Introduction to Microeconomics; understanding scarcity, demand and supply in economics

economics

Description

Managerial Economics - Assignment

 

 

Course Learning Outcomes Covered

 

Course Learning Outcomes (CLOs):

 

1.      Introduction to Microeconomics; understanding scarcity, demand and supply in economics

 

2.      Develop a fundamental understanding of Elasticity, production costs and perfect competition

 

3.      Analysing the various types of monopolies and the different labour markets.

 

4.      Distinction between different market structures and different business strategies; understanding globalisation and exchange rate policies.

 

 

CLO 1, 2, 3, 4

 

1.       Traffic congestion is a problem in many cities. Among the possible ways of reducing congestion are allocating more resources to building roads, taxing petrol and subsidizing

a.       bus travel.                                                                                                                         

 

o   Describe how resources are allocated in a market economy. [ 250 words]

 

o   Explain why the social costs of car use are greater than the private costs. [250 words]

 

o   Using the principles of demand and supply, describe the effect of a tax on petrol on the market for petrol. [250 words]

 

o   Discuss whether bus travel should be subsidised by the government. [250 words]

 

2.       The demand of luxury cars decline if the price of the luxury cars declines as the prestige associated with having a luxury car also declines. Does this statement contradict the law of demand? Explain the answer with the help of supporting statements.

(1000 words)

 

3.       A large country is more open to adopt a flexible exchange rate than a small country.

 

Critically evaluate this statement with examples.                              (1000 words)

 

 

4.       Define and give an example of each of the following demand terms and concepts. Illustrate with the help of a graph: (250 words per question)

 

·         Demand and supply

 

·         Marginal costs

 

·         Price elasticity

 

·         Monopoly

 

·         Oligopoly

 

Instruction Files

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