What is understood by elasticity of supply? Discuss the economic reasons for the price increases and supply issues of the microchip.


Assessment information

Coursework [100%]


Assignment 2: 

Open book written assignment [50%]:

Students are required to answer 3 out of 5 questions (500-600 words each) demonstrating their knowledge and understanding of basic economic concepts and their real world applications.


SEMESTER 1 2022-3

INFO3006 Economics for Business

Answer 3 (three) questions only.

  • The articles (see links below) may be useful to help you think about the issues. They do not necessary provide an answer. Do not quote directly from these sources, only paraphrase in your own words what you think is relevant. Remember to cite your sources correctly.
  • Include 1 or 2 additional sources per answer.
  • Include a short bibliography for each answer
  • Important: upload your completed answers to Moodle as one file, using your student number as part of the file name eg. xxxxxxx_INFO3006_openbook. Use only Word or PDF


[1] Explain what is meant by the product life-cycle. Discuss the product life-cycle of Red Bull, the energy drink, commenting on its current phase in the life-cycle. Illustrate your answer with an appropriate diagram of the product life cycle [500 words].




[2] What is understood by elasticity of supply? Discuss the economic reasons for the price increases and supply issues of the microchip. Illustrate your answer with an appropriate diagram [500 words].

Text 2


[3] What is an oligopoly market structure? Discuss the impact of the mobile phone oligopoly market on the consumer, illustrating your answer with a diagram and explanation of the kinked demand curve [500 words].

Text 3: https://blogs.lse.ac.uk/businessreview/2021/12/08/when-oligopolies-confuse-consumers-beware-the-rise-of-confusopoly/


[4] What are the ways firms grow? Discuss the growth and possible expansion of the Universal Music Group. Include also a comment on the likely impact on musicians. [500 words]
Text 4: https://theconversation.com/the-music-industry-is-booming-and-can-afford-to-give-artists-a-fairer-deal-168587

[5] What are the possible reasons for firms to merge? Would a merger between publishers Penguin Random House and Simon & Schuster be good for the consumer? Explain the reasons for your answer [500 words].
Text 5: https://theconversation.com/the-us-government-is-trying-to-stop-the-merger-of-two-of-the-worlds-biggest-publishers-but-will-it-help-authors-188364





Economics for Business: Assessment criteria for assignment 2

Criteria 70+ 60+ 50+ 40+ <40
Application of Economic Theory Excellent. Selection of relevant theory.  Demonstrates sophisticated understanding and application of economic concepts to the issue. Very Good.  Relevant theory selected with some attempt to apply to the issue.  Good understanding of its application Good.  Some use of economic theory. More sophisticated use required.  How theory applies to issue could be more fully explained. Poor.  Very little use of economic theory.   Selection of inappropriate theory. Theory poorly understood. Absent.  No use or application of economic theory to the issue
Integration of Theory and Empirical Evidence Excellent integration of theory and evidence, using appropriate theory and data. Some attempt at integration of theory and evidence using mostly appropriate theory and data. A limited attempt to integrate theory and evidence. May not be sufficiently linked. Poor understanding of how theory links with evidence.  Selection and/or linking of theory and evidence may not be appropriate. No attempt to link theory with evidence.
Use of Accurate and appropriate diagrams Sophisticated use of diagrams.  Choice wholly accurate and appropriate. Some use of appropriate diagrams, but may include minor errors, or require more sophistication. Limited use of diagrams. May be some errors and lack detail and sophistication. Little use of diagrams. May be serious errors or lacking in appropriateness. No diagrams used.
Ability to draw sensible conclusions from evidence and theory Sensible and well-formulated conclusions, all related to evidence and theory presented. Some good conclusions, but may require more linking with evidence and theory presented. Some conclusions, but need more linking to theory and evidence presented. Very limited conclusions. Poorly linked to theory and evidence. Very superficial conclusions.   May not be linked to theory or evidence .
Referencing and presentation Excellent and comprehensive referencing in text and bibliography, with diagrams correctly labelled. Mostly accurate referencing.  Diagrams mostly correctly labelled. Some errors in referencing & bibliography.  Missing labels on diagrams. Referencing and bibliography poor, with several errors.   Diagrams may lack labels. Little or no referencing. Bibliography lacking. Diagrams not labelled.





Presenting coursework for assessment

Your assignment must be presented in the following format:

  • It must be word-processed in 12 point Arial font and double-spaced
  • It must be black text on a white or ivory background
  • All pages must be numbered
  • Margins must be as follows: Top: 1 inch, Bottom: 1 inch (2.5 cm), Left: 1.25 inches, Right: 1.25 inches (3.2 cm)
  • It should not contain your name(s)


Assignment length

The length of an assignment is limited by a set number of words to contribute towards the development of writing skills and to ensure all work is assessed equitably. We therefore require you to complete your assignments within the number of words specified in the assignment brief.

The specified word count refers to the main body of the report and does not include front cover, title page, contents page, executive summary, reference list, bibliography or appendices.  A 10% allowance, above or below the specified word count is allowed.

Words that exceed the maximum allowed will not be marked. If in doubt, you should discuss this with the Module Leader before submission.


Assignments 1 and 2 on this module will be submitted through Turnitin. Turnitin is a web-based tool that supports the development of good academic practice when preparing written work for assessment. This text-matching tool allows academic staff to check assignments for improper use of sources or potential plagiarism by comparing it against continuously up-dated databases (including web-pages and other student work).

The new Turnitin policy effective from September 2020 can be found via this link. You are expected to be familiar with it.



Guidance to help with interpretation and use of Turnitin is provided here:


Submission date and instructions

Your work must be uploaded to the dropbox in Moodle.

Coursework 1 by 13.00 on Friday 6th April 2023

Coursework 2 by 13:00 on Friday 6th April 2023

Both assignments should be uploaded in Moodle via the Turnitin link provided.


Before uploading your file:

Give the files which you intend to upload a name which begins with your student number.  For example ‘12345678_casestudy_INFO3006‘ for coursework 1 and ‘12345678_openbook_INFO3006‘ for coursework 2.