ECONOMICS FOR MANAGERS - MPE781/981
Assignment Overview: This assignment is partly based on the attached
article, “Gov’t moves to sell Medibank Private,” by Jim
McIlroy, April 9, 2014. Please read this article carefully before attempting the questions. You will be required
to demonstrate your understanding of economic concepts taught in the unit and relate them
to the cases in the article.
Learning Objectives: This assignment is designed to encourage you to think
about the applications
of economic concepts
learned in this unit to real world scenarios.
Assessment: Based
on the attached Rubric, your assignment will be graded on your use of appropriate economic theory and concepts, clarity of exposition and overall quality of your answers.
Questions: Answer all questions. Limit the total word count of your assignment to less than ,3000 words. Depth is encouraged over breadth: that is, it is more important that you demonstrate you understand a concept fully, rather than talk about 3 related concepts only cursorily. You are encouraged to provide necessary graphs, figures and data wherever possible. Please be careful in implementing referencing styles.
Total mark: 40 marks. Allocation as indicated next to the question. Your score on this assignment
contributes towards 40% of your
final score for this unit.
Submission: This assignment must be submitted electronically on D2L (DSO)Dropbox area by all students by 11:59pm on
the due date. No hard copy is required. Print your name and student ID clearly on the first page of your answers. Please
check the Academic Honesty and Misconduct section in the Unit Guide. Submitting
your answers automatically implies that you have read and accepted the Plagiarism and Collusion Declaration, and that the submitted answers are entirely your own work.
Question
1: (8 marks)
In your own words, summarize the article, “Gov’t moves to sell Medibank Private,”
by Jim McIlroy, April 9, 2014.
In particular, what are the main messages of the article?
Question
2: (8 marks)
Suppose a firm, like Medibank, is government-owned.
(a). If the government’s objective is to maximize welfare, what would be the price charged by this firm? What would be the consumer surplus, producer surplus and total surplus?
(b)
If the government imposes
a buyer’s tax (a specific
tax), what would be the changes in consumer surplus, producer surplus
and total surplus?
Question
3: (8 marks)
After privatization, the firm becomes private-owned. Suppose this firm has a monopoly power.
(a) If the firm’s
objective is to maximize profits,
what would be the price charged?
(b) If the firm’s objective is to maximize
revenue, what would be price charged?
Question
4: (8 marks)
Why did the Australian Government like to privatize Medibank?
Is
the market-based healthcare system superior to the government-provided
healthcare system? Why or why not?
Question
5: (8 marks)
Find healthcare policies for at least two countries or economies, and do an n-depth comparative review on their policies. Provide your views or suggestions on the best healthcare policies that could be considered or used in Australia.
Performance Indicators
Performance Levels
Criteria
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YET TO ACHIEVE
MINIMUM STANDARD
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MEETS STANDARD
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EXCEEDS STANDARD
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Poor
/ unacceptable / Not attempted (Marks: 0-2)
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Requires
further development) / needs improvement
(Marks: 2.1-3.9)
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Acceptable / Satisfactory / Proficient
(Marks: 4-4.7)
|
Good / Well
done (Marks: 4.8-5.5)
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Very good /
exceeds expectations
(Marks: 5.6-6.3)
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Excellent /
exemplary / exceeding
high standard
(Marks: 6.4-8)
|
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Question 1 Accessing Criterion Discipline Specific
Knowledge and Capabilities;
Total
Marks: 8
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Provides an explanation that is not consistent with
the existing economic theories or/and fails to establish the link between the
case study and the relevant economic theories. Furthermore, summary of the of
the given article is not coherent and provide incorrect interpretation
|
Provides an explanation that demonstrates some
ability in establishing the link between the case study and the existing
economic theories.
Furthermore, summary of the of the given article may
be coherent but provide incorrect interpretation
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Providing an explanation that demonstrates a good
ability in establishing the link between the case study and the existing
economic theories. However, the explanation also demonstrates superficial
knowledge of the existing economic theories.
Furthermore, summary of the of the
given article is coherent, and provide correct interpretation.
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Providing an explanation that demonstrates a
competent knowledge in establishing the link between the case study and the
existing economic theories. Also demonstrate the ability of accurate
understanding of the theories. Furthermore, summary of the of the given
article is coherent, and provide correct interpretation
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Providing an explanation that demonstrates a
competent knowledge in establishing the link between the case study and the
existing economic theories. Also demonstrate the ability of accurate
understanding of the theories. Proficient with the interpretation of one
perspective. Furthermore, summary of the of the given article is coherent,
and provide correct interpretation
|
Demonstrating the depth of
knowledge in establishing the link
between the case study and the existing economic theories. Also demonstrate
the ability of accurate understanding of the theories. Proficient with the
interpretation of different perspectives. Furthermore, summary of the of the
given article is coherent and provide correct interpretation
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Question 2 Accessing Criterion
Critical Thinking
(Evaluation of Information/theories); Total Marks: 8
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Poor or missing analysis of
theories; Inconsistent argument or argument with no supporting evidence.
Always
confuses facts and personal opinion and/or emotion.
Information is taken from source(s) with no
or little interpretation.
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Inadequate demonstration of critical analysis of
relevant theories and models; Poor reasoning and argument with no supporting evidence.
Often confuses
facts and personal opinion and/or emotion
|
Mostly adequate demonstration of critical analysis of
theories and models, yet some inconsistencies remain in the arguments.
Discriminates between assertion or personal opinion and information substantiated
by evidence.
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General demonstration of
critical analysis of theories and models. Discriminates between assertion or
personal opinion and information substantiated
by robust evidence. Information is taken from source(s) with appropriate interpretation.
Provides
relevant supporting diagrams (e.g. illustrations, charts, graphs etc.).
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Accurate demonstration of critical analysis of
theories and models. Systematically
discriminates between assertion or personal opinion and information
substantiated by robust evidence. Information is taken from source(s) with a
high level of interpretation.
Provides
relevant diagrams (e.g. illustrations, charts, graphs etc.).
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Scholarly demonstration of
critical analysis of theories and models. Systematically and methodically discriminates between assertion
or personal opinion and information
substantiated by robust evidence. Information is taken from source(s) with a
very high level of interpretation. Provides
relevant diagrams (e.g. illustrations, charts, graphs etc.).
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Question 3 Accessing Criterion
(Problem
Solving; Total Marks: 8)
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Demonstrates no ability to independently construct
a clear statement about a complex problem or research hypothesis. Proposes no solutions or ideas to address new
and complex problems.
Demonstrates no
evidence of initiative in planning and identifies no viable approaches for solving complex problems.
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Demonstrates a limited ability to independently
construct a clear and statement about a complex problem or research
hypothesis.
Proposes inappropriate solutions or ideas to
address new and complex problems.
Demonstrates limited
evidence of initiative in planning and identifies few viable approaches for solving complex problems.
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Demonstrates satisfactory
ability to independently and expertly construct a clear statement about a
complex problem or research hypothesis with
evidence.
Creates an acceptable new object, solution, or idea; Proposes one or more acceptable creative solutions to
existing and/or new situations in professional practice; also the solution
reflects proficient judgement of
the pros and cons of the various options.
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Demonstrates a good
ability to independently and expertly construct a clear statement about a
complex problem or research hypothesis with evidence of reasonably relevant contextual factors. Proposes reasonable adaptations of existing
objects, solutions or ideas to address new and complex problems Demonstrates
a very high level of initiative in
planning and identifies multiple approaches for researching and solving
complex problems. Provide relevant diagrams.
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Demonstrates a very good ability to independently
and expertly construct a clear and insightful statement about a complex
problem or research hypothesis with evidence of relevant contextual factors. Create a brilliant innovative new object, solution or idea; Proposes
adaptations of existing objects, solutions or ideas to address new and
complex problems, reflects on and evaluates the creative process and product.
Skilfully extends an existing idea.
Demonstrates a high
level of initiative in planning and identifies multiple, innovative
approaches. Provide relevant diagrams.
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Demonstrates exceedingly high ability to
independently and expertly construct a clear and insightful statement about a
complex problem or research hypothesis with evidence of all relevant contextual factors. Create a ground-breaking innovative new object, solution or idea; Proposes
adaptations of existing objects, solutions or ideas to address new and
complex problems, reflects on and evaluates the creative process and product.
Outstandingly
extends an existing idea Demonstrates a very high level of initiative in planning and identifies
multiple, innovative approaches. Proposes one or more exemplary creative, novel solutions to existing and/or new
situations in professional practice. Provide relevant diagrams.
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Question 4 Accessing Criterion
Critical
Thinking (Existing Knowledge, Research or/and Views); Total Marks: 8
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Poor or missing analysis of
theories. Always presents
information from inappropriate sources representing very limited points of view or
approaches.
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In adequate demonstration of critical
analysis of relevant theories and models; Poor reasoning and argument with no
supporting evidence.
Often presents
information from inappropriate sources representing limited points of view or approaches.
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Mostly adequate
demonstration of critical analysis of theories and models, yet some
inconsistencies remain in the arguments. Presents
information from relevant sources representing various points of view or
approaches, and demonstrating a mastery of theoretical knowledge.
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General demonstration of
critical analysis of theories and models. Presents complex information from relevant sources representing
various points of view or approaches, and demonstrating a mastery of
theoretical knowledge.
Provides diagrams
explaining one critical aspect of the theories.
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Accurate demonstration of
critical analysis of theories and models. Synthesises information and knowledge from a range of relevant sources representing various points of view,
approaches and demonstrating a high level of mastery of theoretical knowledge.
Provides diagrams
explaining different critical aspects of the theories.
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Scholarly demonstration of
critical analysis of theories and models. Synthesises complex information and knowledge from a broad range of relevant sources
representing various points of view, approaches and demonstrating a high
level of mastery of theoretical knowledge and expert understanding of recent
developments in the discipline and/or area of professional practice.
Provides diagrams
explaining different critical aspects of the theories.
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Question 5 Accessing Criterion
(Global
Citizenship; Total Marks: 8)
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Demonstrates no understanding of the complexity of
global/ cultural
/ ethical perspectives or of professional practice.
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Demonstrates limited understanding of the
complexity of global/ cultural
/ ethical perspectives or of professional practice.
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Demonstrates acceptable
level of understanding of the complexity of global/ cultural
/ ethical perspectives or of
professional practice. Provide diagrams and relevant figures to make a
consistent argument with good reasoning.
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Demonstrates a high level of understanding of the
complexity of global/ cultural
/ ethical perspectives or of professional
practice. Provide diagrams and relevant figures to make a consistent argument
with good reasoning.
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Demonstrates very good sophisticated understanding
of the complexity of global/ cultural / ethical perspectives or of
professional practice.
Provide diagrams and relevant
figures to make a consistent argument with good reasoning.
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Demonstrates extraordinarily sophisticated and deep understanding of the complexity
of global/ cultural
/ ethical perspectives or of
professional practice. Provide diagrams and relevant figures to make a
consistent argument with good reasoning.
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Overall
(Total marks: 40)
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If the achieved
marks are X, then 0 X 10
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If the achieved marks are X, then 10 < X < 20
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If the achieved
marks are X, then 20 X <
24
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If the achieved
marks are X, then 24 X <
28
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If the achieved marks are X, then 28 X < 32
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If the achieved marks are X, then 32 X 40
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