Question 1 - 20 marks (sections a and b: 1-3 sentences, c and d: 2-5 sentences) Geralt and Yennifer have travelled to Tasmania where they are free from any stress, duress and able to behave rationally. They have traded in some trinkets from their previous travels so that they both have several thousands of Australian dollars each. One morning while in Tasmania they visit a bakery in the town of Ross which sells famous Scallop Pies for $10 each. Geralt buys a Scallop Pie and eats it, while Yennifer does not. a Explain why the benefit Geralt receives from eating the Scallop Pie is less than, equal to or greater than $10. (4 marks) b. Explain why Geralt's net benefit of purchasing and consuming the Scallop Pie is negative, positive or equal to zero. (4 marks) C. Suppose that Geralt buys a Scallop Pie and gives it to Yennifer which she gladly eats. Using the concepts of benefit and net benefit, explain why Yennifer didn't initially buy a Scallop Pie to eat when the price was $10 but did when given one for free. (6 marks) d. In the afternoon they visit the Ross bakery again where the price of Scallop Pies has fallen to $7 each. Geralt chooses not to buy a Scallop Pie, but Yennifer does and eats it. What does this suggest about the benefit of consuming goods across time, people and products? Use Geralt's and Yennifer's behaviour in the morning and afternoon to illustrate your answer. (6 marks) In this assessment piece, you should explain the concepts you are using with reference to the question, but you do not have to formally define the concepts. Havard Reference Please !!! Poor/Unsatisfactory Unit Unit ILO AC Assessment Criteria Weight 0% 1 1.1 Choice of concept 25% Chooses mainly the wrong concepts for the question. N 2.1 Application of concept to the question 25% Applies chosen concept(s) incorrectly or uses mainly the wrong information Good/Average Excellent/Perfect 50% mark 100% Chooses most of Chooses all the the correct concepts for the correct concepts for the question. question Applies the chosen Applies the chosen concept(s) but concept(s) with no with some errors errors and uses all and/or uses some the correct incorrect or from information from the question or the question and superfluous no superfluous information information Explains the application of all Perfectly explains concepts and the application of relates it to the all concepts and correct relates it to the information in the correct information question, but with in the question some errors or with perfect numerous grammar grammar errors. 2.2 Explanation of the application of the concept to the question and its scenario. 50% Does not explain the application of all concepts and does not relate it to the correct information in the question. N Question 1 - 20 marks (sections a and b: 1-3 sentences, c and d: 2-5 sentences) Geralt and Yennifer have travelled to Tasmania where they are free from any stress, duress and able to behave rationally. They have traded in some trinkets from their previous travels so that they both have several thousands of Australian dollars each. One morning while in Tasmania they visit a bakery in the town of Ross which sells famous Scallop Pies for $10 each. Geralt buys a Scallop Pie and eats it, while Yennifer does not. a Explain why the benefit Geralt receives from eating the Scallop Pie is less than, equal to or greater than $10. (4 marks) b. Explain why Geralt's net benefit of purchasing and consuming the Scallop Pie is negative, positive or equal to zero. (4 marks) C. Suppose that Geralt buys a Scallop Pie and gives it to Yennifer which she gladly eats. Using the concepts of benefit and net benefit, explain why Yennifer didn't initially buy a Scallop Pie to eat when the price was $10 but did when given one for free. (6 marks) d. In the afternoon they visit the Ross bakery again where the price of Scallop Pies has fallen to $7 each. Geralt chooses not to buy a Scallop Pie, but Yennifer does and eats it. What does this suggest about the benefit of consuming goods across time, people and products? Use Geralt's and Yennifer's behaviour in the morning and afternoon to illustrate your answer. (6 marks) In this assessment piece, you should explain the concepts you are using with reference to the question, but you do not have to formally define the concepts. Havard Reference Please !!! Poor/Unsatisfactory Unit Unit ILO AC Assessment Criteria Weight 0% 1 1.1 Choice of concept 25% Chooses mainly the wrong concepts for the question. N 2.1 Application of concept to the question 25% Applies chosen concept(s) incorrectly or uses mainly the wrong information Good/Average Excellent/Perfect 50% mark 100% Chooses most of Chooses all the the correct concepts for the correct concepts for the question. question Applies the chosen Applies the chosen concept(s) but concept(s) with no with some errors errors and uses all and/or uses some the correct incorrect or from information from the question or the question and superfluous no superfluous information information Explains the application of all Perfectly explains concepts and the application of relates it to the all concepts and correct relates it to the information in the correct information question, but with in the question some errors or with perfect numerous grammar grammar errors. 2.2 Explanation of the application of the concept to the question and its scenario. 50% Does not explain the application of all concepts and does not relate it to the correct information in the question. N