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(solved) Economic Concepts Assignment

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Added on  2020-07-22

(solved) Economic Concepts Assignment

   Added on 2020-07-22

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ECONOMICS
(solved) Economic Concepts Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1TASK 2............................................................................................................................................2CONCLUSION ...............................................................................................................................6REFERENCES................................................................................................................................8
(solved) Economic Concepts Assignment_2
Illustration IndexIllustration 1: Effect of change in quality of food............................................................................2Illustration 2: Effect of change in supply.........................................................................................5Illustration 3: Change in the prices of aluminium...........................................................................6
(solved) Economic Concepts Assignment_3
INTRODUCTIONEconomics is an important subject in order to study demand, supply consumption anddistribution of a particular product or services. The report discusses about the economicalconcepts that can be applied on the question that 'Why airline food tastes so bad?'. The mainconcepts such as availability of substitutes, cost benefit perspective principle, production costwill be discussed. Further, the reason of increased prices of food provided in the airplane willalso be discussed. Moreover, the reasons of increase in the prices of the aluminium will befocussed upon on the report. In the end, the major cause that is global economic crisis 2008 willbe mentioned to assess its impact.TASK 1Question: Why airline food tastes so bad?The major complaint of every air traveller is that the taste of airline food is bad.However, if the food with same taste is served as in a restaurant, then it will not be able to earnany profits.The main motive of every airline industry is to generate profits. The cost benefitperspective principle of economics makes this concept clear. It helps in analysing the profits anentity can generate with the cost incurred in it. If the profits earned in not higher up to a certainlevel then the enterprise do not opt for any change in the existing strategy. It is difficult for theairline industry to prepare food, 37000 feet above the ground level. It will cost 10 times toproduce the quality food in an airplane in comparison to a restaurant. Production of quality foodrequires modern kitchen with all the equipment, recruit quality skilled chefs, arrange all theingredients. It would be very difficult to perform all the activities in a gallery of an airplane.Further, the profits generated from the activity will not be able to cover up the cost incurred onsetting up of airline's kitchen. Therefore, the cost incurred in making quality food for thecustomers is not affordable for the airline industry. Further, one of the main reason for degradedfood quality is scarcity of area in the airplane.1
(solved) Economic Concepts Assignment_4

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