NMIMS Business Economics Assignment Solution December 2023

Description

NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Business Economics
Internal Assignment Applicable for December 2023 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.
1. From the given table calculate the following mentioning the formulas clearly for Variable cost, Average fixed cost, Average variable cost and Average cost. (10 Marks)
Output Total cost Fixed cost Variable cost Average fixed cost Average variable cost Average cost 100 1600
1000

200 2300
1000
300 3200
1000
400 4300
1000
500 5650
1000
1000 13,650
1000
2. State how the ordinal utility approach to consumer behaviour is different from the cardinal utility approach by Marshall. In the context of indifference curve (IC) technique using ordinal utility approach, explain whether following two statements are true. – “IC slopes downwards” and “Slope of indifference curve indicates the rate at which individuals are ready to substitute one commodity by the other”. Substantiate your view on each of the statements separately
(10 Marks)
3. a. “Business Cycle is dynamic in nature and moves through various phases”. Elaborate the given statement with different phases of Business cycle. (5 Marks)
b. Elaborate Price Demand, Income Demand and Join Demand and cite an example to enumerate these types of demand. (5 Marks)

Last date is 29th August 2023.
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