Microeconomics Assignment

Hello. I have an assignment in microeconomics that includes two case studies and 10 questions. The limit for each question is 100 words only.

HIGHER COLLEGE OF TECHNOLOGY

DEPARTMENT: BUSINESS STUDIES

Final Examination:
Assignment Based Assessment

Semester: II A. Y.: 2019 / 2020
Diploma I and II Year

Start Date: 16-5-2020 Time: 9:00AM
Due Date: 18-5-2020 Time: 9:00AM

Student Name
Student ID
Specialization
Section

Level Diploma I – Year
Course Name Principles of Micro Economics
Course Code BAEC1203

For official Use Only

Question No. Max.

Marks

Obtained

Marks

Question No.
Max.

Marks
Obtained

Marks
1 5 1 5
2 5 2 5
3 5 3 5
4 5 4 5
5 5 5 5
6 5 6 5
7 5 7 5
8 5 8 5
9 5 9 5

10 5 10 5
Grand Total

Marks 50 50

First Marker: Second Marker:
Date: Date:

Guidelines for Students to Submit the Assignment:

1) The final assessment for semester 2, 2019-20 will be done through comprehensive
assignment for a maximum of 50 marks. The schedule of the final assessment is available
in the college website. https://www.hct.edu.om/about/the-college/announcements/final-
assessment-timetable-041620

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11) Any assignment submitted after the 48-hour period will not be considered for evaluation.

12) The assignment should be submitted only the file in MS Word document. No other format
is acceptable at all (e.g. pictures, JPEG, PDF, etc.)

13) The students need to answer the assignment in the prescribed number of words as
mentioned in the assignment.

14) The students need to follow the following format while preparing the assignment :

Font Style: Times New Roman

Font Size: 12 point for body and 14 point for Headings

Line Spacing: 1.5

Margin: 2.54cm (One inch) on all the sides

Page Number: At the bottom right hand corner of each page

Colour: All words should be in black colour

15) Students who will fail to submit their assignment as per the deadline given are required to
make an online appeal along with the valid excuses as the guidelines which will be
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Main Instructions:

16. At the time of answer papers submission in the E-Learning, Students have to follow the
two things importantly:

i) When you are submitting the answer paper through e-learning, Students have to

delete all instructions points from the answer sheet (1-16) (Guidelines for
Students to Submit the Assignment):

ii) When you are submitting the answer sheet, delete questions from the answer

sheet. Mention question numbers with the answers.

These are the above two instructions, students have to be followed strictly. Then only it
will show less plagiarism percentage, if students are not followed, it shown more
plagiarism, due to that you marks may be low.

All the Best

CASE STUDIES

(Suggested time: 48 hours)

Answer all the questions given below the case studies. All the questions have to
be answered in minimum fifty hundred (50) words and maximum hundred

(100) words per question.

Price fluctuations in oil industries

Part – I

The average people in a country use about 20 barrels of oil each year in a country. And the usage

of this commodity is not avoidable. This is one of the important parts of our expenditure, and this

is the commodity where the price will change quite often.

Years before, around 2010 there were a long period of high prices. And this affects the largest

part of this sector, production stopped because of the hike in prices and the demand side got the

final effect. To manage this situation, the government provides funds for research, to identify the

source of reducing the production cost so as to fix low price.

The period of high prices affects the oil industry a lot and they decided to increase the supply.

Questions:

1. Identify the central economic problems of an economy relating to this situation and

derive your own conclusion: ( 2.5 + 2.5 marks)

________________________________________________________________________

________________________________________________________________________
________________________________________________________________________

________________________________________________________________________

2. When a seller is forced to sell below the “reserve price”, Comment this with the reality

in the supply market: ( 5 marks)

________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________

3. How the explicit and the implicit costs constitute the total cost of production in oil

industries? (2.5 + 2.5marks)

4. If the price hike continues, what is the effect of oil suppliers market in the long run?

How it will affect the individual consumer in the consumption pattern? Explain

(2.5 +2.5 = 5 marks)

5. Describe the opportunity cost towards research and what are the opportunities

foregone? ( 5 marks)

Part – II

After the mid of 2014, the oil prices started declining due to many factors, like political issues in

different countries, alternative source of oil industries started coming up, more producers started

investing in this sectors all these creates, large quantities of oil. This decline in oil prices affects

the demand and the supply side of the economy, ultimately affects the revenue of this industries.

They have to go for different marketing structures in different counties to boost this industry.

Questions:

6. Briefly explain the suitable model of market structure for this industry ( 5 marks)

7. Illustrate the relationship between average revenue and marginal revenue in

relation to the marketing structure (2.5 +2.5 = 5 marks)

8. Explain the concept of Law of supply and its applicability in oil industries. ( 5 marks)

9. Relate law of demand in oil industries and how it can be used to explain the pricing
of a product (2.5 + 2.5 = 5 marks)

________________________________________________________________________
________________________________________________________________________

Part – III

Now because of COVID-19, the lockdown makes this industry highly shattered, Less movement

of vehicle, less or no manufacturing sectors apart from few commodity, all these creates again a

big dilemma in this industry.

Question:

10 Show how the equilibrium price will change in oil industries the in relation to the

fluctuation of prices ( 5 marks)

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