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Assignment Task:


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? 
 

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  • Posted on : March 18th, 2019

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