In 2017, Nepals production of rice and machinery was published by the Nepal Bureau of Statistics(NBS)as indicated by the table below:
Production in Nepal
Position P Q R S T U V W X Y Z
Rice (1000 tons) 0 10 26 37 45 50 55 59 66 77 80
Machinery (units) 90 89 85 80 75 70 65 60 50 30 0
Based on the table above, a production possibility frontier(PPF)for Nepal can be plotted as below:
Use the NBS production table and production possibility frontier to answer the following questions:
A.Name positions B, V and D. Also,as indicated in thetable, supposing Nepal is operating at level T, what is the opportunity cost of producing 10,000 more tons of rice??????????(3marks)
B.Use the graph below to answer the questions that follow:
B1:Suppose Nepal begins to manufacture fertilizers.Explain the impact of the discovery of fertilizerson Nepals economy usingone of thePPF above.
B2:Also,supposing there is a discovery of steel in Nepal, explain the impact of steelon the economy of Nepal usingone of the PPF above. (2 marks)
B3:Finally, theMinister of Finance in Nepal advicesthe World Bank that in order to increase rice production and machinery, each sector requires USD 50 billion, or a total of 100 billion.This 100 billion is made available by the World Bank.Explain the impact ofthese 100 billion budgetary allocationsto the economy of Nepal. Use one of the PPF above.??(3 marks)
Assessment Question Week 3:
Markets in Action: Demand and Supply
Suppose the graph below represents the demand and supply forriceat various prices, answer the questions that follow.
Thegraph above is represented in the table below. Please complete the tablebelowidentifying the shortage or surplus.
Price (10kg bag) Demand
(10 kg bags) Supply (SS)
(10 kg bags) Surplus (+)
10 89 29
20 70 40
30 55 55
40 39 67
50 25 80
60 11 95
A.Based on your findings in the table above, what is the market equilibrium price and quantity forrice? ???????(3 marks)
B.Also, please examine the factors thatcanmotivate the government to reduce the price of rice at $20 per 10 kg bag and theeffectsofthatgovernmentlegislation on the rice market.????? (7marks)
Assessment Question Week4:
Price Elasticity of demand and supply
The price for cigarettessold by Big Tobacco Co Ltdwas6.00 per packet in March 2018. During the month of March, the consumption of cigarettes was1000 packets.However, the Board of Directors of Big Tobacco Co Ltddecided to increase the price by 25% during the monthofApril. As a manager you noted that price elasticity of demand was 0.8.As a manager Big Tobacco Co Ltd:
A.Advise yourmanagement ofthe strategy that could be adoptedby your firm to maintainsales.?(5 Marks)
B.Also,advise your government on recommendedinterventions in the cigarette market.?????????(5Marks)
Assessment Question Week5:
John was a high school teacher earning $ 80,000 per year. He quit his job to start his own business in pizza catering.In order to learn how to run the pizza catering business, John enrolled in a TAFE to acquire catering skills.Johns course was for 3 months. John had to pay $2,000 as tuition for the 3 months.
After the training, John withdrew $110,000 from his savings account. He had been earning 5 percent interest per year for this account. He also borrowed $50,000.00 from his friend whom he pays 6 percent interest per year. Further,to start the businessJohn used hisownpremises. He wasreceiving$12,000from rentper year. Finally, to start the business John uses $50,000 he had been given by his father to go on holiday to USA.
Johns first year of business can be summarised as follows:
Item Amount $
Revenue- Pizza Section 400,000
Revenue- Beverages Section 190,000
2 Cashiers(wages per worker) 55,000
Pizza ingredients 50,000
3 Pizza bakers (wages per baker) 60,000
Based on your calculated accounting profit and economic profit, would you advise John to return to his teaching job? Show your work???(10 marks)
Assessment Question Week6:
Market Structure: Perfect Competition and Monopoly
The above diagram illustrates the short run cost curves for Sarah Mat, a rice farmer in Queensland.Calculate the profit or loss for Sarah Mat and, examine the key characteristics for perfect competition firm with reference to Sarahs farm.(10 Marks)
Students select a real-world case study based on their own industry or workplace context, and submit a 2500-word report on an appropriate aspect of business economics. The assessment task is intended to simulate the composition of a formal report to senior management concerning a strategic initiative.
Following the problem solving and decision making approach discussed in Chapter 1 to solve the following issues relevant to the selected workplace industry and incorporate the following:
1. Does the company make decisions based on depreciation or overhead? If so, does this lead to bad decisions? What can be done to fix the problem? What was the profit consequences of the change [Refer to Chapter 3 of the prescribed textbook especially on Sunk Cost of Depreciation or Fixed Cost of Overhead].
2. Describe an extant decision made by the company. Discuss the marginal cost and marginal benefit of the decision. Was the right decision reached? If not, what should be done differently? What was the profit consequences of the change?[Chapter 3: Benefits, Costs, and Decisions].
c.Describe an investment decision the company has made. Discuss the opportunity costs and benefits of the decision. Did your company make the right decision? If not, what would you do differently? What was the NPV of the investment? [Refer to Chapter 5 of the prescribed textbook: Investment Decisions: Look Ahead and Reason Back].
Students are expected to demonstrate a sound theoretical and practical understanding of managerial economics in their analysis and discussions, as well as an awareness of the moral, ethical, and cultural aspects economics decision-making.
The composition of the formal report is staged across the first four weeks of the course, whereby students prepare a component of the report and share their research to receive informal peer feedback:
Week 2: Select Your Case Study and Describe
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(a) Explain how GDP is measured in your country. Provide real life examples. (4 marks)
While your textbook is your first point of reference, you should consult other references in order to receive full marks. Use real life examples (with references) to support your discussion.
(b) Explain the macroeconomic effects of COVID-19 pandemic on your country using economic theory, real life data and illustrate them on appropriate diagrams. (10 marks)
This is your case study that you need to describe in details, provide relevant information, use table, diagrams where appropriate. You should use real data as much as possible. Refer to the textbook for the theoretical framework.
(b) Using your home country as a case study outline two main economic measures government applied to the national economy due to COVID-19 pandemic. Analyse the effect of such measures on inflation, output and employment using economic theory. What measures would you suggest and why? Explain using theory and real data. (12 marks)
During the current COVID-19 pandemic many countries have imposed quarantine on their
populations in order to limit/ stop the spread of the disease and avoid overload on the health
system. While these measures are justified from the health perspective, they have major economic
consequences. In this assignment you are asked to analyse different economic aspects related to the