Course: Business Economics

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Course: Business Economics

Internal Assignment Applicable for June 2018 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 3in not more than 500 words for each subsection. Use relevant examples, illustrations as far aspossible.

·       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 theirassignments, 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 otherstudents is not allowed.

·       Students should follow the following parameter for answering the assignment questions.

For Theoretical Answer			For Numerical Answer
Assessment Parameter	Weightage		Assessment Parameter	Weightage
Introduction	20%		Understanding and usage of the formula	20%
Concepts and Application related to the question	60%		Procedure / Steps	50%
Conclusion	20%		Correct Answer & Interpretation	30%

Question. 1. Demand forecasting is not a speculative exercise into the unknown. It is essentially a reasonable judgement of future probabilities of the market events based on scientific background. Explain the statement by elaborating different qualitative and quantitative methods of demand forecasting. Which of the methods described by youis most suitable for forecasting the demand for “expensive mobile” and why? (10 Marks).

Answer:Quantitative method for determining utilizes numerical realities and recorded information to foresee up and coming occasions. The two fundamental kinds of quantitative determining utilized by business examiners are the illustrative technique that endeavors to relate at least two factors and the time arrangement strategy that utilizations past patterns to make conjectures.

Qualitative method for estimating is frequently utilized where the key patterns or improvements are difficult to catch or where such information isn't

Question. 2. Which market is characterized by the “competition among few”? how is this market different from the “competition among many”? Explain how the producers in this kind of market promote their own interests by giving real world examples like OPEC, Cement Cartels, etc. (10 Marks)

Answer:Realistically, inside the range of these two models, most by far of firms exist in a defectively aggressive setting where no less than one firm is a value setter. You will now ponder two other general classes in the realm of blemished rivalry: one in which numerous organizations contend (monopolistic rivalry - for instance, the market for eateries in a city) and another in which few firms contend (oligopoly - for instance, the PDA business).

Question. 3. a)Explain how the consumer attains utility maximisation and producer ensures cost minimization with the help of indifference curve and isoquant technique. (5 Marks)

Answer:Isoquants: An isoquant is a locus of focuses demonstrating all the actually effective methods for consolidating variables of creation to deliver a settled level of yield. It is otherwise called the equivalent item bend. If there should be an occurrence of two variable components, work and capital, an isoquant shows up as a bend on a chart the tomahawks of which measure amounts of the two elements. The bend demonstrates the

b)“There is a high cross elasticity of demand between new and old cars”. Discuss the statement by explaining the features of cross elasticity of demand. Also compare and contrast cross elasticity with other types of elasticities of demand. (5 Marks)

Answer:

The measure of responsiveness of the interest for a decent towards the adjustment in the cost of a related decent is called cross value flexibility of interest. It is constantly estimated in rate terms.

With the utilization conduct being connected, the adjustment in the cost of a related decent prompts an adjustment in the request of another

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