7q2o - 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 – Level

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

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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

BISHAR group is offering storage and transportation services through direct import of various fruits, meat and vegetables which are hugely required in Sultanate’s of Oman.

This group is having their business agreement with various other countries to import the required quantities of goods. They are also extended their business contract with the other shipping agencies in the Sultanate.

Ammarbinsaif Al-habsi, who is working as a branch manager for BISHAR Group, announced that, the group main objective is to provide the required supplies to the entire Oman citizens irrespective of Covid-19 situational challenges. The required custom formalities are also completed with the export country authorities who are accepted to export the supplies from their countries.

He also stated that, previously their group is operated only in two marine routes; but now they are extended to one more route and totally through three marine routes they are importing the required supplies. Various businessmen, commercial agents and traders are also more depending on the same routes to import and export their products to other destinations.

He appreciated the adoption of the application of modern systems and technologies to accelerate the pace of clearance and customs inspection of all goods and products before their arrival in the Sultanate through Bayan system.

Al-Habsiinvited all stockist, wholesalers, retailers and importers in the Sultanate to utilizetheir service. He also requested the exporters to take advantage of the facilities available in the Omani ports.

Questions:

1. How BISHAR group business is helpful to the economy during the current lockdown situation; justify your answer with any five valid points. (5*1 = 5 Marks)

______________________________________________________________________________

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2. BISHAR company has an option of trading other products instead of fruits and vegetables. Check what are the various other products that can be traded in the given situation and what could be the opportunity cost of it. Draw the model table and explain the concept of opportunity cost with the examples of trading vegetables/fruits or other new product. (3+2 =5Marks)

______________________________________________________________________________

3. Assume that, due to restrictions in transportation trading of vegetables has been effected. In this case how the price of the products will be changed by the change in transportation cost. (5 Marks)

______________________________________________________________________________

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4. Discuss any two determinants of price elasticity of demand which are applicable to the nature of business of BISHAR group. (5 Marks) ______________________________________________________________________________

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5. Due to lockdown situation in other GCC countries, supply of fruits are decreased, if so how supply curve moves; draw the model diagram (2 Marks) and give a detailed explanation about shift in supply curve (2+3 =5 Marks) ______________________________________________________________________________

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6. BISHAR group wants to calculate the cost incurred in this business. List down various kinds of cost incurred. Draw a table and illustrate the cost incurred for the Company. Calculate TC, TVC, and TFC. ATC for various assumed levels of outputs sold. (1+4=5 Marks)

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7. Based on the price of the products sold BISHAR group wants to estimate revenue earned. Illustrate with a table how AR, MR and TR will change with the quantity sold. (5 Marks)

______________________________________________________________________________

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8. As per the information given about BISHAR group find the kind of market it belongs to; (1 Mark) and also discuss any four (4) characteristics of that particular type of market. (4*1 = 4 Marks) ______________________________________________________________________________

______________________________________________________________________________

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9. “Transporting vegetables and fruits is a difficult business due they are very perishable items; and needs lot of storage facilities. As the summer approaches the cost to preserve the products is also increasing.” Based on the above given situation explain how the profitability of the company changes as the summer approaches. Illustrate the answer with combination of Cost, Revenue and Profit. (5 Marks) ______________________________________________________________________________

______________________________________________________________________________

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10. Understand the elasticity of demand of the product supplied by the company. Based on the Elasticity of the product decide what would be beneficial for the company to decrease the or increase the price. (5 Marks)

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