NM SEP 2021 ASSIGNMENT HELP A drop in the price of lemons

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Business Economics
1. Demand forecasting is an important tool for predicting the demand for an organization s products or services in a specified time period in the future Enumerate any three needs for demand forecasting and discuss the steps involved in demand forecasting. (10 Marks)
2. From the given table calculate TR, MR and AR and highlight the relationship between total revenue (TR) and marginal revenue (MR). (10 Marks)
Quantity Price
50 200
60 150
70 100
80 50
90 10

3. A. The disposable income of Mehta family increases from Rs 5000 to Rs 15,000. As a result, the family s demand for milk and milk goods has increased from 30 liters to 60 liters per month. Calculate the income elasticity of demand. (5 Marks)
3. B. A drop in the price of lemons from Rs 100 per kg to Rs 60 per Kg increases the quantity demanded from 1.75 to 7 kg per week. Calculate the price elasticity of demand. (5 Marks)
For Nmims answersheets contact
[email protected]
+91 95030-94040