Department of Agricultural and Plantation Engineering

Faculty of Engineering Technology

The Open University of Sri Lanka

AGM4367 Economics and Marketing for Engineers 2023

Tutor Marked Assignment (TMA1)
Last Date of Submission:

08/07/2023

▪ Answer all four (04) questions.

▪ Deadline for this assignments are fixed & strict.
▪ Both Typed & handwritten submissions will be accepted.
▪ Use the principles and basic facts in the lesson materials and collect information from
external sources. Do not copy the text directly from lesson materials.
▪ All sources (academic books, journal articles, newspaper articles, material from the
Internet etc.) must be cited in the main text of your assignment itself.
▪ Follow any standard format (Ex Harwad, IEE) used for writing the
Bibliography/References. Please keep a copy of your assignment for further reference.
▪ Don't be hesitate to ask for help - however do so well before the deadline.
▪ For further information please contact the course coordinator at 0112881442.

1. Define “Economics and explain why economics is important for engineers. (20
Marks)
2. Write short notes on following (5 Marks each)

a. Scarcity of resources
b. Microeconomics and Macroeconomics
c. Fundamental questions in economics
d. Factors of production
e. Market economy and command economy

3.
a. State the “Law of Supply”. (5 Marks)
b. What is the difference between changes in demand and changes in quantity
demand? (10 Marks)
c. Explain what is illustrated by each graph below

1
 i
(5 Marks)

ii
(5 Marks)

4. ABC Company is a small Canned Fish producing company. Below table shows the
input output relationship within the factory.

Quantity of Input: number of workers Quantity of Output: number of canned fish

1 4
2 10
3 21
4 40
5 55
6 60
7 63
8 64
9 63

a. Calculate Average production (AP) and Marginal production (MP) for each
quantity of output. (5 Marks)
b. Draw the graphs for Total product, Average product, and Marginal product curves
in the same graph. (10 Marks)
c. What is the quantity of production when the MP is at its maximum? (5 Marks)
d. Explain the three stages of production using the above graph. (10 Marks)