German University Increased Investment to Boost Omans Tourism Sector Essay HelloI have assignment about Basics of EconomicsPlease no plagiarism at allthe d

German University Increased Investment to Boost Omans Tourism Sector Essay HelloI have assignment about Basics of EconomicsPlease no plagiarism at allthe details in word document Answer the following structured questions effectively. Connect your discussions and explanations based
on your understanding and apply critical and logical thinking to be able to produce an effective and
interesting answers for each assessment questions provided.
1. Land labor capital and entrepreneur are the four factors of production. Basically, land, labor and
capital used as input factors in the production process. Using the input factors in the production
process, how can you explain the concept of productivity?
2. In simple sense, the opportunity cost of a choice is what you gave up in order to get something
(Nash, 2020). Produce at least two examples of Opportunity cost principle in the real-life
scenario.
2.1 Example 1:
2.2 Example 2:
3. Why do suppliers are fast to respond to an increase of price but slow when prices of their
commodities are low. Please link the concept of inflation and deflation on your explanations.
3.1. Example 1:
3.2. Example 2:
4. When the demand of a commodity increases in the marketplace, considering that you are a
supplier of such commodities, what decision making will you take? Explain your answer using 70
words.
5. Analyze the article below and give your responses to the following questions which follow.
The article: Increased investment to boost Oman’s tourism sector
The potential for tourism development projects to contribute to the Omani economy goes beyond their
direct benefits, according to Ahmed Dabbous, CEO of Muriya Tourism Development, a property
developer focused on the leisure segment.
“The economic multiplier effects of hotel and tourism developments are significant,” he told OBG.
“Apart from job creation and infrastructure investment, we see significant engagement with small and
medium-sized enterprises, as well as in the local economies where the projects are located.”
According to a government prospectus from June, at least 39 major tourism projects are at some stage
of design, construction or tendering across the country.
Oxford business group (2018)
5a. Thinking like an economist, how can you explain the concept of multiplier effect? Use 40 words.
5b. Explain the employment multiplier or employment spillover of Oman’s tourism sector written below:
Use 60 words.
5b-i. Direct
5b-ii. Indirect
5c-iii. Induced
1. Elasticity is a measure of the responsiveness of demand – and here we will look at three separate
measures of responsiveness: how demand responds to changes in income (income elasticity), how
demand responds to changes in prices of other goods (cross-price elasticity), and how demand
responds to changes its own price (own-price elasticity) Web.uri.edu. (2011). Analyze the
scenario below and answer the question which follow.
The newsletter.
The City of Calgary has now released details on how many part-time and casual workers are
being laid off because of COVID-19. Most employees work in the recreation department
including swim instructors, arena and athletic park staff, aquatics and fitness staff. The city’s
recreational facilities have been closed and programs halted as a result of the pandemic (White,
2020). Considering that these laid off employees are enjoying doing their shopping in charity
stores due to huge laid off discounts.
Question
6a. Relate the newsletter content to the concept of elasticity. You can use the above definition of
elasticity as your guide to develop an effective answer. Use 50 words.
2. “Oman is pressing ahead with a number of new developments in its tourism sector as part of a
drive to diversify its economy amid a backdrop of sustained low global energy prices” (Oman
Tourism, 2016), however, because of the unprecedented outbreak of COVID-19, Oman’s tourism
market hits its market. Relate in the form of a brief report of the economic impact of COVD-19 to
Oman’s tourism market. Use 150 words.

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