Instruction: This is an individual assignment.
Number of words: 3000 – 5000 words excluding references
Task: BPME7103 ADVANCED MANAGERIAL ECONOMICS ASSIGNMENT
PART 1
PURPOSE
The purpose of this assignment is to enhance the knowledge of the student on the importance of business objectives in guiding the performance of business organizations and knowing the effects of risk and uncertainty.
REQUIREMENT
QUESTION 1
State the operational objectives that any university seeks to pursue.
- How may succeed in achieving these objectives be measured?
- To what extent do the objectives of various sub-units of in the university complement (or contradict) each other?
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PART 2
PURPOSE:
The purpose of this assignment is to provide the learners with the skill to perform quantitative analysis in economics, in particular, the use of calculus and risk measurement.
QUESTION 1: BPME7103 ADVANCED MANAGERIAL ECONOMICS ASSIGNMENT
REQUIREMENT:
A business manager faces the problem where he wants to produce an output which can maximize the firm’s profits. Similarly, the optimum use of resources requires that cost is minimized for producing a given level of output. The business manager approaches you, a lecturer in managerial economics, and asks you to teach him how to determine the quantity he should produce to obtain maximum profit. He also asks you to show him how to determine the quantity that will minimize cost. Assume he has all the data required to estimate profit and cost functions.
Show that the process of differentiation and the rules for differentiating functions can be used to find these optimal solutions. Using your own examples for each of the two cases (maximization and minimization), show how you can use calculus to determine the optimal solutions.
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