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(Abeta) Please follow assignment brief instructions step by step and student want plagiarism instruction,

Faculty of Arts, Business & Social Sciences – Assessment Brief for Students – 2020/2021

Module code and title	5IB004: Economics of Managerial Decision Making
Module leader	Dr Raymond Adu
Diet	Main
Assessment type	Portfolio
Submission date	12^th May 2021 at 2 pm
Submission method	Electronic Submission via CANVAS
Assessment limits	Task One (1800) + Task Two (1200) = 3000 Maximum
Assessment weighting	Task One (50%) + Task Two (50%) =100%

Assessment brief

(if appropriate, please refer to module assessment briefing document)

The Portfolio consists of
TWO TASKS, which are divided as follows:

Task One – Project. This is an individual task and will constitute 50% of your overall module mark. You must do this component of your Portfolio to pass the module.

The project brief

This task requires you to analyse the behaviour and performance of UK Supermarkets. In order to analyse the market, you MUST follow the outline below. Each item states the mark allocation and word limit.

As part of your project's introduction, outline the sales trends in UK Supermarkets for at least, the past 3 years. You need credible and up-to-date data from sources such as
Mintel.
(5 marks / 200 words)

Examine the
structure of the market
for UK Supermarkets. To do this, you should.

a) Identify the leading companies involved in the industry and their market shares.

(2 marks)

b) Explain what kind of market structure UK Supermarkets operate in (e.g., monopolistic competition, monopoly, oligopoly, etc.), with
supporting evidence.

(3 marks)

c) Compare and contrast the market structure with the three other market structures you have studied based on price, output and profit.

(6 marks)

d) Discuss major barriers to entry in UK supermarkets.

(4 marks)

(600 words)

3.
Firm performance:
The COVID-19 pandemic has significantly impacted various sectors of the economy, but it has also presented enormous private sector opportunities and challenges globally.

a)
Evaluate the impact of COVID-19 pandemic on the performance of UK grocery retailing. Performance could include the effects on price, demand, profits, etc.
(5 marks / 200 words)

b)
Using economic theories, provide recommendations to one particular firm operating in the UK grocery retailing markets on maintaining a solid performance despite the economic downturn (i.e., decreased GDP, high unemployment, lower investment, etc.) of the pandemic. Your recommendations should focus on pricing, cost minimisation and profit maximisation strategies. Reinforce your suggestions with specific examples and explain the economic rationale.
(15 marks / 600 words)

4. As part of your
conclusion, assess the
future
for the UK Supermarkets or grocery retailing market. Do you foresee future growth, stagnation, or decline?

(5 marks / 200 words)

Word Limit: 1800 words maximum, excluding bibliography. Please note that a penalty will be incurred for exceeding the word limit
.

Assessment criteria	Weight (%)
1. Effectiveness of explanation of key microeconomic concepts and accuracy of analysis.	25
2. Level of analysis of the impact of COVID-19 pandemic on the performance of the grocery retailing market. 3. Level of discussion of three recommendations underpinned by economic theories (pricing, cost minimisation and profit maximisation strategies, respectively) (5 marks each)	5 15
4. Structure and presentation of material, including the use of the Harvard Citation and Referencing system. NOTE: your essay must include at least 3-academic (e.g., journal articles, textbooks, etc.) references.	5

Task Two – Coursework. This is an individual coursework and will constitute 50% of your overall module mark. You must do this component of your Portfolio to pass the module.

Read the following events and answer ALL THE QUESTIONS shown below.

1.
The COVID-19 pandemic is classified as one of the biggest economic shocks in generations. The COVID-19 crisis and associated lockdown measures affected the prices of many products. Using demand and supply analysis,
illustrate
and
explain
how both demand and supply shocks contributed to a sudden price change of hand sanitiser in March and April 2020.
Clearly identify the equilibrium prices.
What is the implication of the demand and supply analysis in managerial decision making in the event of anticipated shocks to demand and supply of a product?

(10 marks)

2.
Outline the concept of price elasticity of demand using real-world examples and discuss factors that affect price elasticity of demand. What is the implication of the concept of price elasticity of demand in managerial decision marking?

(10 marks)

3.
Table 1 reports the number of units of milk produced by Firm 1 and the corresponding total revenue and total costs. Use this information to complete the table. At what output is profit maximised? Provide a recommendation to Firm 1 on the level of production using the principle that rational people think at the margin.

(10 marks)

Table 1

Output (Units)	Total Revenue (£)	Total cost (£)	Profit (£)	Marginal Revenue (£)	Marginal cost (£)	Change in profit (£)
0	0	3
1	6	5
2	12	8
3	18	12
4	24	17
5	30	23
6	36	30
7	42	38
8	48	47

4.
This question contains some of the important elements of a crucial situation facing many corporations and individuals today: the pressing issue of not dirtying the planet. The following information depicts the weekly profits for two firms located near a canal: Firm 1 and Firm 2. The profits of each firm depend on the firms’ pollution choices. Each firm’s choices affect each other’s profit because if one plant pollutes, it affects the other's productivity (through both worker productivity and processing costs—each firm uses water from the canal for production and dirty water is costly to clean). If both Firm 1 and Firm 2 decide to pollute, they will each make a profit of £50,000. In contrast, if both opt not to pollute, they will make profits of £70,000 each. If Firm 1 decides to pollute, and Firm 2 does not, Firm 1 will profit from £90,000 while Firm 2 will make £5,000 profit. Lastly, if Firm 1 does not pollute, but Firm 2 decides to pollute, Firm 1 will make a profit of £5,000 while Firm 2 will make a profit of £90,000.

a. Present the information given above in a payoff matrix.

b. Identify the Nash equilibrium outcome.

c. What is the cooperative outcome?

d. Briefly discuss the usefulness of game theory analysis in managerial decision making.

(10 marks)

5.
Attempt the following:

a. Firm 1 has £10,000 to invest. Firm 2 offers Firm 1 the following proposal: invest £10,000 now and get £11,000 back in 12 months. The returns on this investment are guaranteed, and there are no other costs involved? What should Firm 1 do?

b. Firm 1 is considering investing their profit into any of the following two projects. Investment appraisal techniques have been used, and the following results found:

	Project A	Project B
Internal Rate of Return	6%	8%
Net present value	88000	61000

Through an examination of each of the investment appraisal techniques above, which project should Firm 1 select?

(10
marks
)

Word Limit: 1200 words maximum. Please note that a penalty will be incurred for exceeding the word limit.

Please take note of the following:

1. DO NOT write back the case study or the questions in your answers; simply put the question number and the answer.

2. Task One and Task Two must be submitted together in MSWord format by
12^th
May 2020 @14:00.

3.
You should include a cover sheet that includes the module code, the title of the module, your student number and your seminar tutor’s name.

4.
One reference list must be provided for both tasks.

5.
If you do not submit both tasks by the deadline, it will mean that you have failed to comply with the submission requirements, and you will
FAIL
the assignment.
You must submit a whole new Portfolio in case of resit.

Assessment criteria	Weight (%)
1. Effectiveness of explanation of key microeconomic concepts and accuracy of the calculations	50

Pass mark

Undergraduate

40%

Performance descriptors in use;

·
University of Wolverhampton
Yes X No

·
Module specific
Yes X No

Return of assessments

(Instructions for return / collection of assessments

)

Grades will be available within 20 working days of the submission date.

	This assessment is testing Module Learning outcomes	Tick if tested here
LO1	Discuss a range of theoretical perspectives regarding the economics of managerial decision-making	ü
LO2	Assess the influence of market structure on organisational behaviour and performance	ü

Additional information for students

The University’s Learning Information Services have produced a series of guides covering a range of topics to support your studies, and develop your academic skills including a guide to academic referencing
http://www.wlv.ac.uk/lib/skills_for_learning/study_guides.aspx

Your module guide and course handbook contain additional and important information regarding;

· The required referencing style for your assignment.*

Whilst many modules require referencing in accordance with the Harvard Referencing convention, some modules – for example those within the School of Law – require Oxford Referencing. Please familiarise yourself with the requirements of your module.

· Submission of your work

· Marking, feedback and moderation in accordance with the University of Wolverhampton Assessment Handbook

· Extensions on submission dates *

· Additional support *

· Academic conduct with regards to cheating, collusion or plagiarism *

· Links to appropriate sources of relevant information *

* Further information regarding these and other policies can be accessed through your student portal on wlv.ac.uk.

Always

keep a copy of your work and a file of working papers

The requirement to keep a file of working papers is important. There may be circumstances where it is difficult to arrive at a mark for your work. If this is the case, you may be asked to submit your file and possibly meet with your tutor to answer questions on your submission.

When you submit your work you will be required to sign an important declaration confirming that:

· The submission is your own work

· Any material you have used has been acknowledged and appropriately referenced

· You have not allowed another student to have access to your work

· The work has not been submitted previously.

The following information is important when:

· Preparing for your assignment

· Checking your work before you submit it

· Interpreting feedback on your work after marking.

Module Learning Outcomes

Module Learning Outcomes are specific to this module, and are set when the module was validated.

Assessment Criteria

The module Learning Outcomes tested by this assignment, and precise criteria against which your work will be marked are outlined in your assessment brief.

Performance Descriptors

Performance descriptors indicate how marks will be arrived at against each of the assessment criteria. The descriptors indicate the likely characteristics of work that is marked within the percentage bands indicated.

To help you further:

Re-sit opportunities are available for students who are unable to take the first sit opportunity, or who need to re take any component.

· Refer to the VLE topic for contact details of your module leader / tutor, tutorial inputs, recommended reading and other sources, etc. Resit details will also appear on the VLE module topic.

The University’s Learning Information Services offer support and guidance to help you with your studies and develop your academic skills
http://www.wlv.ac.uk/lib/skills_for_learning/study_guides.aspx

FoSS Generic Assessment Performance Descriptors

Based on – University Performance Descriptors

(updated September 2015)

Note that these are generic descriptors that apply mainly, though not exclusively, to written academic work. The relevant performance descriptors for the appropriate level (as below) should appear in the module guide.

Any further module-specific assessment criteria, such as number of words, should be clearly stated in the assignment brief.

The pass rate at levels 3 -6 = 40%

Level 5

90-100%

Exceptionally detailed and original response to the assignment, with critical use of independently sourced contextual material. Outstanding demonstration of linked understanding of relevant theory, concepts and models. Extremely well structured with high level of analysis.

No obvious errors in referencing or grammar or syntax as appropriate.

80-89%

Very full, independent response to the assignment with totally relevant material which is well beyond any module input, demonstrating independent study. Excellent understanding and application of relevant theory, concepts and models. Very clear logical structure.

Very few errors in referencing or grammar or syntax as appropriate.

70-79%

Full response to the assignment with all content relevant and focused. Very good understanding of relevant theory, concepts and models. Application of appropriate theory to examples/practice, demonstrating a rigorous approach to a variety of ideas, contexts and frameworks.

Few errors in referencing or grammar or syntax as appropriate.

60-69%

Answers most if not all detailed aspects of the question. Content mainly relevant and accurate. Good knowledge and understanding of relevant theory and concepts and application of theoretical models. Evidence of a developing appreciation of contextual issues.

Some small, repeated errors in referencing or grammar or syntax as appropriate

50-59%

Main issues addressed and solid attempt to answer question. Some relevant content applied. Sound knowledge and understanding of relevant theory and concepts and identification of main issues.

Some repeated errors in referencing or grammar or syntax as appropriate.

40-49%

40% Pass mark

Satisfactory attempt to address question/issues with some content relevant to assignment topic. Demonstration that the learning outcomes have been met. Material engages with relevant module materials, but largely repeats taught input and lacks development or personal interpretation. Some general understanding of topic

30-39% *Compensatable Fail*	Some learning outcomes and / or assessment criteria not met. Questions not answered fully. Content not wholly relevant. Little or no evidence of understanding of relevant theory. Very repetitive of taught input – no development or application. The use of extensive quoted passages evident. Evidence of sufficient grasp of learning outcomes to suggest that the student will be able to retrieve the module on resubmission.
20-29% Fail	No learning outcomes fully met. Little attempt to engage with the module materials or ideas.
10-19% Fail	Little attempt to engage with assignment brief and has not met learning outcomes. Inadequate demonstration of knowledge or understanding of key concepts, theories or practice.
0-9% Fail	No real attempt to address the assignment brief or learning outcomes

abeta-economics-of-managerial-decision-making-assessment-brief-main-7-6-xrsa0jxg.doc

Tanmoy · Accepted Answer

5IB004: Economics of Managerial Decision Making
Task One:
1. Introduction:
There has been a slow growth in the UK supermarkets due to covid-19 pandemic followed by lockdown. Yet, the rate of growth in UK supermarkets was +4.3% but is lower than the overall grocery market of +7.6%. This illustrates that while the smaller format grocery stores in UK have flourished, the larger format stores have lost its shares by more than 47.5% for the first time in decade. The UK food and grocery market has reached £150.9 billion in 2019 and by 2023 the forecasted growth rate will be 15.1%. The online customers are expected to grow at a fast pace and is estimated to grow more than 72% post 2020. During the global pandemic there has been a drop in the UK supermarkets mainly due to lockdowns but the sales in the localised stores have tick-up to 25% as more people shopped from the nearby local stores. Also, as the covid-19 is expected to drop there is tremendous room for the online sales to pick up. The UK supermarkets are expected to grow if they change themselves to store based format of shopping. This will help to incorporate more experiential and retail based shopping for the customers (Mintel, 2020).
2. (a) The leading UK supermarkets are Tesco with a market share of 27.1% as of July 2020. This is followed by Sainsbury’s with a market share of 15.3%, Asda with a market share of 15.1%, Morrisons with a market share of 10.1%, Aldi with a market share of 7.8%, Co-op with a market share of 6.2%, Lidl with a market share of 5.8%, Waitrose with 4.9% market share and finally Iceland with a market share of 2.3% (Leigh Sparks, 2020). 
(b) The UK Supermarkets are operated by a very few firms. These are Tesco, Sainsbury and Asda. Thus it can be stated that the UK supermarket is oligopolistic. Thus, the UK supermarket is dominated by smaller group of large retailers. As a result of the UK supermarket being oligopolistic the market competition is very low and due to this charging higher price for any products has to be borne by the customers. Therefore, in these supermarkets the prices are although discounted but cannot be bargained and is fixed. Also, the employees of these supermarkets are paid lower wages due to oligopolistic nature of the UK supermarket. Finally, over the last 10 years there has been sharp decline in the number of independent retailers from 35000 to 18500 in UK which have given rise to the large retailers control over the UK grocery stores in the form of supermarket chains (Economics online, 2015).
(c) Since the market structure of UK supermarket is oligopolistic in nature, the price of the products are fixed, the quality of output is moderate to good and the profit earned by the company is huge the profit margin is large as there cannot be any bargaining done by the customers. 
Now, if we compare the oligopolistic market with the monopolistic competition we can observe that there are many firms which offer products which are similar but are not perfect substitutes and are differentiated. No firm enjoy monopoly and each of the company operates independently of each other. In the monopolistic competition the firms makes profits in the short run but in long run they fails to make any profits. The quality of the product is dependent on innovation and producing in variety. Thus the quality necessitates design and service of the products and hence the price charged for innovative products will be high.   
In a perfect competition, there is large number of buyers as well as sellers. The products that are exchanged in the market are homogenous. No firms can individually influence the industry. But the firms are price takers which means if any firms raise the price of its products, the customers will shift to other firms to purchase the products offered at lower price. The output produced by the individual firm is very small and it is not powerful enough to exert influence on the market price of the product. Thus, there is neither any scope of the individual buyer or the individual seller to influence the price and market demand or supply. Hence, the problem of profit-maximization is not determining the price of the products but to adjust the market price to the outputs so to gain maximum profits.
Monopoly market is purely a suppliers market and an individual firm can control the particular market. They can earn super abnormal profits in the long run. The price of the product will be fixed and as provided by the individual firm. The output will be limited and will depend on the suppliers’ capability.        
(d) The major barriers are the substantial investment required in edifying the logistics and distribution centers. Also, the supermarkets need to be setup in large scale. Apart from these the other barriers are lack of finance, business management skills and retailing capabilities (Reena Das Nair and Shingie Chisoro, 2016).
3. (a) The impacts of covid-19 on the UK grocery retailing were in the form of lower sales in the UK supermarket stores. This was mainly due to lockdown of the big retailing stores like Asda, Sainsbury’s and Aldi. People stated to purchase necessary goods from the local individual retailers as they wanted to avoid crowded places during the global pandemic. Among the shoppers around 41% choose less crowded places and 36% closed stored closer to their house and as per their convenience. The rest 14% people chosen cleaner stores and 25% of the customers chosen cheaper stores as most of them lost their jobs or their salaries got deducted. There has been increase in the sales in some of the UK’s grocery retailing stores like the independent retailers whose sales increased by 63.1%, followed by Ocado 32.5%, cooperative stores to 30.8%, Iceland stores by 28.6%. But, it was the big retailers like Asda, Tesco, Sainsbury’s and many other supermarket chains whose sales suffered losses. These three supermarket giants saw growth at the rate of 6.5%, 12.7% and 12.5% respectively during the lockdown. But, it was the online sales which have increased considerably by the big retailers due to which there was a spike up in the demands even during the lockdowns. As per the report one in five British ordered products online which was around 1.

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