​Principles of Microeconomics

Answer all the questions given below the case studies. For every question given, it should be answered with minimum fifty hundred (50) words and maximum hundred (100) words per question.

Management of Parking Space in the College

Part 1

In major cities, as the development goes on, the parking generation rate increases rapidly which leads to major parking problems.

Same is the case with our college over the years as the college is growing in size student’s strength has also increased manifolds. One of the issues often discussed among the student is the Parking problem

Assume that the college calls on private companies to submit a proposal to manage the parking. You are taken as an adviser to the company to help them draft a proposal. Following are the questions to be answered to finalise the proposal.

Questions:

1. How will you define the Demand for your service and what will be the approximate demand on daily basis? Base your answer on approximate calculation of the demand expected on daily basis.

2. Will the law of demand apply in this case? If yes give reasons and if no give reasons.

3. What is being supplied in this case and what will be approximate number available to be supplied. Will the law of supply apply in this case?

4. Show the variation in Demand and Supply related to peak hours and seasonal fluctuation (holiday period, exam period). answer needs to be justified with a Table.

5. In terms of costing what will be your Factor of production and factor payment to be used in the running of the company.

6. Based on the Factor of production used what will be your approximate TFC, TVC, TC. The answer needs to relate to the estimated Supply of your service provided on daily and monthly basis with fluctuation taken into consideration. Elaborate with a table.

7. What will be the basis of fixing the Price of the parking space? Show how the pricing will change with the fluctuation in traffic related to Peak hours and seasonal effect.

Part 2

Government has introduced public transport to help people commute. This new means of transport is a choice for the students to commute. Now advise the company in terms of its effect of the alternate means of transport on the on the demand of the Parking lot.

8. How will the less cost public transport effect elasticity of demand of parking space in the college? Mention the type of elasticity and give justification.

Part 3:

Over the time assume that the college decides to divide the Parking of the college in two parts and give it to two different companies to manage. One company to manage the parking in front of the college, other company to manage the parking in the Backside of the college. So now the company has to face a competition in the market. Assume that the company you are advising is given the parking in front of the college to manage.

9. As an adviser explain to your company on kind of competition it will face and how it will affect the profit of the company? Draw a table and show the effect on the profits in relation to the Cost and pricing mentioned in the earlier question. (Explanation of the competition + table to show the effect on profit)

10. What is the kind of market they are operating in now and how is it different from the market they were operating in before the competition came in? Answer needs to in related to the business they are operating in.

*** Words count = 500 – 1000 words only

*** In-Text Citations and References using APA style.

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