Introduction to economics assignment

Assignment Help Other Subject
Reference no: EM132592944 , Length: word count:1500

Introduction to Economics - Report: The economic way of thinking

Assessment
The purpose of this assessment is for student to describe and explain the major economic concepts, systems and mechanisms.

The assessment will cover study of topic 1 and student learning outcome 1. Your response must be presented in a report format as noted in the marking rubric at the end of this document.

This assessment is based on hypothetical examples, where student takes on the role of management trainee responsible for recommending relevant solutions to each problem. Student is presented with different scenarios and is required to answer the questions that follow.

Task
Review each of the scenarios and answer the questions that follow.

Scenario I
Jim Smith is the Revenue Manager (RM) of the hotel. Reviewing the hotel's historical trends indicate the property normally sells 85% of its 200 rooms during Easter Saturday at an average daily rate (ADR) of $175.00. The marginal costs of selling his rooms are $80.00 per room. There has been a request from a corporate client for group booking of 100 rooms on the same night @ $125/night, which obviously is significantly less than the ADR of $175.00. However, the Front Office Manager mentions to the RM if they were to accept the group booking, the remaining 100 rooms could be sold to transient guest at ADR of $175.00.
1. If you were to make a decision based purely on a rational choice, what will be your advice to the RM? Should the property accept sale of 85% of rooms at an ADR of $175.00 or consider taking corporate group booking? You must clearly show the working of net income after considering the revenue and marginal costs for both options.
2. What are the opportunity costs and trade-offs of choosing one option over the other?
3. What will be your final recommendation and how will this represent most effective use of hotel's scarce resources?

Scenario II

The restaurant manager of the hotel is confronted with making an economic choice on its two menu items. Below are the production possibilities on the two comparative items provided by the chef. The selling price of each product is also provided.

1. Explain if this an example of constant or increasing opportunity cost production possibilities? Support your response by sighting opportunity costs and trade-offs at any two points of production. Demonstrate this visually by drawing a production possibility curve.

2. Explain at what point the restaurant can realise the optimal revenue and most efficient usage of resources. Ensure that you clearly note calculation of revenue and number of dishes produced. Indicate this point on the PPC as well by placing the letter ‘X'.

3. Discuss the strategies for restaurant in shifting the PPC outwards. You must provide specific examples as relevant to the scenario.

Scenario III
The GM of the Hotel is considering the possible consequences of a recent decision by the Australian Government announcing an increase in minimum wages (May 2019). In answering the below questions, read the provided article ‘Scenario III article' available in the Assessment 1 section of the Learn course for this subject. The article is based on ‘Minimum wage rise of 3% to $740.80 a week on fair working ruling' and undertake further research that can assist in strengthening your response.

1. Why must government intervene to set minimum wages? How these wage increases may impact labour market and economic growth?

2. Consider the circular flow matrix and explain the significance of labour market. That is how does the economy function and how firms and households are reliant on each other?

3. Explain how availability of information differs within different economic systems and how does information assist in more efficient use of resources. Support your answer with relevant example/s.

Attachment:- Hospitality and Events Management.rar

Reference no: EM132592944

Questions Cloud

How is the interest earned on a bond related : How is the interest earned on a bond related to the default risk?
What is the revaluation surplus on january : What is the revaluation surplus on December 31, 2019? What is the depreciation for the current year? What is the revaluation surplus on January 1, 2019?
What is the amount transferred to the cost of goods sold : If the company uses the FIFO method for recording their inventory, what is the amount transferred to the cost of goods sold account
Prepare schedule for payment of materials for april and may : Prepare a Schedule of Collections for the month of April, May and June. Prepare schedule for payment of materials for April, May and June.
Introduction to economics assignment : Introduction to Economics Assignment Help and Solution, Report: The economic way of thinking - Assessment Writing Service - What are the opportunity costs
Future trends in information systems infrastructure : What are two future trends in information systems infrastructure and how do you think they will affect the way businesses
Explain the current accounting treatment for Property : Explain the current accounting treatment for Property, Plant, and Equipment (PP& E) under U.S. GAAP and IFRS
Find the current ratio : Prepaid expenses $18,000, accounts payable $91,000, and accrued expenses $63,000. Use this information to find the Current Ratio
Discuss culturally charged issue : Discuss a culturally charged issue that you have experienced in the workplace. How was this issue dealt with by management?

Reviews

Write a Review

Other Subject Questions & Answers

  Cross-cultural opportunities and conflicts in canada

Short Paper on Cross-cultural Opportunities and Conflicts in Canada.

  Sociology theory questions

Sociology are very fundamental in nature. Role strain and role constraint speak about the duties and responsibilities of the roles of people in society or in a group. A short theory about Darwin and Moths is also answered.

  A book review on unfaithful angels

This review will help the reader understand the social work profession through different concepts giving the glimpse of why the social work profession might have drifted away from its original purpose of serving the poor.

  Disorder paper: schizophrenia

Schizophrenia does not really have just one single cause. It is a possibility that this disorder could be inherited but not all doctors are sure.

  Individual assignment: two models handout and rubric

Individual Assignment : Two Models Handout and Rubric,    This paper will allow you to understand and evaluate two vastly different organizational models and to effectively communicate their differences.

  Developing strategic intent for toyota

The following report includes the description about the organization, its strategies, industry analysis in which it operates and its position in the industry.

  Gasoline powered passenger vehicles

In this study, we examine how gasoline price volatility and income of the consumers impacts consumer's demand for gasoline.

  An aspect of poverty in canada

Economics thesis undergrad 4th year paper to write. it should be about 22 pages in length, literature review, economic analysis and then data or cost benefit analysis.

  Ngn customer satisfaction qos indicator for 3g services

The paper aims to highlight the global trends in countries and regions where 3G has already been introduced and propose an implementation plan to the telecom operators of developing countries.

  Prepare a power point presentation

Prepare the power point presentation for the case: Santa Fe Independent School District

  Information literacy is important in this environment

Information literacy is critically important in this contemporary environment

  Associative property of multiplication

Write a definition for associative property of multiplication.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd