ECON317 Managerial Economics: Market Structures

ECON317 Managerial Economics: Market Structures

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ECON317 Managerial Economics

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General Instructions

• All assignments are to be submitted on 4 th November 2021 on www.atmsstudentportal.com with the login credentials shared earlier.

• Assignment if submitted to any staff or kept in cc while submitting the soft copy will NOT be considered for marking.

• If assignment is not submitted on date, will follow with penalty of 10% deduction of marks for every day.

• Any Assignment submission extension request must come to Azra Fatima (Head: Examination | Academic) – [email protected] 5 days before the date of submission with a valid reason and supported documentary evidence.

• Similarity between students work is strictly not accepted, any student found with similar work will be graded Zero and fail for the course. However, Plagiarism is an academic offence and will not be tolerated.

• Any reevaluation request should come in one week of grade release. Any late request will not be obliged. (Form and other details shall be shared based on request)

• Any rescheduling request should come and fulfilled within two months after the actual date of the assessment. Any late request will not be obliged.

• Assignment once submitted to exam board is final for marking.

• Program participants are strongly advised to keep a copy of their work in case the submitted copy should go astray.

• Total 90 marks. 10 Marks for Class Participation. Final marks will be converted to 90 marks.

• Please refer the academic guidelines uploaded in the student portal for further information

a) If assignment is Question & Answer based then.

• Introduction is needed for each question.

• Question has to be answered based on the mark allotted for each question with references if any idea or information is taken from other source.

b) If assignment is case based then,

• Executive summary

• Table of content

• Introduction

• Body of assignment (questions related to case need to be answered)

• Conclusion / Recommendation if any

• References (in-text + citation) to be used.

What are the penalties?

The penalties for plagiarism are:

Deduction of marks,

A mark of zero for the assignment or the unit, or Exclusion from the program

This assignment has two parts. Part (A) is problem solving and short answer. Part (B) is a mini project. Answer all questions and do not exceed

3000 words in total.  Part A- Each question carries 9 marks.

1. Cola and pizza are complements. Suppose that the cost of producing cola increases. Explain, using appropriate diagrams, how this will impact the equilibrium price and quantity of cola and how this will impact the equilibrium price and quantity of pizza.

2. Discuss 2 determinants each of the price elasticity of demand and the price elasticity of supply.

3. For lunch, Misha eats only salads or fruit & yogurt smoothies. Her weekly food budget is $48. Each salad costs $8 and each smoothie costs $3.

a. Draw Misha’s budget constraint.

b. What is the opportunity cost of purchasing one more smoothie? What is the opportunity cost of purchasing one more salad?

c. Describe intuitively how Misha should make the optimal consumption decision.

d. Suppose that Misha income falls from $48 to $24. Show what happens to the budget constraint. Is it possible that Misha will consume more salad as a result of this? 

4. The following questions relate to a firm’s costs. 

a. Briefly explain what is meant by the term “fixed costs” and provide an example of a fixed cost.

b. Briefly explain what is meant by the term “variable costs” and provide an example of a variable cost.

c. Explain how fixed and variable costs play a role in the decision for a firm to shut down in the short run and in the long run. 

5. Describe the difference between a market which is characterized by monopolistic competition and by oligopoly competition. Provide an example of each type of market. 

Part B- Each question carries 6 marks.

These following questions are fairly open-ended. We have discussed various market structures in this module, and we are looking for you to apply what you have learned to real-world data.

6. Select a single news article which discusses prices in a particular market. Provide a brief summary of this news article using your own words.

• You are free to select any market and news article of your choosing. For example, it could be an article which discusses the price of gasoline in a country, or an article which discusses the price of housing in a city. It is up to you.

• Some articles will give you a lot more to discuss than others. Searching on google  news is a good starting point. 9. Describe the structure of the market, and relate what is discussed in the article to the concepts discussed in this course.

• For example, can you describe a sudden price jump by a cartel breaking apart, or by a demand shock? Or can you describe a gradual decline in prices by a gradual change in consumer tastes? 

ECON317 Managerial Economics

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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