2020 April nmims assignments Discuss the various needs for

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Business Economics

1. The concept of elasticity for demand is importance for determining the prices of various factors of production. Discuss the various factors that influence the price elasticity of demand. 10 Marks
2. Complete the hypothetical table below and explain in brief, the behavior of each type of cost.
Quantity Total Fixed
Cost
Total Cost
Average
Fixed Cost
Average
Costa Marginal Cost
00 1 25 2 40 3 50 4 60 5 100 80 6 110 7 150 8 300 9 500 10 900 (10 Marks)

3. Demand forecasting in an organizations plays a vital role in business organizations It provides reasonable data for the organization s capital investment and expansion decision.
a. Keeping the above statement in consideration. Discuss the various steps involved in demand forecasting 5 Marks
b. Discuss the various needs for demand forecasting in business organizations 5 Marks.
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[email protected]
91 9422028822