Managerial Economics - Business Operates - Economics Assignment Help

Assignment Task:

Tasks 
Question one: 
Assume you own and operate a small coffee shop located in a busy shopping complex. You sell a range of hot and cold coffees, muffins and sandwiches. 

A. Using the concepts of demand and supply substitutability, discuss and attempt to define the market in which your business operates. 

b. Product differentiation is seen to be an important part of your competitive strategy. Explain what is meant by the term product differentiation, giving examples that could apply to your market. 

c. Provide and explain two factors that will affect the demand and supply for the hot coffee. Do these factors make a change in demand and supply? Give reasons for your answer.

Question Two: 
As a manager of a retail store, you are responsible for creating a basket of goods and services for a particular set of customers. How would you us the concept and theory of indifference curve in deciding the set of commodities to be offered to different segments of the customers 

Question Three 
“Managerial economic facilitates the process of decision making and it is more multidisciplinary in nature”. How would you explain the significance of managerial economics in decision making related to various functional areas of management 

Question Four 
“Pricing decisions are very crucial to a firm and understanding market structures are more important.” If you are a manager of an organization, how would you suggest to your organization that pricing policies should be decided in view of the changing market structures? 

• Introduction: 
An introduction gives your reader a way into your essay. It is like consulting the map before starting on a journey; it situates the journey in the surrounding landscape, and it identifies the main route. 

You can think of an introduction as covering what / why / how: 

• What the question is about – explain your interpretation of the question and what it is asking you to do. 
• Why the question is important – put the question into context and identify the main issues that are raised by the question. 
• How you are going to answer it – let the reader know what you are going to cover in your essay in order to answer the question 

Body of the essay
In the main body of your essay, you will be developing the ideas and arguments you have outlined in your introduction. You need to integrate your own ideas with evidence from your reading and other research, and critical analysis. 

It's better to discuss fewer things in more depth. Organise your writing in three or four groups of related arguments to keep your overall argument coherent and under control. 

Write in paragraphs and think of each one as a mini-essay with its own introductory sentence (what this paragraph is about) and concluding sentence (what was said in this paragraph). 

Make it clear how your arguments and evidence relate to the essay title and be ruthless in discarding anything that isn't relevant. Irrelevant information can actively lose you marks! 

• Conclusion 
Reading a conclusion should be like looking at a photograph after coming back from the journey; it should capture the essence of the journey and allow people to reflect on where they have been. 

You will need to summarise the main points of your argument, relate these points back to the question, and show the answer you have reached. Think about what your reader knows now that they didn't know at the beginning. 

It is good practice not to introduce any new information in a conclusion, as the main task here is to close the framework of your discussion by referring back to the questions opened up in your introduction. However, it is sometimes appropriate to look forwards and speculate about future developments or trends. In many disciplines, the speculative paragraph comes just before the conclusion. 

Your conclusion should leave the reader with a clear picture of your main argument, and also leave them feeling positive about your ideas.

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