代做Writing Assignment ECO339H 2024/25 Announcement #1帮做R语言

日期：2025-03-01 06:28

Writing Assignment ECO339H 2024/25

Announcement #1

The Writing Assignment is on Friday October 25, 2024. In it you will be asked to describe and explain a graph from our class notes, or from the textbook in one of the chapters we have covered. It is important that you have access to the textbook for this assignment.

You may refer to the textbook and class notes as you prepare your answer. However, you should not view the notes you have taken in class, or BGLRS, describing the figure as a sufficient basis  for your answer. You will need to provide context of why the figure is interesting or important, and you will need to define any economic terms that you use.

You will have a total of 1 hour and 25 minutes to complete the assignment. The allocation of time is:

1.   15 minutes to review the assigned figure in the textbook and the accompanying text.

2.   1 hour to compose your description and explanation of the figure

3.   10 minutes to upload your completed assignment to Quercus and to Crowdmark.

Your description and explanation of the figure should be 400 words maximum. Any text beyond 400 words will not be marked. It is easy to check your word count in most word processing software, but 400 words is approximately one page, double spaced.

This assignment is intended to help you develop your ability to communicate economic terms and analysis using words rather than diagrams and math. One way to get in the right frame of mind is to imagine you are explaining the figure to a colleague at work who has not taken any  economics courses. They can follow a detailed argument, but do not have any prior knowledge of economic terms.

To help you understand what is expected, below I provide an example response based on a figure from Varian’s intermediate microeconomics textbook.

A few things to notice:

You need to provide context for why the figure is interesting or important. Your lecture notes, the lecture summaries and the textbook should help.

You need to explain in words any economic terms that you use.

You may need to define and use some economic terms that are not explicitly part of the figure (note here the concept of elasticity is used to explain why the figure is important even though the elasticity of demand is not used or demonstrated in the figure). You should not make explicit references to the figure.

You will be graded on whether your interpretation of the figure is correct, whether you provide compelling context for why the figure is interesting or important, on how you define any economic terms you use and on the clarity of your writing. The grading will take account of the fact that this is a timed exercise, and you have a maximum of 400 words (imagine this is an open book midterm question and you have 60 minutes to construct your answer).

Here is the example. It is a figure which demonstrates what happens to a firm’s revenue when they change their price and face a downwards sloping demand curve (e.g., a monopolist).

This example response is 389 words:

"Will raising the price of a good you sell raise total sales revenue? If the demand curve for your product has a negative slope, the answer is not straightforward. A negatively sloped demand curve means when you raise your price consumers will buy fewer units of your product (and when you lower the price they will buy more). If the demand for the good you sell is negatively sloped, when you raise your price there are two effects on your sales revenue: 1) you will sell fewer units of your product and the revenue on those units will be lost, and 2) you will gain higher revenue on the units you continue to sell due to the higher price. The overall effect on your total sales revenue will reflect the sum of these two effects—which is bigger? For example, if the revenue effect of (1) is bigger, your total sales revenue will fall. How do you know when the effect of (1) or the effect of (2) is bigger? The elasticity of demand can help. The elasticity of demand is a measure of how responsive your consumers’ purchases are to changes in the price of your good. The elasticity tells you something about how big the revenue losses will be from effect (1) of raising your price. If the demand for your good is “inelastic”, then the revenue loss by effect (1) will be less than the revenue gain by effect (2) and raising your price will increase total sales revenue. Inelastic demand means that the change in the number of units consumers buy in response to a change in the price, is smaller in percentage terms. For example, a 10% increase in price leads to less than a 10% decrease in the quantity bought. The other possibility is that the demand for your product is “elastic”, in which case your total sales revenue will fall. This means that the change in the number of units consumers buy in response to a change in  the price, is larger in percentage terms. For example, a 10% increase in price leads to more than a 10% decrease in the quantity bought. Therefore, by knowing the elasticity of demand for your product at your current selling price, you can predict how changes in your product price will affect total sales revenue."