NMIMS 1ST SEM JUNE 2020 ASSIGNMENT ANSWERS

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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 influences the price elasticity of demand (10 Marks)
2. Complete the hypothetical table below and explain in brief, the behaviour of each type of cost. (10 Marks)

Quantity Total
Fixed Cost Total
Variable Cost Total Cost Average
Fixed Cost Average
Variable Cost Average
Total Costa Marginal Cost
0 0
1 25
2 40
3 50
4 60
5 100 80
6 110
7 150
8 300
9 500
10 900

3. Demand forecasting in an organisations plays a vital role in business organisations
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)

Discuss the various needs for demand forecasting in business organisations? (5 Marks)
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