07 Feb TaskThe assignment consists of two problem questio
TaskThe assignment consists of two problem questions. Each question is worth 20 marks.The questions are based on material in the Text. Text material which may be relevant to the questions may be drawn primarily from any of Text chapters 3, 5, 6, 9, 18, 19 and 20 (with those highlighted likely to be the most important).Answer the following:Question 1 (20 marks)You are an Economist and have been asked by the Gold Coast Council of Queensland to provide advice on the policy options to deal with the increasing use of jet skis on the Broadwater. The increasing use of jet skis has had an adverse effect on other water uses and people who live in the near vicinity have complained about the excessive noise.Question 2 (20 marks)You are an Economist advising the Federal Government about the Australian Labour Market and issues relating to unemployment. The issues that you have been asked to report are:a) if the labour market is working properly why does Australia experience simultaneous periods of unemployment and job vacancies?b) does the minimum wage prevent lower rates of unemployment?c) what types of unemployment are the most serious? Explain your answer.RationaleThe questions address the following learning outcomes:be able to apply demand and supply analysis to make a range of market related decisionsbe able to explain and defend why it is important to understand the structure of the market in which a firm operatesbe able to critically examine and demonstrate why it might be necessary for government to intervene in the production of goods and services and in the distribution of incomebe able to examine critically the health of the economy as a whole through analysis of major economic variables and advise on likely policy alternativesIn your working life you will be required to present arguments and explain your decisions. Economics gives you tools to do this. However, many of those with whom you work will have little, if any, understanding of the principles of economics and their application. To communicate with these people you will have to put your arguments succinctly into language that they understand. This does not mean that your argument is any less rigorous or sophisticated. Rather, it means that you are being asked to communicate important concepts and decisions in a manner that most people can understand. We see this as the most important result of your study of this subject and therefore a passing mark (50% to 64% depending on the quality of your answer) on any question will require that you are able to successfully explain to the lay person (one who has not studied economics) the issues associated with any question. Thus in the first part of an answer to any assessment question in this subject you will be required to summarize, in a non-technical manner, the essence of a correct answer.Of course, you will need to know and understand the relevant theory and associated diagram(s)/model(s) on which you are basing your answer. Thus in the second part of your answer to any question you will be required to correctly outline the basic theory including the construction and explanation of the diagram(s)/model(s) associated with it. This ability to theorize will indicate your ability to place the issues raised in the question into an appropriate theoretical/abstract context from which to further examine the economic issues and to draw appropriate conclusions. You should then correctly utilize the diagram(s)/model(s) to illustrate the changes to the diagram(s)/model(s) that the circumstances discussed in the question imply. This will illustrate your ability to manipulate the tools of economics. Finally you must come to a conclusion using the diagram(s)/model(s), the impact of the change on variables and issues of concern, determine if a response is required (by business or government), what that response should be and predict the impact of that response in both the short-run and the long-run.Marking criteriaLearning Outcome Criteria HDDICR PS FLThis Assessment item aims to achieve 1st, 4th, 5th and 6th Learning Outcomes This assignment provides you the opportunity to use the content knowledge in a more in-depth and analytical rigour, to address a real world scenario and make inferences/conclusions; and for us to assess your ability to achieve the above. In addition to the level achieved for a Distinction, the Assessment Item /Answer(s)demonstrate a very clear understanding of the issues involved in the topic at hand, vary sound analysis of the issues based on a well constructed analytical model supported by economic theory and concepts, correct analysis and interpretations of the findings, conclusions correctly drawn based on the analysis and discussion, sound recommendations, and brief discussion on the policy implications. In addition to the level achieved for a Credit grade, the Assessment Item/ Answer(s) demonstrate a clear understanding of the issue at hand, good use of relevant diagrams and models, good analysis of the topic based on correct/relevant economic theory and concepts, good conclusions drawn based on the analysis and, recommendations, attempts to bring policy implications. In addition to the level achieved for a Pass grade, the Assessment Item/Answer(s) should be able to demonstrate a good understanding of the issue at hand, recognise the correct economic theory and the associated concepts that are relevant to the topic, use relevant diagram(s)/model(s) for the analysis, come up with reasonable conclusions.Demonstrate some understanding of the topic/issue at hand. This includes a description of the point from where the analysis commences, the basic understanding of the economic concepts/theory related to the topic, some analysis/description of the issue, and conclusions. Demonstrate some understanding of the topic/issue at hand. This includes a description of the point from where the analysis commences, the basic understanding of the economic concepts/theory related to the topic, some analysis/description of the issue, and conclusions. The Assessment Item/Answer(s) fail(s) to achieve the level required for a Pass:Fails to demonstrate knowledge of key principles & concepts. There is no evidence of having read material presented in core texts and readings.Contains only a few ideas, but not presented in a manner that make sense.Lack of integrated arguments.Academic writing skillsThe Assessment item/Answer(s) meet(s) academic standards of syntax, vocabulary, spelling and punctuation and reflects an awareness of audience needs Accurate use of syntax, spelling and punctuation; correctly refers to an extensive variety of sources to support arguments, including prescribed texts and a broad range of additional readings; reference list of an extensive range of resources used, correctly formatted using APA style. Accurate use of syntax, spelling and punctuation; succinct and effective use of vocabulary; correctly refers to a broad range of sources to support arguments, including prescribed text and a variety of further readings;reference lists includes a range of relevant resources used, correctly formatted using APA style. Accurate use of syntax, vocabulary, spelling and punctuation; correctly refers to more than the minimum requirement of sources to support arguments, including prescribed texts and recommended readings;reference list formatted in APA style, with few or no errors. Mostly accurate syntax, spelling and punctuation; correctly refers to minimum number of sources to support arguments, including prescribed texts; reference list used, formatted in APA style, with minor errors. Incorrect and/or inappropriate use of syntax, vocabulary, spelling and punctuation; in-text citation is inaccurate, inappropriate and/or inadequate;reference list is omitted, incomplete and/or contains numerous errors.PresentationAnswers should be typed and diagrams must be clear and neat and preferably drawn electronically. Hand-drawn diagrams are acceptable. The answer to the question should be divided into three parts:Part 1IntroductionProvide in everyday language’ and without reference to diagrams a summary of a correct answer to the question asked. This summary should include a succinct description of the point from where the analysis commences, the initial impact of the change in economic circumstances discussed in the question, identification of the problem(s)/issue(s) these changes create, the likely business/policy measure(s) taken in reaction to these changes, the short run and long run results of the measure(s) employed and a brief evaluation of the measures taken.Part 2AnalysisComplete Part 1 and be able to recognise the correct economic theory and the associated diagram(s)/model(s) for the analysis. Be able to explain the basics of the theory and of the construction of the diagram(s)/model(s) and identify the appropriate equilibrium starting point in the context of the diagram(s)/model(s). Be able to identify the initial change in the diagram(s)/model(s) that results from the change in economic circumstances discussed in the question.Part 3ConclusionComplete Part 2 and using the diagram(s)/model(s) correctly identify the economic problem(s)/benefit(s)/issue(s) created by the change in economic circumstances and analyse if business/government should respond, what the response should be and, if a response is made, analyse the effectiveness of the response by reference to the diagram(s)/model(s) in the short-run and long-run.