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1. Interpret and successfully apply economic concepts of supply and demand

1. Interpret and successfully apply economic concepts of supply and demand for effective organisational problem solving.2. Apply quantitative methods to forecast complex business variables including demand, supply, production and costs.3. Critically analyse production processes and cost functions and classify the main forms of market structures as well as recommend appropriate pricing and strategies.4. Critically evaluate the role and impact of various forms of government intervention in the economy including the implications of competition and deregulation policy for managerial practices.

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ASSESSMENT BRIEF
Subject Code and Title ECON6000 Economic Principles and Decision Making
Assessment Module 5 – Assessment 2: Short written assessment
Individual/Group Individual
Length NA
1. Interpret and successfully apply economic concepts of
Learning Outcomes
supply and demand for effective organisational problem
solving.
2. Apply quantitative methods to forecast complex business
variables including demand, supply, production and costs.
3. Critically analyse production processes and cost functions
and classify the main forms of market structures as well as
recommend appropriate pricing and strategies.
4. Critically evaluate the role and impact of various forms of
government intervention in the economy including the
implications of competition and deregulation policy for
managerial practices.
Submission By 11:59 PM AEST/AEDT Friday at the end of Module 5
Weighting 20% in total of 5 Modular written assessments

Total Marks 20 marks

Context:
The short written module assessment allows you to apply your knowledge on the concepts
and ideas discussed during the Module. This assessment will prepare you for the final
report.

Module 5 – Assessment 2: Short written assessment

Page 1 of 6Instructions:
Provide written answers to the following 2 problems. Discuss and explain sufficiently.
Problem A:
The Board of Schmeckt Gut was interested in the demand for our energy bars in Atollia. Therefore,
the Board instructed the Research Department of Schmeckt Gut to conduct a survey in Atollia. The
results of the survey are provided in Table 1.

Table 1 – Survey results for Atollia
Annual average Average income per Tariff rate on imports Number of stores
demand of energy person of energy bars where energy bars are
bars per person offered
106 15500 5 15
90 15810 5 15
93 16395 5 15
92 16887 5 15
91 17495 5 15
110 18282 5 16
109 19013 5 16
122 19508 5 16
82 19898 10 16
84 20276 10 …

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