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Module INT1013 MICROECONOMICS

Form of assignment Individual Assignment

Percentage of mark 40%

Length 1800 words (excludes footnotes/reference list)

Due date and time Monday 6th November 2023   2pm

Style and Format Arial 12 pt; 1.5 line spacing; all pages numbered.

ILOs assessed 1 & 5 Feedback: Written Feedback

This is an individual assignment.  You will be assessed on the Learning Outcomes indicated below:

· Apply the economic way of thinking to enable you to understand microeconomics problems.

· Participate in problem solving activities.

Assessment:

Section A: Answer all questions (90%)

Word limit: 1,500 words (+/- 10%):

Section B: Learning journal (10%)

Word limit: 300 words (+/- 10%): 

Note: Word limits exclude any diagrams, figures, bibliography/reference list, and tables.

Undergraduate Business 

International Year One (IYO) in Accounting and Finance (A&F), Management and Business Economics (MBE)

INT1013 Principles of Economics (Micro) 

SUMMATIVE INDIVIDUAL ASSIGNMENT:  

Competition in the Petrol Retail industry in the UK (2022)

INT1013 PRINCIPLES OF ECONOMICS (MICRO)

Module Leader: Matt Wilson

Hand-out date: Monday 2nd October 2023

Hand-in Dates:  14:00 BST Monday 6th November 2023

The RAC called the CMA's report a "landmark", saying drivers appeared to have lost nearly £1bn as a result of increased retailer margins on fuel.

Spokesman Simon Williams said: "It is nothing short of astounding in a cost-of-living crisis and confirms what we've been saying for many years that supermarkets haven't been treating drivers fairly at the pumps."

SECTION A – MEASURING COMPETITION IN THE PETROL RETAIL INDUSTRY IN 2022 in the UK (90%) Answer ALL questions (1 – 3) maximum wordcount for this section is 1500 words.

Question 1: Role of the Competition and Markets Authority (Total 10%)

Define the role of the Competition and Markets Authority (5%) in the UK and explain how it may act to improve competition in markets (5%).

Question 2: Price determination analysis: (Total 40%)

Describe, using economic concepts/theory (demand, supply, market structure and elasticities), the determinants of the price of Petrol (for instance do some brands have higher prices and why, also what worldwide pressures exist on the Petrol market?)

Please note, you are required to reference your sources clearly and to present information in appropriate diagrams for comparison. 

Question 3: Market Structure in the UK (40%)

a) Identify and explain (using researched evidence of market share) the market structure for Petrol retail in the UK in 2022. (For instance, is it perfectly competitive, Oligopolistic, a Duopoly or Monopolistic?) (10%)

b) Analyse why the major supermarkets in the UK may have achieved high profit margins on Petrol retail (10%) and describe the reasons why this may have happened. (10%)

c) Explain how the market structure of the Petrol retail business in the UK might affect firms seeking to enter the industry (this may include barriers to entry and new pressures such as electric charging). (10%) 

Tips for completion:

You can paste pictures or charts into your Word document - but only if it adds value to your answers. You can use graphs or diagrams from e-textbooks or your own diagrams to illustrate levels of competition in your submission.

SECTION B - Learning Journal (10% marks) 

Prepare a Learning Journal of up to 300 words. (Maximum wordcount for this section is 300 words)

What is a learning Journal?

• A learning journal is a collection of notes, observations, thoughts and other relevant materials built-up over the period of time it takes to complete the coursework.

• Its purpose is to enhance your learning through the very process of writing and thinking about your learning experiences.

• Your learning journal is personal to you and will reflect your personality and experiences.

• The learning journal should focus on your own personal responses, reactions and reflections to the process that lead to the ‘final product’

You need to answer these questions:

• What new knowledge, skills or understanding have you gained during the process of completing the assignment?

• What were the main challenges you encountered and how did you overcome them?

• What resources have helped you to understand and/or been interesting to use?

• How can you improve your learning, thinking and working in the future?

• If you were to complete this assignment again would you do anything differently?

Submission:

Submit your answers to Section A and Section B in ONE document to ELE by 2:00pm BST Monday 6th November 2023.

See guidance on page 7 for submission.

Possible References for Research:

The following is not a definitive list but will give you some opportunities to research:

www.statista.com www.economicsonline.co.uk www.tutor2u.com www.economicshelp.org

Referencing Style and Guidance

INTO and the University has adopted the APA referencing style.

The full guide can be found here: https://vle.exeter.ac.uk/mod/resource/view.php?id=651524 

All use of AI must be fully referenced and acknowledged to be accepted, and this will be checked using University systems.

Plagiarism and academic misconduct is something we take very seriously. Please make sure you abide by the rules by consulting the Academic Honesty and Plagiarism Guidance.

There are accompanying referencing guides and videos etc. on the library site:

https://www.citethemrightonline.com/ 

IMPORTANT INFORMATION

Important: check your submission deadline and time. All work must be submitted through ELE. Late submission will be subject to university regulations – your grade may be capped at 40% (0% if more than two weeks late). If you require an essay extension due to special circumstances, contact your teacher and complete the required mitigation/extension form.

To apply for mitigation, you need to complete this form via this link: https://vle.exeter.ac.uk/course/view.php?id=12189#section-10   and provide evidence.

 Please forward the completed form and evidence if available to [email protected]

For more detailed information on the process, please see the link below.

https://www.exeter.ac.uk/students/infopoints/yourinfopointservices/mitigation/

If you have any questions, please email [email protected] 

Submission Information

Save your work as a .pdf (in MS Word: File > Save as > Browse > Save as type > select PDF from drop down menu > Save)

SUBMISSION:

All formally assessed written work must be submitted through ELE.

This will be explained by your Seminar Teacher and on ELE.