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Title:SOLVED ASSIGNMENTS NMIMS SEP 2021 - Demand forecasting is an important tool for predicting t
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Business Economics

1.     “Demand  forecasting  is  an  important  tool  for  predicting  the  demand  for  an organization’s products or services in a specified time period in the future” Enumerate any three needs for demand forecasting and discuss the steps involved in demand forecasting. (10 Marks)

2. From the given table calculate TR, MR and AR and highlight the relationship between total revenue (TR) and marginal revenue (MR). (10 Marks)

Quantity

Price

50

200

60

150

70

100

80

50

90

10

 

3. A. The disposable income of Mehta family increases from Rs 5000 to Rs 15,000. As a result, the family‘s demand for milk and milk goods has increased from 30 liters to 60 liters per month. Calculate the income elasticity of demand.                                                (5 Marks)

3. B. A drop in the price of lemons from Rs 100 per kg to Rs 60 per Kg increases the quantity demanded from 1.75 to 7 kg per week. Calculate the price elasticity of demand.  (5 Marks)

For Nmims answersheets contact

info.answersheets@gmail.com

+91 95030-94040

 

Posted On:7/19/2021 11:14:06 PM

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