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MAT10706 Quantitative Methods Economics Assignment Help
This assignment introduces students towards their skill development through quantitative concepts, tools and skills that are required in a business degree. The reinforcement of student’s learning emphasizes problem solving from business and economics that make use of quantitative tools and skills. For solving quantitative concepts and problems, you can use spread sheet package.
Q1.What affect have your past experience in quantitative subjects had on your answers to Questions 1 and 2
Q2. What are your quantitative strengths and weaknesses?
Q3. How have you have previously approached learning a new quantitative skill or
technique of answering a quantitative problem?
Q4. Has this approach been successful, if not what do you need to do differently?
Q5. From your self-audit test what quantitative skills do you already have, and what skills do you need to develop during the unit?
This assessment has 30% value. Submit your own work or assignment in a single word file.
Guidelines for the assignment
1. The assignment should be submitted with copied excel output and paste it.
2. Including the mathematics, all submissions should be in the typing format in A4 page size.
3. Written descriptions should be correctly structured with business, mathematics and English language and in the formal language.
4. Tables and figures must be properly labeled and contain headings.
Note- Apart from the light bulb wattage, do not use any other references. Even if you are using other resources, ensure that it is referenced.
The marking of this assignment is based on following criteria that include:
1. Calculations should have 40% weight which includes relevancy and accuracy of the question, correct set out, appropriate rounding that further includes units with measurements.
2. Usage of excel should have 25% weight which considers correct tables and graphs, graphs relevant to questions and are fully labeled.
3. Communication should have 15% weight which should be effective and relevant, logically sequenced, appropriate structure, and use of business, mathematical and English language.
4. Conclusion should have 20% weight which includes clear relevant concluding statement and assumptions.
You could have asked for the investigation whether the energy saving light globes have lowered the total costs as compared to the standard globes.
Steps to undertake the investigation
1. To complete the table below, you can find weightage and cost of energy saving globe and regular light globe. You can get the values from the super market or can make use of the internet.
Type of Light Globe
2. You are required to form an equation which is related to the total cost of a light globe over a particular period of time (t in hours), running costs (R0, purchase cost (P) for each type of light globe. One equation will work as energy saving globe and other equations works with regular light globes.
3. You can make use of the algebra for finding number of hours on which the running light globes works when the total costs became same.
4. You are required to graph the equations that are related with the total cost to time on the same set of axes that use same excel or program.
5. You have to summarize your findings in 200 words and add the conclusion with:
a. You have to compare two different types of globes through which you can describe the lower total costs.
b. You have to provide a recommendation through which a globe is preferable
c. You have to note any assumptions and limitations made by you from your own findings.
1. Assume that electricity for a standard house costs 25.38 cents per kiloWatt hour (kWH).
2. It is estimated that electricity usage in Australia was 10 712.18 kWH per capita.
According to each passenger, costs for an airline have been increased to 80 US Dollars. For its compensation, they have introduced the fuel surcharge of 100 US Dollar based on each passenger. Now, you have to determine the results of the surcharge.
The equations of supply and demand are given by:
Demand Equation:p= 1500 − 10aq
Where q determines the flights based on the number of passenger (in thousands per year) and p determines the market price in terms of dollars. a and b are supposed to be coefficients that are chosen below:
Steps to undertake the investigation
1. You have to obtain two random numbers for aand bbetween 0.1 and 0.9 inclusive. Then, make use the Excel random function=Rand() or the RANDOM key on your calculator. Now, by using these numbers, rewrite the demand and supply equations above.
2. For finding the equilibrium quantity and price, make use of the algebra without any proposed surcharge.
3. Updating the demand equations allows inclusion of surcharge that is 100 US Dollar.
4. To find the new equilibrium price and quantity, use algebra with the surcharge.
5. To maintain the graph on the same set of axes, you can make use of graphs that could originally supply and demand the equations (from part 1) and the updated demand equation with the proposed surcharge (part 3).
6. For completing the following summary table, use your results. Round answers to two decimal places, except for total revenue amounts which round to 0 decimal places.
Equilibrium price: Consumer pays
Equilibrium price: airline receives
Revenue airline receives from route (without any surcharge)
Revenue airline receives from surcharge
You are required to summarize your findings in 200 words and add your conclusions with:
a. You have to discuss the effect of the surcharge made on the quantity, price and revenue.
b. You have to provide a recommendation to the airline that is based on the introduction of fuel surcharge.
c. You have to note anyassumptions and limitations made by you on your findings.
Challenges students may face
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