3.1 Supply & Demand Essay

This essay will help you to prepare for writing your 3,000 word academic essay during Phase 3 as well as helping you to learn about supply and demand. It is your opportunity to put into practice skills such as academic writing, analytical and critical thinking skills as well as referencing.

This assessment is worth 10% of your marks in Phase 3.
The Task
In an essay of no more than 1500 words, discuss using relevant theory the lessons that British Airways might have taken away from the failure in 2007 of Silverjet.
Learning Objectives
This task will help you to:
Structure an academic argument
Understand different approaches to supply and demand
Collect, evaluate and use information from published sources to support an argument
Develop your written voice as an academic
Use appropriate referencing
Resources
Rather than the usual MUST, SHOULD, COULD criteria, at the end of this document is what is referred to as a rubric, which is used for marking. You should use this to guide you, especially in the last week before submission to check that you have met the criteria for the grade that you want to achieve.

In addition, you will find the following of use:
The chapter on “Individual Decision-Making” in Volume One and the chapters on “Pricing Strategies; Understanding and Capturing Customer Value” and “Demand and the Consumer” which you will find in Volume Two of the textbook
Information in the Study Hub on essay writing and referencing
Supporting information in the Weekly Learning Block including the case study “Silverjet: a fallen star”.
Notes
We will be checking similarity on this assessment. Essays with high similarity will be reported as an Academic Concern.
Submission
You need to submit your work via your Learning Community BREO site by 10am on Friday 6th January 2017, which is at the end of the first week back after the Christmas Break. However, please don’t leave this until the first week to complete; you will be very busy!

Feedback
Feedback will be available via Turnitin by Friday 27th January 2017.
Mitigating Circumstances
If you are going to have difficulty submitting this assessment on time due to exceptional circumstances you should contact the Student Engagement Team as soon as possible. You can phone them on 01582 489622 or visit the team in F Block. Alternatively you can complete an online application for mitigating circumstances at:
http://www.beds.ac.uk/studentlife/student-support/academic/extenuating

Assessment Criteria Third Class degree 40%-49% Lower Second 50%-59% Upper Second 60%-69% First Class degree 70% plus
In your essay, references to published literature, their credibility and relevance to the topic. Limited use of references to support the essay. Few resources used. Inconsistent use of referencing using a limited range of resources. Presence of referencing but not necessarily complete Consistent use of referencing throughout the essay from a range of sources. Wide range of high quality references. Referenced accurately using Harvard referencing system both within the text and listed at the end of the essay. All arguments and assertions supported by suitable references.
Understanding of the issues that caused the collapse of Silverjet. Limited understanding of the case study.
Strong reliance only on the case study, lacks theory. General understanding of the issues. Limited evidence of research beyond supplied materials and minimal discussion of relevant theory. Appropriate levels of research and theory. Discussion is well constructed, but some room for improvement.
Discussions are clear, relevant and use theory, demonstrating strong understanding of the Silverjet experience and clear understanding of the relative value of each source used.

Application of the Silverjet lessons to British Airways. Limited discussion of application to British Airways Some discussion of how lessons from Silverjet may have impacted on British Airways Good links between Silverjet and current practice at British Airways. Excellent discussion of Silverjet in relation to current practice at British Airways.

Structure and clarity of presentation of your essay
Poor quality of presentation with errors in text. Clarity of expression also weak with inappropriate academic style. Navigation problematic for the reader. Acceptable presentation with numerous errors. Poorly organised. Clear presentation with limited errors, and with appropriate communication and style. Relatively well-organised. Clear and logical in all areas of presentation. Communication and style appropriate and mature. Easy to navigate around.

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3-2 The assumptions underlying the CVP analysis outlined in Chapter 3 are

1. Changes in the level of revenues and costs arise only because of changes in the number of product (or service) units sold.

2. Total costs can be separated into a fixed component that does not vary with the units sold and a variable component that changes with respect to the units sold.

3. When represented graphically, the behaviors of total revenues and total costs are linear (represented as a straight line) in relation to units sold within a relevant range and time period.

4. The selling price, variable cost per unit, and fixed costs are known and constant.

 

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