MBS686 Economics and Business Strategy Assignment Solution

MBS686 Question and Answer on Economics and Business Strategy

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Assignment Details:

  • Course Code: MBS686
  • Course Title: Economics and Business Strategy
  • Referencing Styles: Chicago
  • Words: 1000
  • University: Murdoch University
  • Country: SG

Write a summary defining and explaining the importance of each of the concept with an example.

  • Supply and demand curves (with diagram)
  • Determinants of Supply 
  • Determinants of Demand 
  • Movement along and shifts in supply Curve
  • Movement along and shifts in Demand Curve 
  • The Market Mechanism/ Change in Equilibrium Macroeconomic concepts (No calculation is required) 
  • GNP vs GDP 
  • Real vs Nominal GDP 
  • What different CPI vs GDP deflator 
  • The expenditure components of GDP 
  • Measurement problem using GDP for the standard of living Application of labour and wage rates (with diagram) 
  • Discuss why the labour supply curve is backward bending using a work leisure trade-off model.
  • Substitution and income effect of a change in the wage rate 
  • Deriving the back-bending labour supply curve.