UNIVERSITI TEKNOLOGI MARA

CONTINOUS ASSESSMENT

DIPLOMA IN QUANTITY SURVEYING

FACULTY OF ARCHITECTURE, PLANNING AND SURVEYING
UNIVERSITI TEKNOLOGI MARA
SERI ISKANDAR, PERAK

DQS156
PRINCIPLES OF ECONOMICS

ASSIGNMENT 1

LECTURER: SR NORAZLIN MAT SALLEH

NAME MATRICS NUMBER

AZZIM MUALLIF BIN ABDUL AZIZ 2022874232

ASYIQ IRFAN BIN TAUFIQ HIDAYAT 2022497614

FAIZ ZULKIFLI 2022613848

MUHAMMAD AIKAL BIN ZAHAROZEE 2022488566

MUHAMMAD AQIL NAQIUDDIN BIN AZMAN 2022880444

 Report Writing
Prepare a report (as per the given template) of demand and supply trends for construction
materials in the Malaysian Construction Industry. In a group of 4 or 5 students, choose any
example of one construction material and it must be different from other groups. The length of
the report must be not more than 5 pages.

Table 1.1: Marking Scheme.

Items Marks Descriptions
1. Report
Introduction 2 1. The introduction is too brief.
2. The introduction is including a clear idea about the report.
Content 5 1. Excellent – 5: Work is clearly discussed and reflected,
Literature Review with current examples
(contents) 2. Good – 4: Work is clearly discussed and reflected.
- demand/supply 3. Average – 3: Work is introduced but not clearly
- concept of market reflected.
mechanism 4. Satisfy – 2: Work is introduced and somewhat
- construction discussed.
materials 5. Poor: 1: Work is not clearly discussed and irrelevant.
6. 0 : Plagiarism and not existed

Findings 5 1. Excellent – 5 : Collects detailed and relevant data.

- plot a graph Carefully records detailed, relevant and annotated data
in a consistent and organized manner. Data highlights
information that supports interpretation of relationships.

2. Good – 4 : Collects relevant data.

Records relevant and accurate data in a consistent and
organized manner.
Displays data in a manner that supports analysis and
interpretation.

3. Average – 3 : Data is partially consistent with the

planned design. Relevant data recorded is inconsistent
or disorganized. Displays data in a manner that is
incomplete or disorganized.

4. Satisfy – 2 : Inconsistent data. Records irrelevant or

inaccurate data. Displays incomplete and disorganized
data.

5. Poor: 1 : Presented inconsistent data and plotting

graph.

6. 0 : Plagiarism and not existed

Conclusion 3 1. The conclusion is too brief.

2. The conclusion summarizes about the report.
3. The conclusion clearly summarizes about the report.

References 5 1. The report does not include any a reference list.

Journal/brochure/ma 2. The report includes only 2 reference list.
gazine 3. The report includes only 3 reference list from different
Minimum 5 reference sources.
4. The report includes only 4 reference list from different
sources.
5. The report includes only 5 or more reference list from
different sources.

2. Peer 10 Refer table below (reduced to 10 marks)

Evaluation
TOTAL 30
 REPORT
DQS156 – PRINCIPLES OF ECONOMICS SEMESTER MAC 2023 – AUGUST 2023

Demand And Supply For Ceramic Sink

Muhammad Aqil Naqiuddin Bin Azman, Faiz Zulkifli, Azzim Muallif Bin Abdul Aziz,
Muhammad Aikal Bin Zaharozee, Asyiq Irfan Bin Taufiq Hidayat
1,2,3Department of Built Environment and Technology, College of Built Environment, Universiti Teknologi MARA,
Cawangan Perak, 32610, Seri Iskandar Perak

ABSTRACT:

Ceramic sinks are often used in kitchens, bathrooms and etc. Sinks are made from ceramic, glass, and
stainless steel. There are four types of sink installation, wall-hung, above-counter, under-mount, and
self-rimming. This paper aims to analyze ceramic sinks selling prices. This study was conducted by
interviewing the owner of the hardware IZIN AL FAJR ENTERPRISE and Alamskap Dua Sdn. Bhd.
nearby uitm seri iskandar. The findings show that the higher the price of the product lower the quantity
demanded and the higher the price of the product the higher the quantity supplied.

1.0 INTRODUCTION:
The purpose of this report is to comprehend the supply and demand trends for ceramic sinks. Supply
is related to product price because there is an incentive to supply at a higher price because higher
prices produce more revenue and profits. While demand is an economic principle that describes the
consumer's desire to purchase a product or service. The price consumers are willing to pay for a product
or service is used to calculate demand. The relation between supply and demand is an economic model
that defines the link between the quantity of an item or service that producers are willing to sell and the
quantity that consumers are willing and able to buy at various prices, while all other factors remain
constant. The equilibrium price is the price at which the quantity demanded equals the quantity supplied.
It is determined by the intersection of the demand and supply curves. (2016, University Of Minnesota).
Human beings appear to have been making their own ceramics for at least 26,000 years, subjecting
clay and silica to intense heat to fuse and form ceramic materials. Guy, John (1986). Guy, John (ed.).
From about 1820 to 1900, the dry sink evolved by the addition of a wooden cabinet with a trough built
on the top. Blower, G. J. (2006).
2.0 LITERATURE REVIEW
2.1 Demand
The definition of demand is an economic concept that relates to a consumer's desire to purchase
goods and services and willingness to pay a specific price for them. An increase in the price of a good
or service tends to decrease the quantity demanded..If the price goes up, the quantity demanded goes
down (but demand itself stays the same). If the price decreases, quantity demanded increases. This is
the Law of Demand.(The Investopedia Team July.2022)

Law of demand:
• Higher the price of the product, the lower quantity demanded
• Lower the price of the product, the higher quantity demanded

2.2 Supply
The definition of supply is the ability and willingness to sell or produce a particular product & service
in a given period of time, ceteris paribus (another factor constant, only price changes).The law of supply
is the microeconomic law that states that, all other factors being equal, as the price of a good or service
increases, the quantity of goods or services that suppliers offer will increase, and vice versa.The law of
supply says that as the price of an item goes up, suppliers will attempt to maximize their profits by
increasing the number of items for sale.Supply is a fundamental economic concept that describes the
total amount of a specific good or service that is available to consumers. Supply can relate to the amount
available at a specific price or the amount available across a range of prices if displayed on a graph.(Will
Kenton,April,2023).

Law of supply:
• Higher the price of the product, the higher quantity supplied
• Lower prices of the product, the lower quantity supplied

2.3 Market Equilibrium

The point where supply and demand curves intersect represents the market clearing or market
equilibrium price. An increase in demand shifts the demand curve to the right. The two curves then
intersect at a higher price, which means consumers are willing to pay more for the product.
Equilibrium prices typically change for most goods and services because factors affecting supply and
demand are always changing. Free, competitive markets tend to push prices toward market equilibrium.
Economic equilibrium refers broadly to any state in the economy where forces are balanced. This can
be related to prices in a market where supply is equal to demand, but can also represent the level of
employment, interest rates, and so on. (James Chen May, 2022)

2.4 Ceramic Sink

When purchasing a bathroom sink, keep in mind that it will be used several times a day, we want to
ensure that the material is durable and easy to maintain. This leads us to explain why a ceramic basin
is a great choice. Ceramic sink is known for its durability, versatility, easy to maintain and hygienic. We
choose three sizes of wall-hung ceramic sinks. 385x340x180mm, 345x305x125mm and
410x410x145mm. It is resistant to extreme temperatures, easily blends with any bathroom, hard,
smooth surface making the cleaning process quicker and easier ceramic is not porous, and bacteria is
not absorbed. (Hudson Reed,2021).
3.0 FINDINGS

TABLE

Title: Market Demanded

PRICE MARKET DEMAND
(RM) IZIN AL-FAJR HARDWARE MARKET DEMAND
ENTERPRISE ALAMSKAP DUA
SDN.BHD.
100 6 6 12

150 4 4 8

200 3 1 4

The table shows the Market Demand for sinks. There got 3 types of sinks with different prices which
are RM100, RM150, and RM200. There shows the demand for IZIN AL-FAJR ENTERPRISE for each
price RM100, RM150 also RM200 are 6 Units, 4 Units, and 3 Units. For the HARDWARE ALAMSKAP
DUA SDN.BHD. Their demand for the sink with each price is 6 Units, 4 Units, and 1 Unit. Therefore,
the market demand for each price is 12 Units, 8 Units, and 4 Units.

Title: Market Supply

PRICE MARKET SUPPLY
GOLDOLPHIN (M) SAMA MARKET SUPPLY
SDN.BHD.
100 3 1 4

150 4 4 8

200 6 6 12

The table shows the Market supply of sinks. There got 3 types of sink with different prices which is
RM100, RM150, and RM200. There shows the supply of IZIN AL-FAJR ENTERPRISE for each price
RM100, RM150 also RM200 are 3 Units, 4 Units, and 6 Units. For the HARDWARE ALAMSKAP DUA
SDN.BHD. Their supplies for the sink with each other prices are 1 Unit, 4 Units, and 6 Units. Therefore,
the market supplied for every price is 4 Units, 8 Units, and 12 Units+.
 Title: Market Equilibrium
PRICE MARKET EQUILIBRIUM
MARKET DEMAND MARKET SUPPLIED MARKET CONDITION
100 12 4 SURPLUS

150 8 8 EQUILIBRIUM

200 4 12 SHORTAGE

The market equilibrium is the situation where the quantity demanded for a good is equal to the quantity
supplied the market demand for each price is 12 units, 8 units, and 4 units. The market supplied for
each price are 4 units, 8 units, and 12 units. Therefore, there shows the market condition for the price
rm100 is surplus because market demand is a higher quantity than the market supplied. Other than
that, the condition market for price rm150 is an equilibrium because the market demand and market
supply are the same quantity. Lastly, the market condition for the price of rm200 is a shortage because
the quantity supplied is more than the market demand.

GRAPH

The situation at the price RM100 is surplus because the quantity demanded is higher by 8 units than
the quantity supplied. While the situation at the price RM200 is a shortage because the quantity
demanded is lower by 8 units than the quantity supplied. The situation at the price of RM150 is an
equilibrium because the quantity demanded is equal to the quantity supplied (DD=SS). The graph
shows that all prices of ceramic sinks could be affordable by the customer even though the quantity are
not consistence.
4.0 CONCLUSIONS
Supply and demand are known as the number of products available by the producer and the number
of customers willing to buy. Supply is the basic economic concept that describes the total amount of a
specific good provided to the market for consumption. Demand can refer to either market demand for a
specific product sells or a whole demand for the total of all products in an economy. Market act as a
balanced instrument for both supply and demand. The dynamic interplay between supply and demand
is influenced by various factors, such as changes in consumer preferences, production costs, and
technological advancements. This factor can cause shifts in the supply and demand curves, leading to
changes in equilibrium price and quantity. Consumer preferences are important for the supplier in order
to produce the amount of quantity needed. The supplier will offer a lower price if the demand was high.
In addition, elasticity follows up the sensitivity of supply and demand to price changes.
5.0 REFERENCES

1) GOLDOLPHIN SDN BHD (May, 2018)

https://m.goldolphin.com.my
2) Huds on Reed (April,2021) : The Benefits Of Ceramic Basin
https://www.hudsonreed.co.uk
3) University Of Minnesota (July, 2015) : Demand, Supply and Equilibrium, Principal Of
Economics.
https://open.lib.umn.edu/principleseconomics/chapter/3-3-demand-supply-and-equilibrium/
4) James Chen (May 2022). Equilibrium Price: Definition, Types, Example and How to Calculate.
https://www.investopedia.com/terms/s/supply.asp
PEER AS SESSMENT FOR GROUP WORKS (TS1-TS5):
REQUIRED SKILLS Advanced Competent Progressing Does not meet minimum expectations SCORE
4 3 2 1
Ability to develop goodDid more than others–highly productive Did their part of the work–cooperative. Could have done more of the work –has Did not do any work–does not contribute,
relations, interaction, and difficulty, requires structure, direction and Does not work well with others
effective teamwork to leadership Sometimes argues.
achieve common goals Works extremely well with others, and never Works well with others, rarely argues. Usually argues with teammates.
(TS1) argues. Tries to keep people working together. Sometimes not a good team member.
Almost always focused on the task and what Does not cause problems in the group. Sometimes focuses on the task and what Often is not a good team member. Does not
needs to be done. Is very self-directed. needs to be done. Must be prodded andfocus on the task and what needs to be done.
reminded to keep on task. Let others do the work.

Ability to understand and Participated in all group meetings, and Participated in most group meetings. Provided Participated in some group meetings. ProvidedParticipate in few or no group meetings.
resume alternate roles assumed leadership role as necessary. leadership when asked. Did most of the work some leadership. Did some of the work as Provided no leadership. Did little or no work as
between leader and group Didthe workthatwas assigned by thegroup. as signed by the group signed by the group. signed by the group.
members (TS2)

Ability toidentify andAlways respects team mates' opinion, and Generally respects team mates' opinion, and Rarely respects teammates' opinion, and Is disruptive in all ways
respect thebehavior, helps in developing ideas, and displays helps in developing ideas, and sometimes helps in developing ideas, and rarely displays
attitude and belief of positive attitude. displays positive attitude. positive attitude.
others(TS3)

Ability to contribute Always willing to help and do more, routinely Cooperative, usually offered useful ideas. Sometimes cooperative, sometimes Seldom cooperative, rarely offers useful ideas.
ideas in planning and offered useful ideas. offered useful ideas. Rarely listens to, shares with, or supports the
coordinate group Always listens to, shares with, and supports Usually listens to, shares with and supports Often listens to, shares with, and supports the efforts of others. Is always talking and never
works(TS4) the efforts of others. Provided effective the efforts of others. Sometimes talks too efforts of others. listens to others. Provided no feedback to
feedback to other members. Relays a great much. Provided some effective feedback toUsually does most of the talking – rarely others.
deal of information – all relates to the topic. others. Relays some basic information–most listens to others. Provided little feedback to Does not relay any information to teammates.
relates to the topic. others. Relays very little information–some
Tries to keep people working together. Almost relates to the topic. Often is not a good team member. Does not
always focused on the task and what needs to Does not cause problems in the group. Sometimes not a good team member. focus on the task and what needs to be done.
be done. Is very self-directed. Sometimes focuses on the task and what Let others do the work.
needs to be done. Must be prodded and
reminded to keep on task.

Ability to be responsible Work is complete, well organized, no errors Work is generally complete meets the Work tends to be disorderly, incomplete, not Work is generally sloppy and incomplete,
with group decisions and is done on time or early. requirements of the task, and is mostly done accurate and is usually late. excessive errors and is mostly late or not at all.
(TS5) on time.

TOTAL 20