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Assignment : Technology in Education

Mior Mohamad Bohari Haji Jamaluddin
G 1026381
Economics' Lecturer
Kolej MARA Kuala Nerang

Mohd Ramdan Bin Ibrahim
Economics' Lecturer
Kolej Profesional MARA Ayer Molek

Amir Bin Jusoh
G 1029273
Economics' Lecturer
Kolej Profesional MARA Bandar Penawar

Faizah Binti Idris
G 1021100
Economics' Lecturer
Kolej Profesional MARA Beranang

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Forum

economist

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What Production - Picture

What is Production Function ?

Factors of production means inputs and finished goods means output. Input decides the quantity of output i.e. output depends upon input. Input is the starting point and output is the end point of production process and such input-output relationship is called as "Production Function".

All factors of production like land, labour, capital and entrepreneur are required altogether at a time to produce a commodity. In economics, production means creation or an addition of utility.

4 Factors of Production In Economics - Meaning ↓

Factors of production refers to inputs required for conducting production. Input is the starting point of every production activity.

According to Prof. Benham, "Anything that contributes towards output is a factor of production."

Mere existence of anything doesn't make it a factor of production but its contribution in production process is a necessary condition. Dr. Alfred Marshall described factors of production as "Agents of Production". Cooperation among factors is essential to produce anything because production is not a job of single factor.

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assignment

Microeconomics essay assignment

Students, you must obtain specific approval for your topic from the instructor before beginning! If you turn in a project without prior approval it will be a fail.

Maximum pages, including graphs: 15.

You must footnote sources and you must not copy and paste information from the internet. If you use internet sources, either put those sources in quotations or put those sources INTO YOUR OWN WORDS. Plagiarized sources will result in failure.

1. Compare prices of same product/service in at least ten different places. It can be in Prague, or in and out of Prague, or out of Prague (including via internet). It can be a common product or a luxury product, a common service or a luxury service. Describe the product or service.

2. Describe in tabular form where you found the product and the price (date, place, shop, address phone).

3. Here describe the basic findings: prices are the same or different.

4. Here use economic analysis (lectures/textbook/internet) as to why answer in #3 is the way it is. I recommend you use in particular economic analyses including competition, such as perfect versus imperfect competition, supply & demand theory, and price collusion. Also, do check out a study of the ATM industry, which you might get some ideas from regarding writing style and analysis:

http://www.frbsf.org/publications/economics/letter/2005/el2005-36.html

I further recommend, that you do the following google searches: use these words: pricing imperfect competition, multinational firms pricing and see what you can find.

5. Here describe an actual investigation with the store manager (or other insider) about price setting.

6. Here include your conclusions and your opinion as to whether the assignment was useful or not. Please include here a discussion of how your expectations about economics were fulfilled (or not) by your empirical discoveries in this research.

Make sure at least one manager (insider) person will talk to you before choosing your topic!

Good luck and begin your research by clicking on the links below:

Start your research here: perfect competition

Monopoly

Oligopoly

Monopolistic

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Demand v/s Quantity Demand - Video

Demand v/s Quantity Demand

The quantity of lemonade sold is affected by both its own price and other non-price factors.

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Tutorial 1 - Production Possibilities Curve

Please answer all questions.

1. Define economics?

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2. Explain each of the economy's problems below.

i. Scarcity

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ii. Choice

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iii. Opportunity cost 

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3. Xplain the factors of production.

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ii. ---------------------------

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iii. ---------------------------

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economy system - Video version

Economy system

The video show the differences between command economies and market economies. Focus on mixed economy towards the end

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