Summative Assignment 1

ECON1012 Principles of Economics Semester 1 2023

Course Learning Outcomes: 1, 2, 3 & 4 Topic/s of Primary Focus: Demand & Supply
(May also include content from previous topics.)

Read the following excerpt from this article from The Guardian 07-02-2023 and then complete the
task below.
https://www.theguardian.com/environment/2023/feb/07/number-of-electric-vehicles-on-
australian-roads-soars-as-demand-exceeds-supply

Number of electric vehicles on Australian roads soars as demand exceeds supply

Elias Visontay Transport and urban affairs reporter Tue 7 Feb 2023

Australia’s total of EVs almost doubled in 2022, growing from 44,000 to more than 83,000, sales data shows
The number of electric vehicles on Australian roads has almost doubled over the past year, growing from 44,000
at the beginning of 2022 to more than 83,000, according to research based on sales data released in the Electric
Vehicle Council’s yearly recap.
That figure is expected to top 100,000 in the coming months.
Of the 83,000 in circulation, 79% are battery electric vehicles while 21% are plug-in hybrids.
Electric vehicles accounted for 3.8% of all new vehicle sales in Australia in 2022, however their market share
varies dramatically by region. Market share was strongest in the Australian Capital Territory, with almost 10% of
all new cars bought in 2022 being electric, up from 5% in 2021.
Electric vehicle market share was 4% in New South Wales and Victoria and slightly more than 3% in Queensland
in 2022, but just 1% in the Northern Territory.
Tesla Model 3 was the most bought EV model in 2022, with 10,877 sold, while 8,717 Tesla Model Ys were sold.
Charging infrastructure – which was seriously challenged over the summer holidays with long queues for
chargers at regional facilities – has also improved, but not at the same pace as electric car sales. Public chargers
increased from 3,413 in 2021 to 4,943 in 2022, with fast chargers up from 231 to 365 in the same period.
The report specifically calls for more multi-bay, ultrafast charging sites to be built in regional areas at a
“reasonable spacing, so that drivers are able to recharge when making long trips”, as well as in urban areas for
drivers who can’t charge their cars at their homes.
Electric Vehicle Council chief executive, Behyad Jafari, said the number of EVs in Australia would tick over to
100,000 sometime this year, with even bigger growth forecast than in 2022.
Jafari said every electric vehicle in Australia is sold out, and that they’re “often sold out within hours of being
made available to the Australian market”.
“Demand far outstrips supply, Australians are lined up ready to buy electric vehicles,” he said.
Jafari said ensuring greater electric vehicle uptake was important not only for the environment, but because as a
country “we don’t want to rely on foreign oil”.
“The enthusiasm is there in abundance, we just need our governments to continue the policy reform that makes
it easy to transition away from the exhaust pipe.”
More than 440 submissions to the federal government’s National Electric Vehicle Strategy were published on
Friday, revealing widespread support for changes that could lower the price of EVs. In total, the consultation
attracted more than 500 submissions representing more than 2,150 individuals.
There were also calls for more local production of lithium batteries, electric buses and trucks, however
respondents were divided over whether to ban the sale of petrol or diesel cars from being sold in Australia, and
whether motorists should pay to keep them on roads.
Task:

Utilise the model of demand and supply to analyse the market for electric vehicles in Australia the
time of the article. Clearly explain the impacts on demand and on supply, as well as the resulting
impacts on the outcomes of price and quantity at the time of the article.

Ensure that you use diagrams where relevant to support your answer, and make sure to use key
terminology and course concepts where appropriate.

Format:

The format of your response should be an essay-style response.

You do not need subheadings or subsections.
You do not need to spend as much attention on formal essay structure as you might for a persuasive
or research-based essay. Instead you should focus on communicating your ideas in a clear and
concise manner and making sure there is a logical flow of ideas and explanation.

Word Limit:

800 words (excluding diagrams and references)

Diagrams:

As stated in the task, you should include diagrams where relevant. Where you use diagrams, they
should be created by you. You could either draw them by hand and scan/photo them into your
document. Or prepare them electronically. However, they must be your own work. You should not
paste in diagrams from the internet or the textbook, even with referencing, as this will not
adequately show the grader your understanding of these diagrams and models.

Referencing:

This is not a research assignment. So you do not necessarily need to find other references. You
should answer the question based on what you have learned in the course and the excerpt provided.

However, it is important that if you do take content directly from other sources including course
materials, both quoting and paraphrasing, that you appropriately reference to show what is your
own original thoughts and what ideas you have borrowed from others. Please refer to the
https://www.adelaide.edu.au/writingcentre/resources/avoiding-plagiarism for further guidance and
links regarding referencing, plagiarism, and academic integrity.

Where referencing is used, it can be in any standard style, so long as it is consistent. The Harvard
referencing style is preferred, as it is the standard in Economics and is also common in Business
disciplines. https://www.adelaide.edu.au/writingcentre/resources/referencing-guides

All submissions will be analysed with the assistance of Turnitin, checking for plagiarism against other
students in the class and external sources.
Submission and Feedback

Students must submit the assignment by the due date via the electronic submission portal on MyUni
(the same page you downloaded this pdf!). https://community.canvaslms.com/t5/Student-
Guide/How-do-I-upload-a-file-as-an- assignment-submission-in-Canvas/ta-p/274

It is students’ responsibility to ensure that it is correctly submitted by the due date. Make sure that
you see and check that is says ‘Submitted’.

Late submissions will generally *not* be accepted at all. Not even one minute late. This might seem
more strict than some of your other classes, but do keep in mind that we also have a ‘best 4 of 5’
policy on the Summative Assignments. If you have a medical or other circumstance that you believe
may allow an extension, please email the course coordinator as soon as practical, and generally this
must be before the due date has passed.

Assignments will be graded, with grades and feedback provided within MyUni approximately one
week after the submission due date.

Grading

The assignment will be graded against the Assessment Criteria in the Rubric attached to the MyUni
Assignment and detailed below.
Grades will be allocated in-line with the University’s grade descriptors.

Score (%) Grade General Description

0-49 F Fails to satisfy the minimum requirements
50-64 P Satisfies the minimum requirements
65-74 C Demonstrates a high level of understanding and presentation and a
degree of originality and insight
75-84 D A very high standard of work which demonstrates originality and
insight
85-100 HD Outstanding or exceptional work in terms of understanding,
interpretation and presentation

Your grade is not matter of where you ‘lost marks’, but rather the evaluation of what you have
presented against the standards and the criteria.

Assessment Criteria Marks (25)

Evidence is shown of understanding of all relevant economic concepts and 6
terminology, which are correctly applied throughout
Details of case study are clearly and correctly described as changes in 5
demand and/or supply wherever relevant, including explaining why with
appropriate terminology
Student-produced demand and supply diagram/s are correctly depicted and are 6
used wherever relevant to support the explanation
Analysis presented provides a logical and well-structured explanation of changes 5
in real world market outcomes
Appropriate writing style, word count and referencing (where relevant) 3