Introduction to Microeconomics
|Output –Cost/Revenue information is very important to all firm around the world in order to take any crucial decisions including pricing decisions. Since we are living in a globalized word and in a competitive business environment, business people are mainly looking for comparative cost advantage to survive in business. Therefore understanding cost information is very important now-a-day’s business. You are the future managers or business people in Oman so thoughtful of output –cost/revenue relation is crucial.
Research Project Topic
Consider the short -run cost conditions of a Small and Medium Enterprise (SME) in Oman, either you are familiar with or you are working for and lay the output –cost/revenue /profit/loss information of the firm in the following table -1 and answer the subsequent questions (a, b………f,) linked to the prevailing cost conditions of the selected firm.
Note:Your research project should reflect on the chosen firm’s product, the raw materials used for production, the customers, the suppliers and the selling strategies, if any.
Abbreviations: Total Cost (TC), Total Variable Cost (TVC),Total Fixed Cost (TFC),Average Cost (AC), Average Fixed Cost (AFC), Average Variable Cost (AVC), Total Revenue (TR), Average Revenue (AR) and Marginal Revenue (MR)
Introduction to Microeconomics Questions
|a. What is your explanation on prevailing cost conditions of the chosenfirm?b. Do you think that a reduction in the firm’s variable cost would be beneficial for the company in the short run? If yes, why, If no, why not?
c. Suggest howthe firm can reduce the total cost of production?
e. What is the relation between the firm’s output and it’s marginal cost?
f. Draw graphs for MC, TC and MR and compare.
Your assignment should contain the information ofthe firm, which you have chosen, as an introduction.
|Submit a hardcopy of yourassignment, on or before 2th of December 2018,to your tutorsin .docx or .pdf format.
Submit your project with a cover page. This should include:
1. The course title
2. Course Code
3. Tutorial tutor
4. Assessment title
5. University student ID numbers (4 students in a group)
6. Use page numbers.
a) Cover page
e) Solution of questions
Introduction to Microeconomics Grading Criteria
|You are required to be familiar with the relevant theory of Output –Cost function/revenue informationYour project might be rated mainly in accordance with your answers for the questions given. Write clearly and professionally.
Marking Criteria –based on the following areas:
1. Evidence of student’s knowledge on, cost and revenue of the chosen firm, in the provided output -cost /revenue table
2. Style in answering questions
3. Justification of the answers
4. The reliability or connection link between output -cost /revenue information provided in the report
5. Any recommendation for the firm on profit/loss
6. Clear and rational structure.
7. Reference Style (Harvard)
GENERAL GUIDELINES FOR WRITTEN ASSIGNMENT
The assignment should have:
A Cover page: The cover sheet must include the following information:
- Student ID
- The course title and code;
- Use Times New Roman, and be consistent and use the same font throughout.
- Avoid coloured backgrounds.
- Use 12 point for the body of your assignment and 14 for headings.
- Use 1.5 spacing and fairly wide margins.
- Leave a blank line between paragraphs.
- Justify your work
- Use bold for headings. Not underlining or italics.
- Number all pages except the title page.
- Tables and figures (if included) must be numbered and clearly labelled. Table captions should be placed above the table, while captions for a figures below the figure.
- Don’t number the items in a reference list.
Total words 1500
Remember that the cover page, reference list and appendices are not included in the word count.
Avoid Plagiarism. Sohar University Policy on plagiarism would be applied.
The reference list will come at the end of the assignment, and should start on a new page labelled ‘References’.
Harvard style of reference
Introduction to Microeconomics
Last Updated on February 11, 2019 by EssayPro