5N1350: When The UK Leaves The EU It Will Be Good For British International Trade: Applied Economics Assignment

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University Ballsbridge College of Further Education (BCFE)
Subject 5N1350: Applied Economics

Brief:

This assignment accounts for 40% of the Applied Economics module.
There are six questions. Answer all questions in every section.
Students should use their Ballsbridge College ID and initials and class, not their name, on their assignments, for example, a student named Joe Bloggs in AUC class with a Ballsbridge College ID of BBCFE123 should type ‘BBCFE123 JB AUC’ in his assignment footer and on the cover sheet and for the assignment name when saving the document.

Question 1:

a) Name three barriers to free trade.
b) Define the Balance of Trade?
c) Define the Balance of Payments
d) What is the Law of Comparative Advantage
e) “When the UK leaves the EU it will be good for British international trade.” Discuss this statement, stating whether you agree or disagree with it and offer economics-based arguments to support your position.

Question 2:

a) Name any three characteristics of a free enterprise economic system.
b) State the Law of Demand.
c) Illustrate each of the following events using a supply and demand diagram for the butter market. Each diagram should clearly show the demand curve, supply curve and equilibrium point, as well as the Price and Quantity axes.
i) Show what would happen when the price of margarine rises
ii) A reputable medical journal publishes a report that butter is unhealthy.
d) What causes a movement along a supply curve?
e) List two reasons why a supply curve might shift to the right?

Question 3:

a) List the assumptions of a perfectly competitive market
b) Give two examples of monopolist markets in Ireland
c) Microsoft is a monopolist in the PC operating system market. Do you agree or disagree with this statement? Give three reasons to support your argument.

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Question 4:

a) Calculate the national income of Ireland using the Income Method and by selecting from the following data: Total Rent – €30bn; Total Children’s Allowance Payments – €12bn; Total Wages – €150bn; Total Interest Income – €20bn; Total Profits – €50bn; Total motorbike sales – €45 million.
b) Irish GDP is higher than Irish GNP. Which is a more accurate way to measure the wealth of the inhabitants of the country? Why is this true?

Question 5:

a) When a country is entering a recession, why should a government increase spending?
b) List three sources of revenue for the government’s annual budget.
c) The Japanese government wishes the economy to grow more quickly, to create employment. Suggest three measures the government could take to stimulate the economy, with regards to the annual government budget; international exchange rates; and interest rates.

Question 6:

The following table tracks the costs of production incurred by a shoemaker producing shoes.
The following table tracks the costs of production incurred by a shoemaker producing shoes
a. Complete the Total Costs and Marginal Costs columns for between 6 and 9 units.
b. Suggest one reason which could explain why average costs declined for the first four pairs of shoes?
c. At what production levels did the shoemaker experience diseconomies of scale?

 
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aw- Noelle Owns A Busy Retail Outlet In The South East Of Ireland. Last Week She Noticed An Advertisement By Her Main Competitor In The Market Which Compared Their ‘Lower’ Prices

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Part 1
Noelle owns a busy retail outlet in the South East of Ireland.  Last week she noticed an advertisement by her main competitor in the market which compared their ‘lower’ prices for a number of products with those in Noelle’s store.  Noelle has discovered that on some of the products the comparison was between a leading brand of product in her store and an own brand of product in the competitors store.  On other products the comparison was between the standard price for a product in Noelle’s store and a ‘promotional’ price in their store.  Noelle is very annoyed as she feels only one or two of the products are truly available at a lower price in her competitors’ store.
Noelle is wondering if she can take any legal action in relation to this comparative advertising. Advise Noelle with reference to relevant legal authority (case law and legislation).
Marks = 25
Jack wanted to expand his business portfolio in the South East.  With a view to purchasing some new office buildings in Waterford and Cork, Jack instructed Kelvin a local estate agent to look for suitable properties.  Kelvin owned a suitable building himself in Waterford that had a market value of €500,000.  He sold this to Jack for €750,000.  In Cork a local property developer named Conor had just completed an office block that he intended to place on the market for €600,000.  Kelvin advised Jack to purchase this office block for €700,000 but received €50,000 from Conor for negotiating the sale.  Kelvin also received his standard commission of 3% of the purchase price from Jack along with €5000 in “expenses” for which he provided no receipts.
Jack has been informed by his cousin in Waterford that rumour has it that Kelvin “ripped him off”.  Jack wants to pursue a legal action against Kelvin.  Advise Jack with reference to relevant case law.
Marks = 25
Total Marks =50.
Part 2
Agency
Agency is the relationship which exists between two persons when one called the agent, is considered in law to represent the other, and called principal in such a way as to be able to affect the principals’ legal position in respect of strangers. An agent may be appointed to represent the principal in all matters of a particular kind, for example, an estate agent who buys and sells real estate like Kelvin local estate agent in this scenario. An agent of this type is known as a general agent. Agents are also appointed to make a certain contract.
The primary role of an agent in business is to negotiate and conclude contracts on behalf of someone else: the principal.
There are three different types of agency’s that can exist;

  • Universal agency
  • General agency
  • Special agent

Under the general law agents have a number of duties towards the principal, they include;

  • The duty to obey instructions
  • The agent must exercise reasonable care
  • Personal Performance
  • Fiduciary duties
  • The agent must not make a secret profit etc.

In this scenario jack is the principals

 
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Develop A Structured Marketing Plan For A Specific Product (Marketing Mix)

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niversity Waterford College of Further Education
Subject Marketing

Question: Develop a structured marketing plan for a specific product (Marketing Mix)?

A number of Irish brands have scored particularly high in the 2018’s rankings of’ Best-selling’ brands. The list is compiled by the consumer magazine ‘Checkout”.
Among the list of Irish brands which showed significant growth among Irish Consumers were Ballygowan, Keelings and O’Donnell’s Crisps. You are required to analyse the marketing mix for one of these products with particular reference to the points outlined below. You are also required to make specific recommendations as to what aspects of the marketing mix should be changed.
Product: Discuss each of the following in relation to your chosen product:
> Product life cycle
> Brand name
> Packaging
> Your recommendation as to what aspect of the ‘product’ may need to be changed for the future
Price: Discuss each of the following in relation to your chosen product:
> Importance of price
> Pricing method
> Your recommendation as to what aspect of the ‘price’ may need to be changed for the future
Promotion: Discuss each of the following in relation to your chosen product:
> Advertising
> Sales Promotion
> Public relations
> Personal Selling
> Your recommendation as to what aspect of the ‘promotion’ may need to be changed for the future.
Place: Discuss each of the following in relation to your chosen product:
> Channel of distribution used
> Your recommendation as to what aspect of the ‘place’ may need to be changed for the future

 
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Are Social Media Platforms The Best Method To Launch New Food And Drink: Food Business And Technology Thesis

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University Dublin Institute of Technology (DIT)
Subject Food Business and Technology

Question: Are social media platforms the best method to launch new food and drink products and brands to consumers aged between 18-35 years old?

Proposed Thesis Title: The Impact of Social Media on New Products and Brands

Background & Rationale to the Thesis Topic

Social Media is an excellent resource for companies to promote new products and brands. Instagram is the most dominate of the platforms and companies go to great lengths to increase their following on this platform. They do this by tapping into the influencer market and by creating an unrealistic lifestyle. As a user of social media in both my professional and personal life, I am interested to find out both the commercial benefits and pitfalls of this platform.

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Is social media the best way to launch a new product to consumers aged between 18-35 years old?

  1. How beneficial is social media to companies and brands?
  2. What new products have benefited most from social media promotion?
  3. What regulations have government agents imposed on advertising agents on social media?
  4. What are the negative impacts of promoting products on social media?
  5. Which major age category is affected the most and which gender by negative impacts?
  6. Is there increased or reduced rates in different regions or countries?
  7. Has social media had any positive impacts on users?

Objectives of the Proposed Thesis Research

  1. To understand how social media is commercially beneficial to businesses and new brands
  2. Understand what age range is targeted and why
  3. Understand the uses of the different social platforms such as Twitter, Instagram and Facebook
  4. Establish whether there are negative effects which can lead to depression and anxiety in users
  5. Establish the safest way to advertise on social media for the consumer

Scope of the Thesis Research

This is a very topical research topic. There are extensive peer-reviewed papers on this topic. I would also like to conduct a college-approved questionnaire. I would base this thesis mainly on the effects of social media from a commercially beneficial perspective and also look at the consumer perspective and those impacts both positive and negative.
I would like to conclude with safe ways of promoting products and brands on social media that both benefits the consumer and the business.

 
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