BCEC002 Business Economics Individual Assignment Question | Temasek Polytechnic

BCEC002 Individual Assignment

This Individual Assignment contributes 35% of the final mark for BCEC002 Business Economics.

The report submission deadline is 23rd JAN, FRIDAY, 2026, 2359 hours.

Assignment Title: Economics in Practice – A Workplace Case Study

This assignment invites you to apply key economic principles to analyse your current workplace. Through this exercise, you will critically evaluate how concepts of:

• Central Economic Problem
• Demand and Supply
• Government Intervention
• Elasticity
• Output and Costs
• Market Structures,

are evident in your organization’s operations. Your task is to draw on real-world data and examples to craft an insightful analysis that demonstrates your understanding of these economic concepts and their application.

Assignment Objectives

• Apply economic concepts to a real-world workplace setting.
• Develop critical thinking and analysis skills.
• Demonstrate the ability to use data and evidence-based reasoning.
• Reflect on economic concepts’ relevance to business decision-making.

Instructions

• Prepare an assignment report of no more than 800 words, excluding tables and graphs. You are encouraged to be concise and detailed at the same time, which will showcase a good understanding of the concepts.
• Graphs are to be embedded into the reports at the relevant places. Show all workings and formulas. Round all calculated answers to 2 decimal places.
• Submit your assignment in LMS by the deadline of 23rd JAN, FRIDAY, 2026, 2359 hours.
  Submit your assignment report in PDF format and named the file using your NAME & ADMISSION NUMBER: For eg.
• Plagiarism is a serious offence. Your assignment report must be your original work.
• Your assignment report must begin with a cover page as shown in Appendix 1.

Assignment Questions

1. Central Economic Problem (12m)

a) Provide a brief background of your current workplace/company, past or present.
b) What resources of scarcity does the company face?
c) What were some choices does the company need to decide between?
d) What would the opportunity cost be for the company be?

2. Demand & Supply (24m)

a) Examine a specific product or service offered at your workplace. Analyse how the Demand and Supply of the product or service was affected by events in the market, and how the equilibrium price and equilibrium quantity was changed.
b) Please use at least ONE factor for Demand and ONE factor for Supply.
c) Do offer illustrations of graphs to support your explanations, and you are also encouraged to use real data or situations in your explanations.

3. Government Intervention & Price Controls (14m)

Assume you are the government, and you would like to either raise OR lower the current market price of a product or service offered at your workplace. Explain and illustrate what kind of Price Control you would implement and the possible outcome that would happen.

4. Elasticity (22m)

a) Examine the elasticity of a product or service at your workplace.
b) Analyse and explain whether the product/service has an Elastic or Inelastic price elasticity of demand. Discuss TWO reasons why and provide examples to support your explanations.
c) What can the company do to make the product more price inelastic?
d) Explain and illustrate what your workplace can consider to the price to increase the total revenue.

5. Output And Costs (18m)

a) State THREE fixed costs and THREE variable costs that your workplace has.
b) Assuming the company only has these fixed and variable costs, calculate the Average Total Cost of FIFTY units of production for a selected product or service. Please show all workings.
c) Explain how your workplace would face the law of diminishing marginal returns. Please relate the explanations to your current workplace in detail.

6. Market Structures (10m)

a) Identify the market structure that your company workplace operates in.
b) Justify your answer with the characteristics of identified market structure.
c) What does this mean for the pricing strategy of your company?

BCEC002 Marking Rubric