BUSM2562 The Economic Impact of Climate Change and Policy Measures | Assessment 2

Assessment 2

Task List

Read through your compulsory set of tasks below. It is important to complete your tasks as per order below.

• Task 1: Project plan – 1 point
• Task 2: Preparing a literature review – 9 points
• Task 3: Summarise findings – 8 points
• Task 4: Demand & Supply – 11 points
• Task 5: Client profit – 5 points
• Task 6: Negative externalities – 3 points
• Task 7: Positive externality – 3 points

Task 1 | Project plan

You are required to set up a project plan that outlines all the assessment tasks in the lead up to an Executive Planning Day. Within the organisation you have recently been employed, following on from the success of your hypothetical job application in Assessment 1 (congratulations!), your manager has tasked you to prepare some business documentation. In this first Task you need to set up a project plan that summarises steps or actions in order to deliver each of the tasks. Importantly you need to include a timeline to ensure you remain on track to deliver the business materials in advance of the planning day so that your manager can have sufficient time to review them ahead of the planning day.

Your project plan should outline all the tasks in order of completion. You will need to allocate a timeline with achievable deadlines when you are completing each of the tasks. This is necessary to keep progress on track.

Task 2 |Preparing a literature review focused on academic articles

Climate change has implications not only for the environment in the natural world, but also for the business environment. Despite growing scientific consensus about the effects of climate change it remains a socially and politically charged issue.

You are required to think about the effects of climate change and how this impacts the organisation you now work for. While some organisations may be directly impacted by climate change, for other organisations the effects may be more indirect.

You are required to research, find, and choose five (5) of the latest articles discussing “the effects of climate change on the economy”. Please only focus on academic articles based on reliable research published by reputable outlets or scholarly journals. To assist you in this task use Google Scholar to search for suitable articles and as a further criterion, only select articles published within the past decade. When citing and referencing the selected articles please use RMIT Harvard referencing style.

For this task first provide an overall summary about what the five (5) articles find. Also use the opening introductory paragraph of your answer to Task 2 to explain what criteria you used to pick the five (5) articles.

Finally, for each article provide a brief explanation as to why you think it is of relevance in understanding how climate change impacts the business environment in the context of the organisation you work for.  Overall Task 2 should not exceed 250 words.

(Tip: Remember the Internet is full of information – some of the information can be trusted and relied upon but also there is an increasing abundance of misinformation and disinformation that is more dubious. Being able to discern the difference between high quality and low-quality sources to identify reliable information is very important so be sure to use good judgement in selecting each of the five (5) articles.)

Task 3 | Summarise findings

Carefully read the article referenced below. After reading the article summarise the article’s key findings.

Additionally, informed by the article, what advice or recommendation would you suggest that the Executive leaders within your organisation consider in light of the upcoming Planning Day. Remember the Planning Day will assist leaders in your organisation with the task of developing the organisations next Strategic Plan so awareness about key issues within the business environment is vital.

Consider whether the article by Tol aligns with views expressed in the articles you summarised in Task 2 and comment on whether the article remains valid.

Your answer for task 3 should be approximately 200 words.

Article:

Tol, R.S.J., 2009. The economic effects of climate change. Journal of Economic Perspectives, 23(2), pp.29-51.

Task 4 | Demand, Supply & Taxes

Assume that recently the government has announced that the tax on carbon emissions levied on firms will double in Singapore.

1. Using the demand and supply model show in the first instance, what the effect of raising the tax on carbon emissions would mean for the organisation you now work for. Address part a) using a single diagram only.
2. Based on the diagram in a) that should show any initial effects stemming from the tax change, you must also outline assumptions you make in using the demand and supply model you have prepared in part a). In addition, briefly discuss and analyse the effects of the tax change from the perspective of the organisation you now work for. In your analysis explain what deadweight loss means and address whether it would be impacted (or not) as a result of the change to the carbon tax. To assist in communicating the concept of deadweight loss, also include a diagram along with your written answer. The written part of the answer to b) should be approximately 100 words.
3. Discuss how the imposition of a carbon tax impacts incentives within the economy. In your answer address how a changes in incentives can impact the economic behaviour of firms. The written answer to c) should be approximately 100 words.

Task 5 | Client profit

For Task 5 only all students are to assume they are employed by a firm manufacturing new generation batteries that are able to store electric energy more efficiently and as result require less time charging.

From the perspective of the battery manufacturer explain how a higher carbon tax would impact the battery manufacturer over the short to medium term? With reference to profit maximization, explain how the increase in the carbon tax would likely impact the firms prices, quantity, and costs. Be sure to include the equation for profit maximization in your answer and discuss its implications in light of the scenario presented in the task. Please provide your answer in approximately 150 words.

Task 6 | Negative externalities

In no more than 75 words, briefly explain the concept of negative externalities.
Does climate change generate a negative externality? Explain why or why not.

Task 7 | Positive externality

It has been claimed that planting trees ‘generates a positive externality for society’. Discuss whether you believe this claim is true or not and provide your reasoning. Present a further example of a positive externality that arises from production. (Note: Ideally this is from production undertaken by the firm you work for BUT if its limiting to think of an example from the organisation you work for then you can use an example of a positive externality from production created by another business orgnaisation within the economy – try and be creative and not choose something that is likely to chosen by lots of other students). In the example you provide describe both how the externality arises (and who causes it) as well as the benefit it generates (and for whom it benefits).

Your answer should be around 75 words.

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