Mustapha Ahmad M2U3 Activity submission

MODULE 2 UNIT 3 Activity submission © 2021 LSE All Rights Reserved

Learning outcomes: LO6: Illustrate how changes in the demand or supply of a product will influence the market clearing price of the product. LO7: Investigate strategies managers can use to determine the shape of their firm's demand curve. LO8: Evaluate the effect of government intervention on suppliers and consumers in a competitive market. Name: 1. Instructions and guidelines (Read carefully) Instructions 1. Insert your name and surname in the space provided above, as well as in the file name. Save the file as: Mustapha Ahmad M2 U3 Activity Submission - e.g. Lilly Smith M2 U3 Activity Submission. NB: Please ensure that you use the name that appears in your student profile on the Online Campus. 2. Write all your answers in this document. There is an instruction that says, "Start writing here" under each question. Please type your answer there. 3. Submit your assignment in Microsoft Word only . No other file types will be accepted. 4. Do not delete the plagiarism declaration or the assignment instructions and guidelines . They must remain in your assignment when you submit. PLEASE NOTE: Plagiarism cases will be investigated in line with the Terms and Conditions for Students. IMPORTANT NOTICE: Please ensure that you have checked your course calendar for the due date for this assignment. Guidelines 1. There are 9 pages and 3 questions in this assignment. 2. Make sure that you have carefully read and fully understood the questions before answering them. Answer the questions fully but concisely and as directly as possible. Follow all specific instructions for individual questions (e. g. "list", "in point form"). 3. Answer all questions in your own words. Do not copy any text from the notes, readings or other sources. The assignment must be your own work only. © 2021 LSE All Rights Reserved getsmarter.com | [email protected] +44 203 457 5774 (UK) | +1 224 249 3522 (US) | +27 21 447 7565 (SA) Page 2 of 14 lse.ac.uk

Plagiarism declaration 1. I know that plagiarism is wrong. Plagiarism is to use another's work and pretend that it is one's own. 2. This assignment is my own work. 3. I have not allowed, and will not allow, anyone to copy my work with the intention of passing it off as their own work. 4. I acknowledge that copying someone else's assignment (or part of it) is wrong and declare that my assignments are my own work. 2. Mark allocation The question is worth 27 marks. However, you will only receive a final percentage mark and will not be given an individual mark for the question. Refer to the rubric for the mark allocation. 3. Questions Reminder: You are not required to conduct independent research for this submission. However, if you wish to make use of additional sources outside of the course material, you will need to reference these sources correctly. Please consult the Course Handbook in the Orientation Module for guidance on referencing requirements. In-text citations and reference lists are not included in the word count of your submission. Question 1 Revise the sets of notes included in Units 1 to 3 before attempting this question. During the COVID-19 pandemic, several companies developed vaccines. Consider the competitive vaccine market for the first few months of the vaccines being available. During this time, supply was perfectly inelastic (the number of vaccines is finite), and the demand curve was a standard shape. Answer the following questions: 1.1 Draw a graph indicating the vaccine market at the start of the vaccine roll out (i.e. with a standard demand curve, and a supply curve that illustrates a perfectly inelastic supply). Mark the equilibrium point as A. Insert your graph for Question 1.1 here: © 2021 LSE All Rights Reserved getsmarter.com | [email protected] +44 203 457 5774 (UK) | +1 224 249 3522 (US) | +27 21 447 7565 (SA) Page 3 of 14 lse.ac.uk