NMIMS Business Economics Assignment Solution 2022Nmims Team
NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Business Economics
Business Economics NMIMS Solved asssignment September 2020 Normal
Assignment Marks: 30
- All Questions carry equal
- 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
- All answers to be written individually. Discussion and group work is not
- 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
- Assume that a consumer consumes two commodities X and Y and makes five combinations for the two commodities :
TABLE GIVEN BELOW
|Combination||Units of X||Units of Y|
Calculate Marginal rate of Substitution and explain the answer.
- With the help of the concept of production function. Briefly explain the Law of Variable Proportions and Law of Returns to Scale. Elaborate your answer by citing real world examples. (10 Marks)
- Calculate the elasticity of demand for the following data:
When the price is Rs 20 per unit, demand for a commodity is 500 units. As the price falls to Rs15 per unit, demand expands to 800 Units
- b. From the given demand and supply market equation, Calculate the equilibrium price and quantity.
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