Quantity  demanded assignment

BUS102  Group  Assignment  T117  DUE  3PM  13  MAY  2017

BUS102  Microeconomics  T117,  Group  Assignment  due  13  May  2017   Page  1

 

BUS102  Introduction  to  Microeconomics   Questions,  Notes  &  Guideline  for  Group  Assignment

EACH  GROUP  MUST  HAVE  TWO  MEMBERS  ONLY

Due  3.00pm,  Saturday  13  May  2017

Three  Problem-­‐Solving  Questions  that  require  written  answers   1.  General  information

1.1   This  group  assignment  is  worth  20  per  cent  of  total  assessment  and  is  to  be  submitted  by   3.00pm,  Saturday  13  May  2017.

•   There  are  3  questions  and  answer  all  3  questions,  worth  a  total  of  60  marks  all  together.   Then  the  marks  will  be  converted  to  a  total  of  20  marks  scale  to  be  uploaded  in  Moodle  for   20  per  cent  of  your  total  course  assessment.

•   A  hard  copy  of  the  assignment  must  be  submitted  to  KOI  Librarian  in  Kent  street  campus   by  3.00pm,  Thursday  13  May  2017.  You  must  keep  the  receipt  after  the  submission  for  your   own   record.   You   are   also   required   to   upload   an   electronic   copy   of   the   assignment   in   Moodle  Turnitin  by  Saturday  13  May  2017.

•   Late   submission   will   attract   loss   of   4   marks   out   of   20   marks   (20   per   cent),   and   the   assignment  submitted  after  3.00pm  Saturday  13  May  2017  will  not  be  accepted  and  marked   zero.

1.2   This  assignment  is  a  group  assignment  and  each  student  must  belong  to  a  group  of  two  (2)   people.

1.3   Names  and  ID  numbers  of  students  in  the  group  must  be  clearly  printed  on  the  Assignment   Cover  Sheet.  A  member,  who  has  not  contributed  to  the  discussion  and  assignment,  must  be   marked  as  “Not  contributed”  in  a  bracket  following  the  student’s  name  and  ID.

1.4   You   must   follow   the   appropriate   format   explained   below.   Not   following   the   appropriate   format  will  cause  a  loss  of  some  marks.

•   All  written  answers  must  be  clearly  typed  and  printed.  Hand-­‐written  answers  will  NOT  be   accepted.

•   All  assignment  questions  and  sub-­‐questions  must  be  typed  in  order  at  the  heading.   •   Separate  each  main  question  by  different  page.  For  example,  if  Question  1  (a)  (b)  (c)  and

(d)  are  answered  on  pages  1-­‐2,  then  start  Question  2  on  page  3,  etc.     •   You  must  analyse,  explain  and  show  how  and  why  you  draw  your  answers.  Providing  just

answers  without  explanation  will  not  receive  full  marks.

 

 

BUS102  Group  Assignment  T117  DUE  3PM  13  MAY  2017

BUS102  Microeconomics  T117,  Group  Assignment  due  13  May  2017   Page  2

•   You  must  also  draw  and  include  appropriate  and  relevant  graphs  and  tables  together  in   your  explanation.  Draw  them  using  Microsoft  Power  Point/Word/Excel,  NOT  hand-­‐drawn.

1.5   Copying  the  assignment  contents  from  other  group  assignment  is  a  serious  violation  of  copy   right.  It  will  be  penalized  and  will  attract  a  VERY  heavy  loss  of  marks  –  “Fail”.

•   Please  remember  that  it  is  not  difficult  to  identify  the  contents  that  are  copied  from  other   group(s).  Write  the  answers  in  your  own  English  words.

•   Please  make  sure  that  nobody  in  your  group  shows  your  assignment  to  other  group(s).  Both   the  person  who  shows  the  assignment  and  the  one  who  copies  the  assignment  will  lose   their  marks  heavily  and  fail  in  the  assessment.

1.6   Each  group  must  have  a  coordinator,  who  will  submit  a  hard  copy  of  the  assignment  to  the  KOI   librarian  and  upload  an  electronic  copy  of  the  assignment  in  Moodle  Turnitin.  Only  ONE  COPY   of  the  assignment  from  each  group  is  required  to  be  submitted  (&  uploaded).

1.7   Make  sure  you  discuss  and  work  together  for  ALL  THREE  questions.  You  MUST  read  and  check   the  assignment  before  submission,  once  completed.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BUS102  Group  Assignment  T117  DUE  3PM  13  MAY  2017

BUS102  Microeconomics  T117,  Group  Assignment  due  13  May  2017   Page  3

Question  1:  Answer  the  following  questions  –  30  marks

Part  I:  Production  Possibility  Frontier  (PPF)

Table 1.1 – Production Capacity of Newland.

Cars Bicycles

30,000 0

28,000 1,000

24,000 2,000

18,000 3,000

10,000 4,000

0 5,000

 

Use  information  in  Table  1.1  above  to  answer  the  following  question:   a.   Using  the  above  figures,  map  out  the  Production  Possibilities  Frontier  (PPF)  for  the  production

of  the  Cars  and  bicycles  (Hint!  Use  Microsoft  Excel,  for  accuracy)  (3  marks)

b.   In  your  own  words,  while  making  use  of  the  graph  that  you  have  created  in  part  a,  explain   what  the  PPF  is.  Cleary  state  all  assumptions  and  properties  of  the  PPF.  (6  marks)

c.   Newland  usually  has  a  demand  of  3,000  bicycles  and  18,000  cars.  Suddenly  Newland  receives   notice  that  the  demand  has  increased  to  4,000  bicycles  and  20,000  cars.  Discuss  and  explain   at   least   three   possibilities   of   how   Newland   could   meet   that   demand.   (Hint:   State   any   appropriate  assumptions  made).  (6  marks)

 

Part  II:  Demand  and  Supply

Table  1.2

Price  (cents  per  bag)   Quantity  demanded  (million   bags  per  week)

Quantity  supplied  (million   bags  per  week)

50   160   130

60   150   140

70   140   150

80   130   160

90   120   170

100   100   180

 

 

 

BUS102  Group  Assignment  T117  DUE  3PM  13  MAY  2017

BUS102  Microeconomics  T117,  Group  Assignment  due  13  May  2017   Page  4

Table  1.2  sets  out  the  demand  and  supply  schedules  for  potato  chips.  Use  the  information  to  answer   the  following  questions:

(a)   What  are  the  market  equilibrium  price  and  quantity?  Why?    (3  marks)

 

(b)   Suppose  a  new  dip  increases  the  quantity  of  potato  chips  that  people  want  to  buy  by  30  million   bags  per  week  at  each  price.  How  the  demand  and/or  supply  of  chips  change?  Also,  explain  how   the  price  and  quantity  of  chips  change.  Show  the  changes  on  a  graph.    (5  marks)

 

(c)   The  quantity  of  potato  chips  that  people  want  to  buy  increases  by  30  million  bags  per  week  at   each  price. Now  suppose,  at  the  same  time,  a  new  breed  of  potato  increases  production  of  potato   crops  and  the  quantity  of  potato  chips  produced  increases  by  40  million  bags  a  week  at  each  price.   Explain  how  the  market  equilibrium  price  and  quantity  of  chips  change.  What  are  the  new  market   equilibrium  price  and  quantity?  Show  the  changes  on  a  graph.    (7  marks)

 


 

smile and order essaysmile and order essayPLACE THIS ORDER OR A SIMILAR ORDER WITH USA CUSTOM WRITINGS AND GET AN AMAZING DISCOUNT

order custom essay paper

Leave a comment

Your email address will not be published. Required fields are marked *