Economices

Marks/ Grade Awarded(Office Use Only) |

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ASSIGNMENT COVER PAGE

Course and Module Information |

Course Name | Master of Business Administration |

Module Name | Managerial Economics |

Module Code | MBAO5 |

Lecturer/ Tutor Name | |

Batch No. | 120-02 |

Assignment No. | 1 |

Assignment Title (where applicable) | |

Total number of pages including this cover page | |

Due Date | 21-03-2015 |

Student (s) Declaration

I/ We declare that:

* I/We understand what is meant by plagiarism.

* The implication of plagiarism has been explained to me/ us by the College.

* This assignment is all my/ our own work and I/we have acknowledged any use of the published and unpublished works of other people.

* No part of this assignment has been written for me/us by any other person(s) except where such collaboration has been authorized by the Lecturer concerned.

Note: A soft and hard copy of the assignment shall be submitted. The attachment of this statement on electronically submitted assignments will be deemed to have the same authority as a signed statement.

Student (s) Information | Office Acknowledgement |

Full Name | Student ID | Signature | |

Adam Haleem | CYX23984 | | |

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Marker’s Feedback

Strengths: |

Weaknesses: |

Suggestions: |

Marker’s Name: | | Student Acknowledgement |

Signature: | | Student’s Signature | |

Date: | | Date: | |

THIS PAGE IS LEFT BLANK

ANSWER ALL THE QUESTIONS. THIS IS AN INDIVIDUAL ASSIGNMENT, AND FORMS 20% OF THE TOTAL MARKS FOR THE MODULE

Question 1

a. Define scarcity and opportunity cost. How do managers apply these two concepts in management decision making? (5 marks)

1-Scarcity means that society has limited resources and therefore cannot produce all the goods and services people wish to have in the words human wants are unlimited but resources are limited. These resources can be resources...