Assessment 2: Written Case Notes Presentation

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Assessment 2: Written Case Notes Presentation

The aim of this assessment is for you to apply foundational microeconomic concepts and theory learned in weeks 1-5 to a scenario and for you to demonstrate written communication skills.

Choose ONLY ONE scenario from the following two topics and

1. develop up to 5-page slides with the script to answer the given questions. Anything more than 5 slides will not be marked.

2. Prepare a script of your presentation of no more than 500 words. Anything over the word limit of 500 will not be marked.

Please note:

1. The given scenario only gives basic information. You are encouraged to do MORE RESEARCH to get evidence to support your points.

2. You must address ALL the given questions for your chosen topic.

3. Submission: please submit ONE document (with both slide page and notes)

A sample page of assessment 2 submission:

Two optional topics on the NEXT pages:

Venice’s new tourist tax has officially launched

Day-trippers wanting to enter Venice from April 25 2024 will have to pay a tourist tax.

The fee will apply to visitors who travel only for the day to the ‘old city’ (that’s the entirety of the lagoon region), but not to those who are staying overnight. It will cost €5 per person, and the new system issues a QR code upon payment, to help streamline the experience for visitors.

Those travelling directly to the ‘minor islands’ like Burano and Murano won’t need to pay, and locals and commuters will also be exempt. People staying in the city for one night or more will also be excused from the charge, as will people with a second home in Venice. However, those exempt from the fee must still register their trip online.

The fee is not without its critics. Residents took to the streets of Venice yesterday (April 25) in protest of the scheme, which they believe will fail to curb any visitors and only tarnish the city’s reputation.

https://www.timeout.com/news/venice-will-charge-tourists-5-to-enter-the-city-from-next-year-090823

Use the graphs and theories you learned from the chapter of demand and supply, elasticity, and tax to answer the following questions.

1. What is the purpose of the Day-tripper’s tourist tax? Please do more research on this tax to explore what has happened in Venice; consider who will be taxed and who will be exempted when explaining the purpose.

2. What will be the likely impact on the tourists’ activity? Analyze the impact on day-trippers and those staying for one night or more, using relevant economics concept and graphs. Based on your analysis, do you agree with the opinion that the tax “will fail to curb any visitor”?

3. Do you expect this day-tripper’s tourist tax itself will substantially increase the government revenue? Use economics graphs to explain your answer.

Chinese lithium producers set price floor as demand evaporates

China’S top lithium producers agreed this week to set a floor price of 250,000 yuan (S$48,374.21) per tonne of lithium carbonate, six people familiar with the matter said, in an effort to slow a plunge in the price of the battery raw material.

The price was agreed on Tuesday (Mar 28) by around 10 companies including Tianqi Lithium and Ganfeng Lithium that met on the sidelines of a conference in Nanchang in southern China, said one person who attended the meeting and five others briefed on the discussions.

The move comes as lithium prices plunge on a significant slowdown in demand for electric vehicles (EV) in China, the world’s largest EV market.

Source: https://www.businesstimes.com.sg/international/chinese-lithium-producers-set-price-floor-demand-evaporates-sources

Use the graphs and theories you learned from demand and supply, perfect competition and price control to answer the following questions:

1. Do more research to understand the lithium carbon industry and EV industry. Apply the relevant economics theory and graph to explain why a significant slowdown in demand for electric vehicles (EV) in China causes lithium prices plunge.

2. Explain what will happen to the profit of those lithium producers amid the significant slowdown in demand for electric vehicles (EV), assuming that the lithium producers are perfect competitors.

3. Apply the relevant economics theory and graph to explain how a price floor help those lithium producers, assume the lithium manufacturing industry is in a perfectly competitive market. Refer to the chapters on perfect competition, and use the theory and graph related to profit to illustrate and interpret.