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NMIMS Global
Access
School for Continuing
Education (NGA-SCE)
Course: Business
Economics
Internal
Assignment Applicable for September 2020 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
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% |
Question1. Rohan is appointed as
an economics’ professor in a reputed university. In his first lecture, students
asked him to elaborate on the Gross Domestic Product (GDP) and Gross National
Product(GNP). Help Rohan to prepare his first lecture on the given topic with a
relevant example and highlight the differences between the two concepts. (10
Marks)
Answer:
INTRODUCTION:
Gross Domestic Product (GDP): The overall market and monetary value of every
finished service and goods manufactured
in a country's border during a specified period is known as Gross Domestic
Product (GDP). The Gross Domestic Product of a country is used to analyze and
calculate the economy's growth rate and size. And to get a more profound
knowledge about a country's position and aspects, the company can adjust Gross
Domestic Product (GDP) for inflation. We can calculate the Gross Domestic Product (GDP) of a nation
with the help of three different ways viz. with the help of incomes,
production, or expenditure.
Gross National Product (GNP): The overall value of the country's residents'
finished goods and services during a given period is known as Gross National
Product (GNP). Usually, companies include private domestic investment,
government expenditure, net exports, and personal consumption expenditures
while calculating Gross National Product (GNP). To avoid double-counting,
intermediary goods and services and not included while calculating GNP.
Question 2. Suppose the demand
equation for computers by Teetan Ltd for the year 2017 is given by Qd= 1200-P
and the supply equation is given by Qs= 120+3P. Find the equilibrium price and
analyze what would be the excess demand or supply if the price changes to Rs
400 and Rs 120. (10 Marks)
Answer:
INTRODUCTION:
Demand curve equation: It is an equation that shows different units of
quantity demanded by a consumer at different market prices. The formula of the
linear demand curve is,
Where,
a = factors
affecting price other than price like income, taste, and preferences, etc.
Question 3. a. A business firm
sells a good at the price of Rs 450.The firm has decided to reduce the price of
a good to Rs 350.Consequently, the quantity demanded for the goods rose from
25,000 units to 35,000 units. Calculate the price elasticity of demand. (5 Marks)
Answer:
INTRODUCTION:
Elasticity of demand: It is the percentage change in demand for a
commodity because of the percentage change in other factors affecting the
commodity's demand. We can calculate the elasticity of demand with the help of
the following formula:
Various factors
influence the demand
Question 3.b. “There is high cross
elasticity of demand between new and old cars”. Discuss the statement by
explaining the features of the cross elasticity of demand. Also, compare and
contrast cross elasticity with other types of elasticities of demand. (5 Marks)
Answer:
INTRODUCTION:
Cross elasticity of
demand: The change in quantity demanded of one commodity when the price of
another commodity changes is known as cross elasticity of demand. In other
words, it is the change in the percentage of the quantity demanded of a
commodity because of the difference in the rate of the price of another
commodity. There are two kinds of goods in cross elasticity of demand. These
are substitute goods and complementary goods. The cross elasticity of demand
for a substitute good is positive, and for a complementary good, it is
negative. We can calculate cross elasticity of demand as
CONCEPT AND
APPLICATION:
Dear
students, get fully solved assignments of NMIMS University for December 2020
batch.
Do
send your query at:
Call
us at: 08263069601
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