# work on Economic assignment

Project Introduction to Economics (BUS 509)

Page 1 of 2 Dr. Fayq Al Akayleh

PROJECT

(10 % OF THE TOTAL GRADE)

What we have learnt theoretically would be more interesting and useful if applied to a certain project. To do so, you pick up a business idea (business project) of your own and apply what we have learnt and discussed during the course "Introduction to Economics-Part 1: Microeconomics” based on the requirements and guidelines provided below:

(250-500 words).

SECOND: Apply the opportunity cost concept (showing explicit and implicit cost) to five strategic decisions you may make in your project. Economic and accounting profit should be computed, whenever applicable. (Approximately 600 words).

(Hints: you can refer to the example provided to you on the computation of economic profit and to the handout on the opportunity cost).

[2.5/10]

THIRD: To check for the knowledge gained from PPF as a tool to show the efficient allocation of resources, suppose your project produces only two products (two goods, two services, or one good and one service). Show the trade-off between the production of these two products under the condition of scarce resources, bearing in mind that the production process should be efficient. (Approximately, 250 words + PPF graph)

(Hints: you can consider hypothetical quantities of each product. Further, refer to the PPF to support the trade-off between the products).

[2.5 /10]

FOURTH: As a manager of the project, discuss the effects of the consumers' behavior (choice) on the sales of your products if:

1. A value-added tax (sales tax) of 10 % is imposed by government on product X you produce.

2. You plan to increase the price of your product X by 15 %. (Approximately, 350 words)

Hints for 1. :

(i) You should, firstly, list two different quantities at two different prices (P1 and Q1 before sales tax; P2 and Q2 after sales tax) taking into consideration the

Project Introduction to Economics (BUS 509)

Page 2 of 2 Dr. Fayq Al Akayleh

fact that demand law does hold (negative relationship between price (P) and quantity demanded (Q)).

(ii) To explain the effect of consumer behavior on your sales, you need to calculate the Price Elasticity of Demand, and then comment on the sign and size of the elasticity, identifying whether the demand for your product is elastic or inelastic and why?

Hints for 2. :

(i) Consider the values of P1, P2, Q1, and Q2 as in part 1 of this problem (use the result of the first part of this problem).

(ii) Consider the value of demand elasticity you calculated above (use the result of the first part of this problem).

(iii)Calculate P3 after the 15% increase.

(iv) Estimate Q3 after the price increase.

(v) Compute Total Revenues before and after the price increase (TR2 and TR3).

(vi) Based on the values of total revenues before and after the price increase, are you going to increase the price by 15 %? Why or why not?

[5/10]

Notes:-

- The project should be sent as a softcopy via LMS

- Due date: As specified on LMS.

- Copy-past work will result in grade deduction or even zero mark in some cases.

Best Wishes

Kĩ năng: Research Writing

Về Bên Thuê:
( 0 nhận xét ) Saudi Arabia

ID dự án: #15685462

## 47 freelancer đang chào giá trung bình \$356 cho công việc này

\$250 USD trong 3 ngày
(813 Nhận xét)
8.2
crispwriter

work on Economic assignment Relevant Skills and Experience Research Writing Proposed Milestones \$300 USD - milestone

\$300 USD trong 4 ngày
(275 Nhận xét)
7.4
\$526 USD trong 10 ngày
(201 Nhận xét)
6.9
Amit222

Sir. Let's make the professional deal with an experienced writer. Looking forward for your positive response. If you want further information, Come & let's Chat now. Relevant Skills and Experience With my excellent re Thêm

\$526 USD trong 10 ngày
(146 Nhận xét)
6.5
charleslimnet

Dear esteemed client, I possess exceptional economics analysis skills and experience. I have successfully completed over 2000 related projects and the responses are positively overwhelming as you can see from my revie Thêm

\$250 USD trong 10 ngày
(245 Nhận xét)
6.8
\$250 USD trong 10 ngày
(254 Nhận xét)
6.8
swift555

Sir. Let's make the professional deal with an experienced academic writer. Looking forward for your positive response. Relevant Skills and Experience Relevant Skills and Experience From the UK, I am a native English s Thêm

\$295 USD trong 4 ngày
(106 Nhận xét)
6.4
saminakiran2

Dear employer,i have written many papers related to [url removed, login to view] inbox me for further [url removed, login to view] of my work will be shared on request..

\$250 USD trong 3 ngày
(121 Nhận xét)
6.5
Freelancersedo

Dear client? I have read and understood what the economics project needs. I have a lot of experience in handling economics assignment and i will do it well and deliver in time. Contact me for more. Relevant Skills and Thêm

\$250 USD trong 10 ngày
(158 Nhận xét)
6.1
sanjibsahanew

I will provide highly credible and well-researched economic paper with my senior level experience. You may validate my profile as “Preferred Freelancer” with highest trust score - 100%. Relevant Skills and Experienc Thêm

\$300 USD trong 10 ngày
(58 Nhận xét)
5.9
OwnersPride1

Hello, I have read the project completely and understand well, I know what needs to be done. kindly consider me and contact me to discuss further. looking forward to your response Relevant Skills and Experience The qu Thêm

\$555 USD trong 10 ngày
(89 Nhận xét)
6.1
VirtualBrainInc

I have briefly read the description on research development, and I can deliver as per the requirements however I need us to discuss for more clarity on the details, deadline and budget as well. Relevant Skills and Exp Thêm

\$257 USD trong 2 ngày
(72 Nhận xét)
6.2
plane4you

work on an Economic assignment Relevant Skills and Experience Research Writing Proposed Milestones \$125 USD - first dradt \$125 USD - final draft

\$250 USD trong 2 ngày
(91 Nhận xét)
6.0
skylerphd

Hello friend, welcome with your project. I have checked your requirements on this assignment. and confident to deliver a high-quality plag free paper. Is there any instruction sheet provided by your teacher? Please re Thêm

\$555 USD trong 10 ngày
(82 Nhận xét)
6.1
shoguna2m

Hello, my name is Andrés. First of all, thank you for considering my offer. I am a professional in business administration and logistics management with more than five years of experience in professional and academic w Thêm

\$350 USD trong 10 ngày
(45 Nhận xét)
5.7
\$250 USD trong 3 ngày
(57 Nhận xét)
5.5
\$250 USD trong 5 ngày
(36 Nhận xét)
5.7
\$277 USD trong 10 ngày
(44 Nhận xét)
5.5
\$250 USD trong 10 ngày
(48 Nhận xét)
5.3
\$250 USD trong 10 ngày
(34 Nhận xét)
5.2