Traditional Chinese Medical: Economics Case Study- Report Writing Assignment Help

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Task:

This assessment reflects Unit Learning Objectives 1,2 and 3. Students who successfully complete this task should be able to:

1. Interpret and explain economic principles and models.
2. Use economic concepts and knowledge to explain and evaluate decision making by individuals, firms, and government.
3. Describe economic outcomes in markets and how these are affected by market structure and the macroeconomic environment.

Assessment Task:

You are asked to conduct a case study analysis of the two following scenarios using the question prompts as structure for your response.

Students are strongly advised to examine the Case Study Marking Guide on Blackboard for additional guidance in design of responses.

Scenario One:

Traditional Chinese medical and gastronomic beliefs associate eating exotic animal parts with desirable characteristics like strength and longevity. Since the early 1980s, rapid growth in average incomes have transformed China from a ‘poor’ to a ‘middle class society’. One exotic animal, the tiger, faces serious world decline in number, attributed by some commentators to the “soaring demand for tiger parts in China”

http://www.dailymail.co.uk/wires/afp/article-2936912/China-demand-threatens-tigerprotection.html

Task One: Use ‘competitive market’ theory to explain the likely pattern of change in the equilibrium price and equilibrium quantity for tiger parts between 1980 and 2017 using the prompts below (which closely align with the marking guide). Students are to assume illustrative figures and prices only.

1. a) Create imaginary demand and supply curves for ‘tiger parts’ in 1980 (make sure you label the curves, create axis label and scales, identify the equilibrium price and quantity, create a diagram heading).

b) Choose and fully explain ONE demand or supply determinant for ‘tiger parts’ likely to have changed between 1980 and 2017. Illustrate this on a second demand and supply diagram (create all necessary labels).

2. Using competitive market theory, explain fully the ‘market force’ that caused the equilibrium price and quantity for ‘tiger parts’ to change. Students must refer to figures in their second diagram.

3. On a third diagram, show with brief supporting written commentary, what other circumstances / determinant / variable would need to have changed to allow the equilibrium price for ‘tiger parts’ to increase, but for the equilibrium quantity of ‘tiger parts’ to remain unchanged.

Scenario Two: Assume the market for ‘exotic animals’ and make informed price elasticity comments using the prompts below (which closely align with the marking guide).

1. a. Explain what the ‘price elasticity of demand’ for exotic animals means.
b. State the formula for the price elasticity of demand coefficient.
c. Using the price elasticity coefficient, calculate the price elasticity demand for exotic animals from the following data:

Year Price Quantity sold
1980 $10,000 50,000
2017 $90,000 150,000

d. From your data above, fully define the type of price elasticity of demand facing exotic animals.

2. Assume a retailer of exotic animals is considering raising prices. Using ‘price elasticity of demand’ principles explain when profits for the retailer will rise and fall following a price rise.

3. Explain two reasons why the price elasticity of demand for exotic animals could be elastic OR two reasons why the price elasticity of demand for exotic animals could be inelastic. Define terms used.

Uploaded By : jack
Posted on : February 20th, 2018
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