FIA2241 Principles of Microeconomics Written Assignment 2026 | XMUM

FIA2241 Written Assignment (25%)

Question

You and your team are aspiring entrepreneurs, preparing to launch a new business venture. As part of this process, you will apply fundamental economic concepts essential to starting and managing a successful enterprise. Throughout the assignment, your analysis and decision-making will be supported by credible data, well-constructed diagrams, and reputable sources.

1) Discuss your business and the industry’s market structure. (24 marks)

• Choose a product and give explanation in relations to its function
• Explain your rationale of choosing the product.
• Describe the market structure of your industry and justify your choice.

(You may refer to Chapters 7 to 10 for introductory information.)

2) Discuss the supply and demand conditions that determine equilibrium price and quantity in your market. (20 marks)

• Discover THREE (3) determinants to demand and THREE (3) determinants to supply for your product.
• Explain in detail how each of these determinants affect market equilibrium price and quantity using demand and supply graph(s).

(You may refer to Chapters 2 to 4 for introductory information.)

3) Discuss factors of production involved in your production. (20 marks)

• Describe and explain the key factors of production utilized in your business, providing clear and relevant examples for each.
• Classify the inputs or resources used in the business into fixed inputs and variable inputs, and provide detailed explanations for why each is classified under its respective category.

(You may refer to Chapters 1 and 6 for introductory information.)

4) Discover a competitive strategy in your market. (26 marks)

• Find out about key competitors and discuss their strengths and weaknesses.
• Discuss type of price elasticity of demand (PED) for the product.
• Determine how the type of PED (identified in part b) influences your firm’s total revenue. In your explanation, consider the prices, associated costs, and profit expectations.
• Determine THREE (3) non-price competition strategies and describe how these strategies are implemented.

(You may refer to Chapters 5, 9 and 10 for introductory information.)

5) The compliance with formatting requirements. (5 marks)

6)   The use of in-text citations and referencing. (5 marks)

—— THE END —–

Requirements

1. Number of members: 5-6 persons. No group is allowed to have less than 5 or more than 6 members unless approval is first sought from the lecturer. You may form a group with students from different BS groups that are assigned to the same tutor.

2. ALL members must contribute to the writing of Question 1, 2, 3 and 4. This is to ensure that each member plays his/her role in the important or major part of the assignment for learning purpose, as well as to also ensure the fairness of distribution of work.

3. Maximum of 3,000 words excluding cover page, title page, table of contents, references and appendices.

4. Formatting:

• Arial font
• Font-size 12
• 5-line spacing
• Justified alignment
• Bold all main topics and sub-topics

5. Provide proper in-text citations and a complete reference list for all data and information used. Journals, articles, and credible websites are acceptable but not Wikipedia, blogs or random tutoring sites without credentials. Failure to do so may result in a reduction of marks.

6. Create your own charts, tables, and diagrams using MS Excel whenever possible. Marks will be awarded for original visuals that are clearly labeled with titles, units, and data sources located below each visual. Copy-pasting numerical visuals from websites will not earn marks. You may include non-analytical images (e.g., logos or symbols) if properly referenced and used appropriately.

Answer

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