Q1. When market equilibrium occurs, quantity demanded is equal to quantity supplied, which means that both sellers and buyers get what they want. Does a market reach market equilibrium on its own, or is it necessary to have some sort of regulator to manage the price and ensure there is equilibrium? Explain your answer carefully.
(4Marks)
Q2. Many countries around the world have some sort of minimum wage law. Explain why the minimum wage may hurt workers as much as help them. Give some ideas as to how the government could help workers more effectively.
(4Marks)
Q3. Why is it that when small firms get bigger (increase their scale), they frequently see their average total costs decrease?
(4Marks)
Q4. How is it possible that a firm in a perfectly competitive market is able to sell all it wants without having to change the price? What does this tell us about the elasticity of demand faced by the firm?
(4Marks)
Q5. When a firm sells an additional unit of the good it produces, it receives in exchange money worth the price of the good. Explain why, when a monopolist sells an extra unit, its marginal revenue is less than the price, while this is not true for a firm in a perfectly competitive market?
(4Marks)
ECN490: Microeconomics CRITICAL THINKING-2 Summer Term 2020-2021 Name of the Student: ______________________________________ Student ID: _______________________CRN: 30379 Marks obtained: ____/20 Instructor’s Name: Dr. Moin Uddin Regulations: · This assignment is an individual assignment. Students are encouraged to use their own words and submit the assignment in word file. · Students must follow Saudi Electronic University academic writing standards and APA style guidelines. · Support your submission with course material concepts, principles, and theories from the textbook, along with at least two scholarly, peer-reviewed journal articles. · A mark of zero is awarded for any submission that includes copying from other resources without proper referencing it. · Write at least 4-5 pages in length, excluding the title page, abstract and required reference page, which is never a part of the minimum content requirements. · It is strongly encouraged that the student submits his/her assignment into the Safe Assignment Originality Check before sending it to your instructor for grading. An Overview of Assignment submission time & grades: Type of Assignment Posting date Due date Marks Grace period* Critical Thinking 01.07.2021 17.07.2021 20 3 days * Grace Period: with an accepted excuse (accepted by the instructor) with deduction of 10% for late submission. Assignment Questions (Each question carries 4 marks) Q1. When market equilibrium occurs, quantity demanded is equal to quantity supplied, which means that both sellers and buyers get what they want. Does a market reach market equilibrium on its own, or is it necessary to have some sort of regulator to manage the price and ensure there is equilibrium? Explain your answer carefully. (4Marks) Q2. Many countries around the world have some sort of minimum wage law. Explain why the minimum wage may hurt workers as much as help them. Give some ideas as to how the government could help workers more effectively. (4Marks) Q3. Why is it that when small firms get bigger (increase their scale), they frequently see their average total costs decrease? (4Marks) Q4. How is it possible that a firm in a perfectly competitive market is able to sell all it wants without having to change the price? What does this tell us about the elasticity of demand faced by the firm? (4Marks) Q5. When a firm sells an additional unit of the good it produces, it receives in exchange money worth the price of the good. Explain why, when a monopolist sells an extra unit, its marginal revenue is less than the price, while this is not true for a firm in a perfectly competitive market? (4Marks) Learning Resource: Chapter 5,6 ,7 &8 of the Textbook O’Sullivan, A., Sheffrin, S. M., & Perez, S.J. (2014). Survey of Economics: Principles, Applications, and Tools. (6th). Upper Saddle River, NJ: Pearson Education. Print version: ISBN-10: 0-13-294885-0 or ISBN-13: 978-0-13-294885-2. Digital version: ISBN-13:978-0-13-13-9370-7. @#$@@$$ COLLEGE OF ADMINISTRATIVE AND FINANCIAL SCIENCES Assignment 2 Principles of Management (MGT490) Deadline: 17/07/2021 @ 23:59 Course Name: Principles of Management Student’s Name: Course Code: MGT490 Student’s ID Number: Semester: CRN: Academic Year: For Instructor’s Use only Instructor’s Name: Students’ Grade: Marks Obtained/Out of 20 Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY · The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. · Assignments submitted through email will not be accepted. · Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling your information on the cover page. · Students must mention question number clearly in their answer. · Late submission will NOT be accepted. · Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. · All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarised). Submissions without this cover page will NOT be accepted. Human resource Management Q1. “Human Resource Planning is essential for meeting the requirements of diversification and growth of a company.” In the light of this statement, briefly explain the concept and process of Human Resource Planning Organizational Socialization for Human Resource Planning. (5 Marks) Q2. “Employee training and development are essential for short term as well as long term success of an organization:” In the light of this statement, critically analyse the role of training in Human Resource Development with the help of examples. (5 Marks) Q3. How does the Worker's Empowerment differ with the concept of Workers' Participation in Management? With the help of suitable examples critically elaborate these two concepts of Human Resource Management. (5 Marks) Q4.” To build a rewarding employee experience, you need to understand what matters most to your people”. In the context of this statement, explain employee reward scheme and its benefits with suitable examples. (5 Marks)