Economics for Managers Assignment (Report + Excel)

Economics for Managers Assignment (Report + Excel)

Task

In a team of no more than 3 members, you will examine a UAE business and apply key Economic concepts to its performance, covering the first 5 Learning Outcomes of the course.

In BUS 1103 Economics, you will be graded as follows:

•    An Individual Oral Defense presentation/interview worth 1/2 of the project score.
•    A formal written academic report summarizing findings as a result of research (as outlined)
worth 1/2of the project score.
•    Pay attention to your spelling, grammar and headings as these will affect your marks.

The group task as a whole is worth 40% of your Total Course marks.

Project Instructions

Introduction

The team will first need to identify a UAE business to examine in terms of Economic concepts.  It is strongly recommended that you choose a local small business to conduct your research, as you will need to interview a manager at the business later in the project.  There is a list of online sources at the end of the project outline to help you with your research, but you should not depend only on these resources.

Research Report Outline (content and instructions)

1.    Main Products & general characteristics of the firm

a.    Give brief background information about the business, including, total revenue/sales and the location of its headquarters.

b.    Identifythreeimportant products / services that this business sells.  Describe the products. Research how the prices of these threeproducts/services have changed in the last two years.  List these prices and, the amounts sold (estimate, if actual amounts are not available.)Create an Excel worksheet as shown below.  Worksheet instructions will be given in BUS 1203 Software.

c.    Discuss two opportunity costs your firm needs to consider in its business decisions.

d.    Describe one scarcity issue your firm has to deal with on a regular basis.  How do they deal with the issue?

2.    Analysis of the firm’s supply and demand:
Choose one of the products/services you identified in ‘a’ above. Use demand and supply diagrams to explain the items below. Note that you do not need numbers to do this, just show the shifts that take place.

Be sure to label all parts of your diagrams, including equilibrium prices and quantities.

a.    Consumers’ income: In your explanation, identify if the product/service is a normal or an inferior good by indicating how changes in consumers’ income would affect the product’s demand.

b.    Prices of competing products/services: In your explanation, identify a competing product/service and indicate how changes in the price of the competitor would affect the product’s demand.

c.    Number of consumers: In your explanation, identify what type of consumers (e.g. age, sex, income level) use this product/service and how a change in the demographics would affect the product’s demand curve.

d.    Technology: In your explanation, identify how a change in the company’s technology would affect this product/service supply curve.

e.    Number of competitors: In your explanation, identify who the competitors are and how the entry or exit of companies in this industry would affect this product/service market.

f.    Costs of production: In your explanation, identify one of the types of cost of production and indicate how a change in these costs would affect the supply curve.

g.    Indicate one other non-price determinant can change either the supply or the demand for this product and show this change in a diagram.

3.    Analysis of the Price Elasticity of Demand for one of the products.
Choose one of the products/services you identified in ‘2a’ above.

a.    How would you characterize the price elasticity of demand (PED) for this product/service? Refer to the ‘determinants’ of elasticity mentioned on pages 146 and 147 of your textbook.

b.    Draw a diagram showing the price elasticity of demand you identified. If you don’t have actual figures, use page 145 charts: which one would best represent the PED for the product you chose?
You do not need to calculate the elasticity, just apply the concepts appropriately.

English, Research and Organization (Formatting instructions given in BUS 1203 Software)

Grammar and Style
•    Approximate Report Length : 1200 Words
•    No spelling errors, grammatical mistakes or typos
•    Proper headings and sub-headings.
•    Proper 1 inch (2.5 cm)margins (left, right, top, bottom); 1.5 line spacing; Font size 12; Times New Roman (for a written project)
•    Cover page, table of contents (TOC), page breaks, citations, bibliography, and product chartas required in BUS 1203 Software.
Tables, Diagrams, Charts and Figures
•    Include some tables, diagrams, charts and figures in your report.
•    Number the tables and provide titlesthat briefly summarize the table, chart, diagram, and figures.
•    Make sure the information in the tables, diagrams, figures are used to support the main points you are making in your report.
•    Be sure to explain and reference tables, diagrams and figures in the report.
Careful, Precise Writing
•    Carefully edit your report.
•    Use your own words.
•    Ensure that all items cited in the report are listed in references.
•    Define all abbreviations used in the report.
•     Use appropriate words and appropriate economic terminology. Do not use words to impress, use them to convey your idea.
References
•    You must include a Bibliography or‘Works Cited’ page to show your sources using APA format. Also, include a minimum of three (3) citations (references)in your report to show your sources.
•    Some companies also may require a letter that shows that your research is for academic purposes. Inform your teacher as soon as possible so there will be no delays. If necessary, ask your teacher for a confidentiality letter as well.

Suggested online sources

The following online sources are available on the web or through the Learning Centre at your college:
•    Federation of UAE Chambers of Commerce and Industry – at http://www.fcciuae.ae/en/
•    Hubbard, R. Glenn and O’Brien, A. Patrick – Economics – Pearson Prentice Hall – 2009 2nd Ed.
•    Mankiw, N. Gregory – “Principles of Economics” – 5th edition – Southwestern – 2009
•    Zawya Dow Jones – at http://www.dowjones.com/product-dj-local-languages-middleeast.asp
•    Zawya Middle East- at http://library.hct.ac.ae/screens/wam.html#business

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