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    MAE101 Assignment T3 2016 Deakin College

    Uploaded by

    George Keru
    This document provides instructions for an individual written assignment on markets for a course in economic principles. It outlines a four question assignment examining economic costs of traffic congestion and approaches to managing road infrastructure allocation. Students are asked to define key economic terms, analyze recent news articles on traffic congestion, create a time-series graph from provided data, and use demand and supply diagrams to illustrate road use inefficiencies and potential solutions. The assignment is worth a total of 20 marks and has a 1200 word limit, with specific formatting and submission requirements.

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    MAE101 Assignment T3 2016 Deakin College

    Uploaded by

    George Keru
    58 views5 pages
    This document provides instructions for an individual written assignment on markets for a course in economic principles. It outlines a four question assignment examining economic costs of traffic congestion and approaches to managing road infrastructure allocation. Students are asked to define key economic terms, analyze recent news articles on traffic congestion, create a time-series graph from provided data, and use demand and supply diagrams to illustrate road use inefficiencies and potential solutions. The assignment is worth a total of 20 marks and has a 1200 word limit, with specific formatting and submission requirements.

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    This document provides instructions for an individual written assignment on markets for a course in economic principles. It outlines a four question assignment examining economic costs of traffic congestion and approaches to managing road infrastructure allocation. Students are asked to define key economic terms, analyze recent news articles on traffic congestion, create a time-series graph from provided data, and use demand and supply diagrams to illustrate road use inefficiencies and potential solutions. The assignment is worth a total of 20 marks and has a 1200 word limit, with specific formatting and submission requirements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    58 views5 pages

    MAE101 Assignment T3 2016 Deakin College

    Uploaded by

    George Keru
    This document provides instructions for an individual written assignment on markets for a course in economic principles. It outlines a four question assignment examining economic costs of traffic congestion and approaches to managing road infrastructure allocation. Students are asked to define key economic terms, analyze recent news articles on traffic congestion, create a time-series graph from provided data, and use demand and supply diagrams to illustrate road use inefficiencies and potential solutions. The assignment is worth a total of 20 marks and has a 1200 word limit, with specific formatting and submission requirements.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    Deakin College/Deakin University MAE101 Economic Principles Trimester 3.

    2016

    Individual Written Assignment: Assignment 1 - Markets

    Total Marks 20

    Word Limit – 1200 words (excluding graphs, tables, footnotes and reference list)

    Due date: (Week 9) Monday, 9 January 2017 at 5pm to your lecturer’s locker on Level 4.

    A hard copy of your written assignment is to be submitted into your lecturer’s locker on level 4 by the due
    date and time. You will need to include an Assignment Cover Sheet, available from the portal, under
    “Forms”. Assignments received after the due date or without a completed and signed Assignment Cover
    Sheet will be penalised accordingly.

    N.B. Late extensions will generally not be granted unless there are exceptional circumstances and can only
    be granted by the Unit Coordinator.

    Graphs should be clearly presented with relevant axis labels and a title given to each graph.

    Diagrams may be hand-drawn, though you are strongly encouraged to draw them electronically using the
    feature Insert  Shapes  Line in MSWord. You can also search YouTube for “Drawing demand and supply
    diagrams in Word” for assistance.

    Your assignment should include footnote identification (name and student ID) on the bottom left hand side,
    and page numbers, on the bottom right hand side of the page.

    Use size 12 font for your assignment and use bold font for the question numbers/parts.

    Include at least three(3) authored and scholarly references for your assignment.

    Up to four (4) marks will be deducted for insufficient referencing, incorrect in-text citation and for not
    following the list of instructions below.

    Submission Checklist 

    Have you printed and stapled a signed cover-sheet with your lecturer’s name to the front of your
    assignment?

    Have you adhered to the specified word-limit?

    Your name and ID are footnoted on the bottom LHS of each page, with page numbers on the RHS

    Your font size is 12 point

    Your assignment is printed single-sided?

    Have you referenced at least 3 authored, reliable sources in your assignment?

    1
    The aim of this assignment is to examine some of the economic costs associated with traffic congestion and
    to consider some approaches used to manage the allocation of road infrastructure. The assignment will draw
    on your understanding of some of the key concepts we introduced at the start of the course, together with
    the core topic examining markets.

    Question 1 – Definitions and Concepts

    i. Define the following three terms and relate them to your current activity of working on this
    assignment.

     Trade-off
     Opportunity Cost
     Marginal decision making.

    (3 marks)

    ii. Consider the cartoon from the New Yorker Collection 1985. Use the concept of the Invisible
    Hand to discuss what is taking place in the cartoon below. (Use economic terminology to
    formalise your response).

    (2 marks)

    2
    Question 2 – Article Analysis

    * A more recent article on Melbourne’s traffic congestion appeared in The Age newspaper on the 25
    Nov 2016 and may be accessed via the following link:

    http://www.theage.com.au/comment/melbourne-needs-a-userpays-scheme-to-beat-traffic-
    congestion-20161125-gsxkdf.html

    3
    i. What are the explicit and implicit opportunity costs to motorists of road usage?

    (2 marks)

    ii. List 3 approaches used to improve road congestion that you are familiar with. Explain how they
    operate to reduce congestion making sure you use economics terminology in your response.
    (You can choose examples from Australia and/or overseas).

    (3 marks)

    Question 3 – Data Collection & Analysis

    i. Using the MSExcel data from the MAE101 student portal where you accessed the assignment,
    create a time-series line chart of the Total Number of Vehicle Kilometres Travelled, Total
    Avoidable Congestion Costs (a measure of the DWL) and Air Pollution from road travel. (Your
    time-series line graph should display all three series on the one graph, have a title, axis labels and
    the source (year) of the data).

    Note: You will need to set the Total Avoidable Congestion Cost series to the Secondary Axis in MSExcel to
    enable a better comparison of the 3 time-series. To do this, right click on the series in your chart and set to
    Secondary Axis. The right vertical axis will now display this series’ values.

    (2 marks)

    ii. Comment on the trends of the time-series over the period (including the forecasted years).

    (1 mark)

    iii. Discuss the relationship between the time-series over the period (including the forecasted
    years). What explains the interesting relationship between road use and air pollution over the
    period?
    (2 marks)

    Question 4 – Market Analysis

    i. Using a demand and supply diagram (or a marginal social cost and marginal social benefit
    diagram), show the inefficiency of (free) public road use during peak travel times. (Label your
    diagram fully and use realistic axes labels. Give your diagram a title).

    (2 marks)

    4
    ii. Re-draw the demand and supply diagram you used for part (i) above. Show the point of efficient
    road use on your diagram and the method through which this could be achieved. Shade or
    indicate on your diagram the Consumer Surplus (CS), Producer Surplus (PS) and Dead Weight
    Loss (DWL) if one is present. (Label your diagram fully and use realistic axes labels. Give your
    diagram a title).

    (3 marks)

    (5 + 5 + 5 + 5 marks) Total 20 marks

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