NMIMS Business Economics Assignment Solution December 2022
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Business Economics NMIMS Assignment Solution December 2022
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NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Business Economics
Internal Assignment Applicable for December 2022 Examination
Assignment Marks: 30
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
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.
1. 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.
Keeping the above statement in consideration. Discuss the various steps involved in demand
forecasting (10 Marks)
2. From the given hypnotical table Calculate Total Cost, Average Fixed Cost, Average
Variable cost and Marginal Cost. (10 Marks)
0 100 0
1 100 20
2 100 30
3 100 40
4 100 50
5 100 60
3. a. Suppose the monthly income of an individual increases from Rs 20,000 to Rs 25,000
which increases his demand for clothes from 40 units to 60 units. Calculate the income
elasticity of demand. (5 Marks)
3. b. Assume that a business firm sells a product at the price of Rs 500. The firm has decided to
reduce the price of the product to Rs 400. Consequently, the demand for the product is raised
from 20,000 units to 25,000 units. Calculate the price elasticity of demand. (5 Marks)
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