NMIMS Solution for MarchAprilMay 23 The technique of indif

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Business Economics

1. The technique of indifference curves has been used not only to explain consumer s behavior and demand but also to analyze and explain several other economic problems In view to the above statement elaborate about indifference curve and its properties. (10 Marks)
2. Find below hypothetical data for total production costs of a manufacturing firm at various levels of output. Complete the following: (10 Marks)
Output Total cost Fixed cost Variable cost Average fixed
cost Average variable
cost Average
cost
0 1000 1000
20 1200 1000
40 1300 1000
60 1380 1000
100 1600 1000

3. a. Large scale production is considered to be economical in the sense of per unit cost. Explain the statement by describing different types of economies of scale. Give examples to substantiate your answer (5 Marks)
3. b. Elaborate Cross Demand, Composite Demand and Derived Demand and cite an example to enumerate these types of demand. (5 Marks)

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[email protected]
+91- 9503094040