Year:
2014
Semester:
2
Course(s):
Bachelor of Accounting HEBSBACC
Associate Degree of Accounting HEBSACC11
Bachelor of Business HEBSBUS
Associate Degree of Business HEBSBUSAD
Subject:
Microeconomics BACC107

Contribution to Overall Assessment:
This assignment is worth 20 % of the overall assessment. Total attainable marks for the written component – 55 marks. A penalty of 10% per day will be applied for late submission.
Due date:
This assignment is due in Week 7 (week beginning 1st September) of the Semester. You are required to attend your specified tutorial class in Week 7 to produce the written report in 1.5 hours. If you cannot make it to the class, a medical certificate must be presented within 48 hours.
Please note: You are still required to submit your draft work on Turnitin. participation and Submission requirements:
This is an individual assessment (not group work). All sections must be answered in each of the questions.

Plagiarism and other Compliance issues:

Turnitin:

This report must comply with NMIT policies and academic conventions for report writing, plagiarism and referencing. Your teacher will discuss these policies with you and further information is available on the NMIT Student Intranet. Before you submit your assignment you are requested to answer the Assignment Declaration questionnaire (located in the Moodle website site just before the point where you are to upload your assignment). This replaces your signed declaration of original work in your completed assignment.

Before submitting your work, you are required to enrol as a student in Turnitin and submit your work to check for plagiarism. Your Class ID is: 8222014 and the password is: Sem214. To get on to Turnitin, log on to the Library portal and look for the Turnitin Menu and follow instructions. assessor(s): Mei Leng Rankin

Note: Where appropriate, illustrate your answers with diagrams
Question 1:
(a) Using the concept of opportunity cost, explain the statement “There is no such thing as a free lunch”.

(5 marks)

(b) Evaluate the statement ‘The concept of opportunity cost is embedded in the demand curve’.

(5 marks)

Question 2:
In the study of Microeconomic, the question “How to produce” is one of the basic economic problems (BEPs). Using an example, discuss this concept. In your discussion, you must also discuss the rationale behind the principle of increasing cost.