This is an applied writing exercise which assesses your ability to analyse
microeconomics theory and concepts into real-life situations. It comprises the
following theories/concepts: (i) Theory of consumer behaviour; (ii) Theory of
production; (iii) Theory of demand and supply; and (iv) Theory of opportunity cost.
The essence is to test your understanding of the microeconomic concepts on different
but interrelated areas; provide you with value added knowledge on your analytical
skills; and assist you in relating microeconomic topics with justifiable argumentation.
You are required to choose any TWO of the following theories/concepts, and write a
comprehensive report:
(i) Demand and Supply Analysis
(ii) Theory of Production Cost
(iii) Game Theory
(iii) Pricing Theory
Your report should include:
(1)
Introduction: Identify and describe the two theories/concepts in detail.
Provide the overview/background of the theories/concepts. Briefly introduce the
problem in relation to the chosen theories/concepts. Use diagrams where necessary
(about 500 words).
(2)
Journal Review: Review a minimum of six peer-reviewed journal articles
(three for each theory/concept) for issues related to the two theories/concepts chosen
in (1). Your discussion should include the research questions and their relationships
with the theories/concepts, main findings, and conclusion. The report must be well
organized (about 800 words).
(3)
Organization Analysis/Case Study: Choose any two firms or organizations
(one for each theory/concept), and provide their details (e.g., name, location, size,
types of goods produced, etc). Your analysis should describe: (about 900 words)
a) The organizational relevance and applications of the chosen theories/concepts,
alignments (mission), issues/challenges, and behaviours in solving profit
maximization and cost minimization within their economic structure. Use
diagrams where necessary.
b) How Industrial Revolution 4.0 (advanced material) can lead in solving profit
maximization and cost minimization within their economic structure? (Pls
include numerical justifications)
c) Analyse how this advanced material can help to boost human well-being?
(4)
Conclusion and Recommendation: Critically summarize the issues related
with human wellbeing based on your discussion in (3) and recommend ways to deal
with the issues (about 300 words).
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