NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Business Economics
Internal Assignment Applicable for April 2020 Examination
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.
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)
b. Discuss the various needs for demand forecasting in business organisations?
(5 Marks)
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