Convincing Features
Assignment Type
Subject
Uploaded by Malaysia Assignment Help
Date
| COURSE CODE | GECO5113 |
| COURSE | BUSINESS ECONOMICS |
| PROGRAMME | MBA /MIM |
| DUE DATE | 15th APRIL 2026 |
| MARKS | 20 (CONTRIBUTING 10% OF THE OVERALL MARKS) |
(Please change the instruction according to your subject)*:
(Excerpt from Item 17.0, Unirazak Academic Regulations for Postgraduate Programmes)
1) Plagiarism refers to the unauthorized use or close imitation of the language and thoughts of another author without acknowledgment, and to represent it as one’s own original work in fulfilling an academic requirement such as in assignments, dissertations, and thesis.
2) This also includes any usage of AI tools such as ChatGPT or any similar tools.
3) A Student who committed plagiarism will be penalized based upon a decision made by the Faculty Academic Committee.
4) Details of the prohibition against plagiarism can be referred to the Unirazak Student Regulations Book.
(Excerpt from Item 21.4.2, Unirazak Academic Regulations for Postgraduate Programmes)
1) A student who has committed misconduct or academic wrongdoing can be charged with Academic misconduct according to the University and College University Act, 1971, Regulations of the University (Students Disciplinary).
a) Giving, receiving, or possessing notes or some other materials in various forms relevant to the course during the examination inside and outside of the exam hall
2) If the student is found guilty of misconduct by the Faculty Academic Committee and pending the approval of the Senate, the student can be penalized as follows:
a) Receive a ZERO (0) mark for the examination
OR
b) Receive a ZERO (0) mark for the course
OR
c) Receive a ZERO (0) mark for all registered courses for the semester
OR
d) Suspended from study for a duration specified by the Senate.
Students who are caught breaching the Examination Rules and Regulations will be charged with Academic Dishonesty. If found guilty of the offence, the maximum penalty is expulsion from the University.
In 2020 the Organization of Petroleum Exporting Countries (OPEC) raised the price of crude oil in world oil markets., because crude oil is the major input used to make petrol, the higher oil prices reduced the supply of petrol. In the Malaysia, long queues at petrol stations become commonplace, and motorists often had to wait for hours to buy only a few gallons of petrol. What was responsible for the long queues at the petrol stations?. Most people blame OPEC. Surely, if OPEC had not raised the price of crude oil, the shortage of petrol would not have occurred. Yet economists blame Malaysia government regulations that limited the price oil companies could charge for petrol. Eventually, the law regulating the price of petrol were repealed. Lawmakers came to understand that were partly responsible for the many hours Malaysian lost waiting in line to buy petrol. Today, when the price of crude oil changes, the price of petrol can adjust to bring supply and demand into market equilibrium.
Quick Quiz: With an appropriate diagram, define price ceiling and price floor and give example of each. Which leads to a market shortage? Why leads to a surplus? Justify your answer.
(10 marks)
Have you ever walked into a restaurant for lunch and found it almost empty? Why, you might have asked, does the restaurant even bother to stay open?. It might seem that the revenue from the few customers could not possibly cover the cost of running the restaurant. In making the decision whatever to open for lunch, a restaurant owner must keep in mind the distinction between fixed and variable costs. Many of a restaurant’s costs- the rent, kitchen equipment, tables, plates, silverware, and so on- are fixed. Shutting down during lunch would not reduce these costs. In other words, these costs are sunk in the short run. When the owner is deciding whatever to serve lunch, only the variable costs – the price of the additional food and the wages of the extra staff- are relevant. The owner shuts down the restaurant at lunch time only if the revenue from the few lunchtime customers fails to cover the restaurant’s variable costs.
Quick Quiz:
a) How does the price faced by a profit-maximizing competitive firm compare to its marginal costs? Explain.
b) With an appropriate diagram, when does a profit-maximizing competitive firm decide to shut-down? And when does a profit-maximizing competitive firm decide to exit a market in short run?
(TOTAL: 10 MARKS)
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Students working on this GECO5113 Business Economics assignment often get stuck while explaining concepts like price ceiling, market equilibrium, and firm decisions with proper diagrams. It’s not always easy to connect theory with real case studies and justify answers clearly.
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