examples/9/leeds-harvard/105/foreign- language-material

Can I use abbreviations?

Yes. Some abbreviations, such as i.e. and e.g. can be used without explanation.

For most abbreviations use the full term on first use and indicate the abbreviation that will be used thereafter, for example:

The body mass index (BMI) is a measure that uses your height and weight to workout if your weight is healthy. The BMI calculation divides an adult’s weight in kilograms by their height in metres squared.

Will someone review my essay plan or first draft?

No, this is not something we do – we will help you understand what the question is asking, but we will not review your draft essay.