Business Economics NMIMS Assignment Solution June 2024

Description

NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Business Economics
Internal Assignment Applicable for April 2024 Examination
Assignment Marks: 30
Instructions:
 All Questions carry equal marks.
 All Questions are compulsory.
 All answers to be explained in not more than 1000 words for question 1 and 2 and for question 3 in not more than 500 words for each subsection. Use relevant examples, illustrations as far as possible.
 All answers to be written individually. Discussion and group work is not advisable.
 Students are free to refer to any books/reference material/website/internet for attempting their assignments, but are not allowed to copy the matter as it is from the source of reference.
 Students should write the assignment in their own words. Copying of assignments from other students is not allowed.
 Students should follow the following parameter for answering the assignment questions.
Q1. “Demand forecasting plays a vital role and enables organizations to arrange for the required input as per the predicted demand, without any wastage of material and time” Substantiate your view on demand forecasting and discuss the various factors influencing demand forecasting. (10 Marks)

Q2. Define the term “Elasticity of demand.” Discuss different types of elasticity of demand. Also, explain why this concept should be of interest to anyone in business who has a choice to determine the price at which to sell their products. (10 Marks)
Q3. A) “The root of the economic problem is the scarcity of resources while our wants are infinite”. Elaborate the given statement explaining the three types of economic problems faced by an economy in achieving in production and distribution. (5 Marks)
Q3. B) Complete the hypothetical table – compute and show steps on Average Product and Marginal product. (5 Marks)
Quantity Total Product Average Product Marginal product 1 10
2 30
3 48
4 56
5 56
6 52

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Last submission date is 28th  March 2024