What we have learnt theoretically would be more interesting and understood if applied to a certain project. To do so, you pick up a business idea (business project) of your own and apply what we have learnt and discussed during the course “Introduction to Economics-Part 1: Microeconomics” based on the requirements and guidelines provided below:
FIRST: Identify clearly your business (project) idea, objectives, and nature. (150-200 words).
SECOND: Apply the opportunity cost concept (showing explicit and implicit cost) to five strategic decisions you may make in your project. Economic and accounting profit should be considered, whenever applicable. (Approximately 500 words).

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