NAME OF THE DEPARTMENT
Assignment given on
Principles of Microeconomics
14 JULY 2022
Remark: Students are advised to read all instructions before writing the assignment.
Learning outcomes to be covered by this assignment:
1. Acquire knowledge of basic economic concepts (scarcity, specialization, and opportunity cost and cost/benefit
analysis in economic decision-making).
2. Identify the determinants of demand and supply and their impact on shifts in market supply and demand curves
and equilibrium (price and output).
3. Understand the costs of production and how profit-maximizing firms determine to produce.
Scope of the Assignment
This assignment aims to help in developing independent as well as collaborative learning skills.
Students are expected to work individually for completing the assignment applying conceptual,
analytical and problem solving skills. Student can complete the assignment by using online
Plagiarism Policy[Ref: Assessment PolicyRef:MC/ASSP/v1]
Plagiarism includes, and not limited to, submitting a report/presentation/ dissertation/ term
paper/research paper or any other work to be graded which includes the production of other
author(s) without properly acknowledging the original author(s) of the work, or use the work of
other person (paid or un paid) and submitting it to be its own work to claim grades or any other
credit. The college is using a text matching detection software, text similarity above 20% is not
acceptable and deemed plagiarism.
Please check with your course instructor for further orientation and information about plagiarism
Use A4 size paper, Times New Roman 12 font size with single line spacing in text.
Use first page of assignment as cover page to submit your work
Page 1 of 3
Submit soft copy of assignment through the TURITIN and hard copy as per instructions
of the course instructor.
Late submission is subjected to maximum deduction of 01mark per delayed day
Plagiarized work shall not be considered to award any marks
Similarity ratio more than 20% marks as 0.
Read the questions carefully and answer them in detail.
1. Plot the Quantity demanded and Quantity Supplied on graph. Show the equilibrium price and quantity.
Price per unit
Shortage and Surplus
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2. Below is a production
possibilities table for
consumer goods (burger)
and capital goods (French
fries). Show these data
graphically. Is production at a point outside the production possibilities curve currently possible?
3. How do the oil prices affect the economy? Write in about 400-500 words. You can take help
from the below mentioned link and write its summary in your own words.
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