noor - Principles of Microeconomics

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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 Micro Economics 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

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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):

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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. All the questions have to be answered in minimum fifty hundred (50) words and maximum hundred

(100) words per question.

Part-I It has been recently witnessed, highest level of raw sugar price due to problems with supply.

Demand for sugar in some countries is increased due to the use of raw sugar to produce

alternative products. On other side it was observed, severe downtrend in production of sugarcane

due to the adverse climatic conditions and lead to price increase. The International Sugar

Organisations foretold that global consumption of sugar is likely to outstrip production in years to

come. In the developed countries, snack producers demanded to increases the import of raw

sugar, so that there won’t be stock out situations. Analysts forecasted that most retailers business

will not be effected because portion of sugar in consumers basket is less and thereof rarely

increase in price will be noticed.

On other side, a research suggests that consumer’s consumption of sugar based beverages and

food items are decreasing. This shift in consumer taste and habits and health consciousness mind-

set influenced the manufacturers to come up with sugar less beverages and food items. It has

been observed from the research conclusion that sugar less food items are having high demand in

urban markets when compared to rural markets. Further, Availability of sugar based products in

the market reveals that even thou consumers are health conscious a large segment of customer

adore sweet based products in their daily cuisine.

Questions: 1. Identify and explain which central economic problems you find in the case. Illustrate

with the help of microeconomics tool how the central economic problem notified in

the case can be solved?( 2+3=5marks)

________________________________________________________________________

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2. Apply concept of law of supply and demand to the scenario in the case, identify and explain the exceptions or assumption of law of demand you seen in sugar context.

( 3+2=5marks)

________________________________________________________________________

__________________________________________________________________

3. The demand for sugar is price elastic or inelastic? Give reason in support of your explanation? ( 2+3=5marks)

________________________________________________________________________

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4. Justify your choices and explain whether any given change in supply or demand of sugar will have a bigger effect on the equilibrium price of quantity. ( 2+3=5marks)

________________________________________________________________________

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5. Illustrate the type/form of competitive market prevailing in the case. How might

companies such as Mars and Nestlé react to an increase in the price of sugar? (

2+3=5marks)

________________________________________________________________________

__________________________________________________________________

6. Illustrate the situations you identify for the following cost in the case (3+2=5marks)

Type of cost Describe the Situations from case Effects

External

cost

Social cost

Private cost

Opportunity

cost

7. Consider the situations mentioned in case illustrate the relationship between Production (output) cost and revenue.

________________________________________________________________________

__________________________________________________________________

8. Identify normative and positive statements in the case and Give the reasons why those statements are normative and positive. ( 2+3=5marks)

___________________________________________________________________________

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9. As the demand of the consumer changes with the increase in health consciousness among consumers, there will also be change in the equilibrium Price and Quantity.

What are the factors that will affect the shift in equilibrium? Illustrate the answer with a

table and a graph. (1.5+1.5+2=5marks)

________________________________________________________________________

__________________________________________________________________

10. Analyse the factors which might influence the profits of sugar manufacturers give reasons to support your answer. (2+3=5marks)

___________________________________________________________________________

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