The purpose of the assignment is to allow you to demonstrate your mastery of theoretical concepts introduced in the unit, applied to a real-world setting. There are five questions, some dealing with general concepts and others becoming more directed in the information required. You will also have a chance to demonstrate your understanding of regression, a fundamental skill in quantitative business analysis. The questions are phrased in an open-ended manner; the intention is that the assignment is as non-prescriptive as it can be while allowing you the academic freedom to explore and learn as much as you can.
Question One - Background
Introduce and explain the concept of social welfare
Be sure to contextualise the remainder of the assignment
Question Two - Supply and Demand
Using the labour market, define and describe the laws of demand and supply
Use simple diagrams to illustrate the effect of elasticity on those laws
Question Three - Forecasting
Using the data provided, conduct a regression analysis
Comment on the strength of the derived regression
Use the regression to forecast future employment conditions
Question Four - Research
Research the concepts of money wages and real wages
Explain these two concepts and why they are important
Discuss how wage indices factor in broader economic terms
Question Five - Conclusion
Provide comment and outlook for the global employment market