BUSN6120 Managerial Economics Assignment Sample Malaysia

The student examines the application of microeconomic theory as applied to managers’ responsibilities within an organization. This course should emphasize economic principles, with a quantitative and qualitative approach for analyzing business cases that are being considered by management teams at all levels in order to determine whether they would be viable investments or not based on current market conditions.

Economics is the study of how people and society choose to allocate scarce resources. We will provide a sample assignment that tackles managerial economics in Malaysia. It will discuss how different factors, such as population size and GDP per capita, affect the allocation of resources in this country.

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The objective of this sample is to give students an example of how they should approach their assignments for BUSN6120: Managerial Economics. Malaysian managers should also find this information useful when deciding which strategies to implement at their own companies. These include resource allocations such as labor and capital investment, production levels, pricing decisions for goods or services offered by firms, etc.

BUSN6120 Managerial Economics Assignment Solutions

By the end of this case study, you will be able to:

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Assignment Activity 1: Students understand how market forces affect price and quantity

Price and quantity are both dependent on the balancing point of supply and demand, but the easiest to understand is price. Supply and demand work together to ultimately decide prices. When there is a large increase in desire for a product or service, the supplier will respond by increasing the production of that product or service. If suppliers need help, manufacturers may jump into action with new investment plans because more customers mean they have better opportunities to sell their products.

Increased interest from customers also means that they will put pressure on their suppliers for higher quality at lower prices which creates incentives for businesses to innovate new ways to produce goods faster and cheaper – even if it doesn’t necessarily make sense from a profit-maximizing perspective! This process can go both ways. There’s what’s called a “boomerang effect” where price increases can induce demand, which induces further price increases.

Both supply and demand curves work together to determine the market equilibrium – where the total quantity demanded equals the total quantity supplied at a certain price level. The market equilibrium is also known as Market-clearing price or competitive equilibrium price.

Assignment Activity 2: Students understand elasticity and its relationship to pricing and revenue

Understanding elasticity is paramount for students in economics. It deals with the responsiveness of consumer demand to changes in price for a good. Understanding how economies work and how economic forces impact society are all rooted in what is taught in the class. This field deals with both macroeconomics, which deals with factors that deal with whole societies, and microeconomics, which takes into account individual reactions to events happening within an economy on smaller scales. So it’s sure that when one understands elasticity there’s more than likely something they can apply towards their degree course or career aspirations down the line!

Elasticity plays best out in markets where individuals have a considerable choice- power regarding how much they purchase at various prices. This may be the case, for instance, with private label goods like grocery items that are on sale at various outlets. If shoppers see that one store is offering a better price than another, they don’t have to purchase their groceries at their default brand; they can easily choose not to buy the product instead of saving some money.

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Assignment Activity 3: Students can utilize statistical analysis to assess product demand conditions

The estimated product demand curve for this group of customers has an inverse U shape, with customers being most inclined to purchase at low prices. Once the price is raised beyond this optimal sweet spot, sales will begin to decline. A different curve would apply for a new demographic, such as teenagers who are more “splurge” oriented versus seniors who are more “specialty” oriented. The shape of their curve would be different because there may not be a high enough demand level at the low end, or perhaps there simply isn’t any interest in that type of product from that particular demo.

Once you have obtained your estimated demand curve by analyzing surveys and other data from comparable populations which reflect conditions in your community, it’s time to see your product’s estimated price elasticity of demand. If this number is high, it means that factors such as a change in prices and other external conditions will have a significant impact on how often the item is purchased at the retail level. This could be perceived as a warning sign because if consumers can easily change their behavior to purchase your brand of dog food at, say, Walmart instead of your local pet store for a lower price, the manufacturer may need to re-evaluate their pricing strategy. For your product’s category as a whole, it will be harder for rival companies to match prices and sell the same items because there is no direct correlation between one item and another.

Assignment Activity 4: Students can utilize industry analysis to assess market position

Industry analysis is a qualitative assessment that utilizes the SWOT framework to help identify a company’s strengths, weaknesses, opportunities, and threats. The goal of an industry analysis may be different for each organization depending on the business objectives. For instance, when an organization is looking to grow their customer base or increase their market share in existing target markets it will look at what would happen if there was less competition from other companies who are also trying to make gains in these same markets, whereas if the company is looking to diversify its services and expand into new territories outside its current market it will look at how many of these new customers exist who live in those more remote areas with great potential but very little competition.

Market analysis can be conducted using both primary and secondary sources, but it is usually advised to use multiple secondary data sources because these types of analyses are often very subjective. This means that there will probably be varying perceptions regarding your company’s abilities to hold its own within an industry, which is why other information outside of simple customer feedback or another qualitative survey is useful to supplement your findings.

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