Venezuela Food Shortage
Essay by S51102 . • March 14, 2017 • Case Study • 3,595 Words (15 Pages) • 950 Views
COURSEWORK QUESTION
Assessment is in two parts.
Part A – Individual Write – Up (25%)
QUESTION
Read the attached article and answer all the questions.
- Using a basic demand and supply model, explain how the following government policies help to control the food price.
- Sets maximum price controls on the sale of some goods;
- Subsidies the cost of goods to consumers.
(50 marks)
- Discuss the costs and benefits of government regulation of food prices in the short and the long run.
(50 marks)
(100 marks)
Part B – Group Presentation (20%)
In a group of 4, form a presentation on the question listed below. The duration for presentation will be 15 – 20 minutes.
QUESTION
Choose ONE company and evaluate the importance of product innovation for the firm to compete with rivals.
(100 marks)
Part C – Class Participation (5%)
APPENDIX A
ASSESSMENT CRITERIA FOR INDIVIDUAL ASSIGNMENT
NO | Criteria | Marks Alloted | Marks Awarded |
Question 1 | |||
1 | Relevance Directly relevant to the requirements of the assessment. Focused on the task and avoid irrelevant material. | 10% | |
2 | Knowledge Substantial knowledge of relevant material, showing a clear grasp of themes, questions and issues. Demonstrates good knowledge and understanding of the relevant material. Good use of applications and diagrams. | 10% | |
3 | Analysis and Critical Evaluation Good analysis, clear and orderly. Avoid too much description. Distinctive or independent thinking. | 10% | |
4 | Argument and Structure Coherent and logically structured, using an appropriate mode of argument and/or theoretical model(s) | 10% | |
5 | Presentation Well written, with standard spelling and grammar. Readable style with acceptable format - with headings and sub-headings. Very good use of source material. Uses a range of sources | 5% | |
Question 2 | |||
1 | Relevance Directly relevant to the requirements of the assessment. Focused on the task and avoid irrelevant material. | 10% | |
2 | Knowledge Substantial knowledge of relevant material, showing a clear grasp of themes, questions and issues. Demonstrates good knowledge and understanding of the relevant material. Good use of applications and diagrams. | 10% | |
3 | Analysis and Critical Evaluation Good analysis, clear and orderly. Avoid too much description. Distinctive or independent thinking. | 10% | |
4 | Argument and Structure Coherent and logically structured, using an appropriate mode of argument and/or theoretical model(s) | 10% | |
5 | Presentation Well written, with standard spelling and grammar. Readable style with acceptable format - with headings and sub-headings. Very good use of source material. Uses a range of sources | 5% | |
Total | 100% | ||
Converted to | 25% |
Content:
No. | Particulars | Pages |
1 | Questions | |
2 | Answer for 1 (a) | |
3 | Answer for 1 (b) | |
4 | Answer for 2 | |
5 | References | |
6 | Turnitin report | |
7 | CD |
- (a)
Market is a place where buyers and sellers meet each other to make transaction of buying and selling of products, services and factor of production. Demand is the ability and willingness to buy specific quantities of goods in a given period of time at a particular price. The law of demand means the higher the price of a product, the lower the quantity demanded of the product. Supply is the ability and willingness to sell or produce a particular product and service in a given period of time at a particular price. The law of supply means the higher the price of a product, the higher the quantity supplied of the product. In a natural market, market equilibrium will occurs. Market equilibrium states that it is a situation when quantity demanded is equal to quantity supplied but there is no tendency for price or quantity to change. Therefore, we assume that the equilibrium price is at P0 and equilibrium quantity is at Q0. At the equilibrium level, area for consumer surplus is shaded as region X and area for producer surplus is shaded as region Y. Both regions are shown as diagram 1 below.
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