BUS509: Introduction to Economics - Opportunity Cost Concept - Economics Assessment Answer

BUS509

Economics Assessment Task

FIRST: Identify clearly your business (project) idea, objectives, and nature.

SECOND: Apply the opportunity cost concept (showing explicit and implicit cost) to five strategic decisions you may make in your project. Economic and accounting profit should be computed, whenever applicable.

THIRD: To check for the knowledge gained from PPF as a tool to show the efficient allocation of resources, suppose your project produces only two products (two goods,
two services, or one good and one service). Show the trade-off between the production of these two products under the condition of scarce resources, bearing in mind that the production process should be efficient.

FOURTH: As a manager of the project, discuss the effects of the consumers' behavior (choice) on the sales of your products if:
1. A value-added tax (sales tax) of 10 % is imposed by government on product X you produce.
2. You plan to increase the price of your product X by 15 %.

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