Output –Cost/Revenue information is very important to all firm around the world in order to take any crucial decisions including pricing decisions.

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Output –Cost/Revenue information is very important to all firm around the world in order to take any crucial decisions including pricing decisions. Since we are living in a globalized word and in a competitive business environment, business people are mainly looking for comparative cost advantage to survive in business. Therefore understanding cost information is very important now-a-day’s business. You are the future managers or business people in Oman so thoughtful of output –cost/revenue relation is crucial.

Research Project Topic

Consider the short -run cost conditions of a Small and Medium Enterprise (SME) in Oman, either you are familiar with or you are working for and put the output –cost/revenue /profit/loss information in the following table -1 and answer the subsequent questions (a, b………f,) linked to the prevailing cost conditions of the selected firm?

Note:Your research project should reflect on the chosen firm’s product, the raw materials used for production, the customers, the suppliers and the selling strategies, if any.

Abbreviations: Total Cost (TC), Total Variable Cost (TVC),Total Fixed Cost (TFC),Average Cost (AC), Average Fixed Cost (AFC), Average Variable Cost (AVC), Total Revenue (TR), Average Revenue (AR) and Marginal Revenue (MR)

Questions

a. What is your explanation on prevailing cost conditions of the chosen firm?

b. Do you think that a reduction in the firm’s variable cost would be beneficial for the company in the short run? If yes, why, If no, why not?

c. Suggest how the firm can reduce the total cost of production?

e. What is the relation between the firm’s output and its marginal cost?

f. Draw graphs for MC, TC and MR and compare.

Your assignment should contain the information of the firm, which you have chosen, as an introduction.

Submission Details

Submit a hardcopy of your assignment, on or before 6^th of December 2017, to your tutors in .docx or .pdf format.

Submit your project with a cover page. This should include:

1. The course title
2. Course Code
3. Tutorial tutor
4. Assessment title
5. University student ID numbers

6.Use page numbers.

Grading Criteria

You are required to be familiar with the relevant theory of Output –Cost function/revenue information. Your project might be rated mainly in accordance with your answers for the questions given. Write clearly and professionally.

Marking Criteria

1. Evidence of student’s knowledge on, cost and revenue of the chosen firm, in the provided output -cost /revenue table
2. Criticality in answering questions
3. Justification of the answers
4. The reliability or connection link between output -cost /revenue information provided in the report
5. Any recommendation for the firm on profit/loss
6. Clear and rational structure.
7. Reference Style (Harvard)