MAT10706 Project Assignment S1 2020 1
MAT10706 QUANTITATIVE METHODS WITH ECONOMICS
PROJECT ASSIGNMENT
Due Week 7 11pm Sunday April 19th 2020
Value 30%
Topics 1 to 5
Please follow these guidelines for the assignment
| | The assignment must be submitted online as a SINGLE Word file with Excel output copied and pasted (use paste special –> Excel object). All submissions should be typed including the mathematics in A4 page size All written descriptions must be in correctly structured sentences using appropriate mathematical, business and English language. Descriptions should be in formal language (e.g. third person they/he/she with ‐no use of I or me throughout). Figures and tables must be fully labelled and include headings. |
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All the information you need to complete the assessment is given in the question or in your study
material.
However, if you choose to use other resources, please ensure that they are referenced using standard
practice taught in EDU10010 units.
Please use standard university academic integrity practices in this assessment. All submitted work must
be your own. Using others’ work as your own can be considered plagiarism.
Your assignment must be submitted online in a single word file.
MAT10706 Project Assignment S1 2020 2
| W’ght in % |
Criterion | Excellent (HD) | Very Good (D) | Good (C) | Satisfactory (P) | Unsatisfactory (F) | Not Present |
| 40 | Calculations Relevant to the question Accurate Correctly set out Appropriate rounding Includes units with measurements. |
The calculations are highly related to the task; Excellent calculations, high level: mathematical setting out, rounding and measurements. |
The calculations are closely related to the task; Advanced calculations, advanced: setting out, rounding and measurements. |
The calculations are related to the task; Competent calculations, competent: setting out, rounding and measurements. |
The calculations are partially related to the task; Adequate calculations with some errors, basic: setting out, rounding and measurements. |
The calculations are not related to the task; Calculations are incorrect. Poor mathematical setting out, |
Calculations absent; |
| 25 | Use of Excel correct tables correct graphs graphs relevant to the question graphs fully labelled |
Highly advanced use of Excel to draw graphs, graphs are fully labelled and relevant to the question. |
Advanced use of Excel to draw graphs, graphs are fully labelled with minor errors and relevant to the question. |
Effective use of Excel to draw graphs, graphs are labelled with some errors and relevant to the question. |
Basic use of Excel to draw graphs, graphs are partially labelled and partially relevant to the question. |
Poor use of Excel to draw graphs, graphs are have no relevant labels and are not relevant to the question. |
No graphs |
| 15 | Communication Effective and relevant Logically sequenced Appropriate structure Use of mathematical, business and English language |
Exemplary logic, structure and use of mathematical, business and English language |
Advanced logic, structure and use of mathematical, business and English language |
Effective logic, structure and use of mathematical, business and English language |
Satisfactory logic, structure and use of mathematical, business and English language |
Unsatisfactory logic, structure and use of mathematical, business and English language |
No logic or structure; little use of mathematical, business and English language |
| 20 | Conclusion • Clear relevant concluding statement Assumptions |
Clear statement of conclusion with all questions answered appropriately; excellent statement of assumptions, limitations. |
Statement of conclusion with majority of questions answered appropriately; very clear statement of assumptions, limitations. |
Statement of conclusion with questions answered appropriately; clear statement of assumptions, limitations, |
Basic statement of conclusion with some questions answered appropriately; sound statement of assumptions, limitations, |
Statement of conclusion not relevant to the task. Assumptions included but not relevant |
No conclusion present |
MAT10706 Project Assignment S1 2020 3
Question 1 Impact of changing price upon revenue and profit
A factory worker makes robotic toy animals. One of the more popular items is a robot dog. Each dog
requires electronic parts and four batteries. The worker uses three types of batteries – Nickel Cadmium
(Ni-Cad), Nickel Metal Hydride (Ni-MH) and Lithium-Ion. Due to slight differences in the shape of the
batteries, there are slight variations in the amount and cost of electronic parts for each dog, depending on
the batteries to be used. Once the robot dogs are assembled and sold, they are distributed to toy shops
for sale. Robot dogs are assembled and sold as follows:
| Dog #1 with Ni-Cad batteries |
Dog #2 with Ni-MH batteries |
Dog #3 with Lithium Ion batteries |
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| Cost of electronic parts | $34.50 | $42.00 | $59.00 |
| Cost of batteries (for two) | $9.00 | $13.00 | $25.00 |
| Sale price range | $60 – $70 | $80 – $100 | $110 – $130 |
Regardless of the type of metal used to make a dog, there is a fixed production cost of $625.
Your task is to investigate the cost, revenue, and profit associated with each type of robot dog.
Steps to complete to undertake the investigation
1. Find the total cost and total revenue functions for each type of robot dog and plot these functions on
an Excel graph (i.e. you will produce 3 graphs, each with two lines on it). For the revenue function,
select a price for each dog within the price ranges in the table above.
2. Confirm any points of intersection between the cost and revenue function lines using algebra.
3. Profit will also differ for each dog. Find the profit functions and the break-even point for each dog.
4. Summarise your findings in 200 words. In your conclusion:
a. Explain the meaning and significance of any points of intersection noted from steps 1 and 2
and any similarities noted from you results in step 3.
b. Discuss any differences in profitability between each type of robot dog (for example, which
dog would be easiest to make a profit from?)
c. Note any assumptions you have made and any limitations of your findings.
MAT10706 Project Assignment S1 2020 4
Question 2 Impact of price reduction on revenue
A regional airline is renowned for its regular services to both regional towns and capital cities. A second
airline attempts to start similar services in competition with this airline. This results in an over-supply of
seats across all routes which both airlines service. As a short-term strategy to address this over-supply
and sell as many seats as possible, the first airline has a sale, during which a GST of 10% does not
apply.
Your task is to determine the consequences of the short-term removal of 10% GST.
The supply and demand equations are given by
Demand Equation:
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