omima - Principles of Microeconomics
student.2020
Group-B.pdf
HIGHER COLLEGE OF TECHNOLOGY DEPARTMENT: BUSINESS STUDIES
Final Examination: Assignment Based Assessment
Semester: II A. Y.: 2019 / 2020 Diploma I and II Year
Start Date: 16-5-2020 Time: 9:00AM
Due Date: 18-5-2020 Time: 9:00AM
Student Name
Student ID
Specialization Section
Level Diploma I –Year
Course Name Principles of Microeconomics
Course Code BAEC1203
For official Use Only
Question No. Max. Marks Obtained
Marks
Question No. Max.
Marks Obtained
Marks 1 5 1 5 2 5 2 5 3 5 3 5 4 5 4 5 5 5 5 5 6 5 6 5 7 5 7 5 8 5 8 5 9 5 9 5
10 5 10 5 Grand Total
Marks 50 50
First Marker: Second Marker:
Date: Date:
Guidelines for Students to Submit the Assignment:
1) The final assessment for semester 2, 2019-20 will be done through comprehensive assignment for a maximum of 50 marks. The schedule of the final assessment is available in the college website. https://www.hct.edu.om/about/the- college/announcements/final-assessment-timetable-041620
2) All the students are expected to have only one assignment at one time. In case, if the students have more than one assignment on the same day, please report to the exam committee through the following mail id. [email protected] as soon as possible.
3) All students are given 48 hours to complete and submit each assignment from the day, date and time the assignment is uploaded. Students are advised not to wait till the last moment of the deadline to submit the assignment.
4) The students can check the assignment anytime and any number of times from the opening of the assignment. The answer to the assignment need to be uploaded in e- learning within 48 hours.
5) The answer to the assignment can be uploaded only one time. No requests for resubmission of the assignment will be entertained.
6) In case students face any difficulties while uploading the assignment in e-learning, they can contact ETC helpdesk.
For Academic related support : Business Courses For Technical Writing 1 For Technical Writing 2 For Technical Communication
[email protected] [email protected] [email protected] [email protected] [email protected]
For issues related to e-mail accounts and Microsoft Teams
Any issues related to E-Learning Moodle
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7) Student may contact their respective lecturer through email (within the 48-hour period given) if they have any doubts and clarifications on the assignments.
8) Student should be aware that this assignment is an independent assessment. Students are not allowed to get help from any other person during the assessment period.
9) Students assignment will be checked for plagiarism through Turnitin software. This assignment will be assessed as per the College Assessment Policy. Student will be investigated in case of plagiarism as per the College policy and procedures.
10) In case the students face any technical issues regarding the submission of assignment, the answer to the assignment can be mailed to the concerned lecturer within the 48- hour period.
11) Any assignment submitted after the 48-hour period will not be considered for evaluation.
12) The assignment should be submitted only the file in MS Word document. No other format is acceptable at all (e.g. pictures, JPEG, PDF, etc.)
13) The students need to answer the assignment in the prescribed number of words as mentioned in the assignment.
14) The students need to follow the following format while preparing the assignment : Font Style: Times New Roman Font Size: 12 point for body and 14 point for Headings Line Spacing: 1.5 Margin: 2.54cm (One inch) on all the sides Page Number: At the bottom right hand corner of each page Colour: All words should be in black colour
15) Students who will fail to submit their assignment as per the deadline given are required to make an online appeal along with the valid excuses as the guidelines which will be announced through the college website or e-learning portal.
Main Instructions:
16) At the time of answer papers submission in the E-Learning, Students have to follow the two things importantly: i) When you are submitting the answer paper through e-learning, Students have
to delete all instructions points from the answer sheet (1-16) (Guidelines for Students to Submit the Assignment):
ii) When you are submitting the answer sheet, delete questions from the answer
sheet. Mention question numbers with the answers.
These are the above two instructions, students have to be followed strictly. Then only it will show less plagiarism percentage, if students are not followed, it shown more plagiarism, due to that you marks may be low.
All the Best
CASE STUDIES
(Suggested time: 48 hours)
Answer all the questions given below the case studies. For every question given, it should be answered with minimum fifty hundred (50) words and
maximum hundred (100) words per question.
Part-I
Food delivery is the present trend nowadays especially that most people are required to stay
home. In the case of Patsy restaurant, the company has effectively operated in Oman for
many years catering to non-Omani and Omani foods. With the required take-out and home
delivery only, the restaurant has to reduce the workforce. Some of the Cooks were separated
and one of them is Zara’s father. The family has stayed in Oman living comfortably. Her
family enjoys their wealth by spending on different luxury products. Now that the father
loses his job, the family started to live on their remaining limited resources.
Q1 What concept/s can best describe the situation and how can the family survive their present condition. (5 Marks)
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Part-II
Zara’s family did not lose hope. The father can either look for another restaurant for
employment or partner with other friends to start a homemade cooked food delivery. But
before they decided on this business, the group conducted a study to finally make a choice of
a new venture. Now their problem is to choose which business will continue to support their
families.
Q2 Explain the five problems that must be faced (or) dealt with before attempting to start the business. (5 Marks)
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Q3 Describe the opportunity cost of each choice whether to apply for another job or put up a business. Defining Opportunity cost 2.5 Marks+ answer related to case 2.5 Marks)
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Part-III
In order to assure success, the new business has to consider the demand and supply situations
in Oman. The new delivery business may face competition with similar business but offering
other type of food (Asian, Indian, Arabic dishes). Now that there is a lockdown, the supply
of some of the materials needed may not be available in the market. Further, some homes are
also extra careful in ordering food and would rather cook their own in their kitchen. The new
business will also have to prove that they are practicing safety measures to assure customers
that their food is safe. They found out that the present virus situation has led to shortage of
protective items like masks and gloves.
Q4 Explain five factors that can specifically affect the increase and decrease in the demand for the homemade food delivery. (5 Marks)
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Q5 Explain five factors that can specifically affect the supply of these items that are needed by the new business. (5 Marks)
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Part-IV
When the business was launched, initially they offered eight (8) types of meat dishes,
vegetable dishes and seafood. There are also desserts and sandwiches. Knowing that they
have competition with another homemade food delivery company, the business lowered its
price from 5 RO to 3 RO per dish. Likewise, the number of dishes was increased to ten (10).
Q6 What kind of elasticity is being shown here? Calculate the elasticity. (5 Marks)
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Part-V
In order to minimize costs, the business uses a vacant room in one of the partners’ house to
store the products. The business is also being run by members of the family like their wives
and Zara and the other children. They deliver the products to the different shops using their
own van. They deliver the products to the different shops using their own van. Power and
Wi-Fi per month cost the business 400 RO. Raw materials which are the ingredients for the
food costs 250 RO per week. Petrol is about 60 RO per month. Repairs and maintenance of
the van costs 30 per month. Salaries in the form of allowances to the two Helpers cost 35 RO
each per month. Profit for the first month was 3000 RO and during the second month it
increased to 5,000 RO.
Q7 Solve for the firm’s: 1) fixed cost; 2) average fixed cost; 3) average variable cost; 4) average total cost and 5) marginal revenue for the first and second month. (5 Marks)
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Q8 Describe the explicit and implicit costs in this situation. (5 Marks)
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Part- VI
Putting in mind the situational demands for their homemade foods, the business relates with
their customers on a daily basis. The business keep tract of the market prices and the news
related to the operation of the business. Zara being a college graduate is a big help to the
business. She gives feedback and suggest strategies to her father and the partners. Now they
are concentrating only on specific dishes per day but since she is aware of the competition,
the business will try to keep operating. There may be seasons that the business may just break
even and they are expecting this.
Q9 What kind of market structure is being described here and what other characteristics does this market structure show. (5 Marks)
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Q10 What will the business do in the following situation
1) When the prices in the market is higher than equilibrium price. (2.5 Marks) 2) When there is shortage of demand. (2.5 Marks)
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