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Business Economics
September 2021
Examination
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)
Answer 1.
Introduction:
Demand
forecasting is the process of projecting the future demand for a good or
service from customers over a specific period. When a company forecasts the
demand for goods and services in the current market environment, it uses
historical demand or historical data from previous market conditions.
The demand for a
product or service plays an integral part in the decision-making process of a
business. Demand forecasting assists an organization in meeting its objectives
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 |
Answer 2.
Introduction:
The term "revenue" refers to an
organization's income or sales revenues. Total revenue, marginal revenue, and
average revenue are the three forms of revenue that can be generated.
Total revenue: Total revenue, also known as TR, is the
amount of money collected by a company through the sale of its output. Prices
are multiplied by the number of units sold, yielding the method for determining
total revenue. Consider the following scenario: If a
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)
Answer
3a.
Introduction:
The elasticity of demand: The elasticity of demand is defined as
the change for a commodity or service due to changes in the factors impacting
the market for the item or service. According to the rate at which the rate of
change in demand due to changes in demand-affecting factors
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)
Answer
3b.
Introduction:
The elasticity of
demand: A commodity's elasticity of demand
is defined as the change for a thing that occurs due to a change in the factors
that influence the need for the entity. The price of goods, the cost of
alternative or complementary items, the client's income, and the client's taste
and preference are all elements
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