Measuring changes in macroeconomic activity: Implications for managers

Assignment 1

Course Learning outcomesPLO’s
CLO1- Equips future business leaders with the tools to critically analyze important indicators of macroeconomic condition of a country and their implications on managerial decisionsPO1,2

CASE STUDY QUESTION: 

The US economic faced a slow recovery from the 2007/2009 recession. Read the case “Measuring changes in macroeconomic activity: Implications for managers provided in Chapter 11 page 321 of the textbook (Economics for Managers by Paul Farnham, 3rd edition, Pearson) and answer the question that follow.

Link to text book

https://www.dropbox.com/s/rztwb6bgfyo06z9/%5BPaul_G._Farnham%5D_Economics_for_Managers%28b-ok.xyz%29%20%285%29%20%281%29%20%281%29.zip?dl=0

What specific strategies did firms adopt to cope with this weak economy during this time? (Discuss at least five) (4 marks)

Answer: there are several companies mentioned in different types of industries (Heinz, Joy Global, Harting) and some strategies they have followed to cope. Some strategies to discuss around include:

-More spending on advertising

-increase presence in convenience stores/drug stores to counter reduced sales in supermarkets

-halt/cut back on expansion projects

-introduction of smaller/cheaper package sizes to attract consumers with reduced incomes

TECHNICAL QUESTION.

(a). Consider a county that produced the following quantities of bread and milk (in tons).

 Year 2018Year 2019
Prices (in $)  
Bread11.5
Milk21.9
Quantities  
Bread10001200
Milk20002000

Compute the nominal GDP, and the real GDP taking 2019 as the base year, the GDP deflator and inflation rate [4 marks]

(b). While consumer price index (CPI) gives an indication of the change in prices consumers face, it is not without limitation. Discuss the main problems of the CPI [3 marks]

Procedure 1. Measure the length of the following line in cm as accurately as possible. Record the LSD, the number of significant figures and the units. 2. Measure the length and width of this page in cm and calculate the area using area = length x width. (1.1) Observe the rule of multiplication. Be sure to keep only the physically significant digits. Do not forget the units. 3. Measure the mass of the object supplied to you on the triple beam-balance. Record the LSD, the number of significant figures and the units. 4. Measure the thickness of a thin plate provided to you, using a vernier caliper. Record the number of the significant figures and the units. 5. Measure the angles of the following triangle (Fig. 1.1) using a protractor. Record the significant figures and the units. Questions 1. A rock has a mass of 340.6 g and a volume of 214 cm3. Calculate the density by density = mass / volume. (1.2) Observe the rule of division and do not forget the units. 2. Ann and Beth are measuring the mass of an object. Ann reports a value of 6 g, while Beth obtains 6.0 g. What are the ranges of uncertainties of these values? 3. A block of wood is found to have the dimensions of 6.21 cm x 4.63 cm x 5.34 cm. Calculate the volume of the block. Observe the rule of multiplication and do not forget the units. There is an image that goes with question #5 which i will send it on a separate sheet because the image won’t copy and paste and the lab book is 75 pages which Itwon’t allow me to download.

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