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Business
Economics
September 2022 Examination
Q1.Aakansha
is handling an important project for her organization. She got tied up with the work, hence skipped
her
lunch. One of her friend offered Aakansha’s favorite pizza. She felt very thankful and happy with
the
kind gesture of
her colleague. The first few
bite of the pizza gave her a lot of satisfaction than the rest pieces. Comment on this behavior and elaborate on which economic theory it focusses on. Also, discuss the various assumptions
of the given theory.
(10 Marks)
Ans 1.
Introduction
Aakansha is, at the rate, an important project
for his company. He skipped lunch because he was given arrested for work. A
beloved pizza was given to Aakansha by one of his friends. He changed into
pleased and appreciative of our colleague's type gesture. The primary taste of
pizza satisfied him extra than the following portions. Economic theories are
centered on it as not anything more significant than a
Q2.
Enumerate the difference between Economies of
scale
and
economies of scope. Explain how organizations achieve
economies of scope. Provide
real world examples of the organizations who have successfully adopted economies of scope. (10
Marks)
Ans 2.
Introduction
The
well-known standard value of producing loads of devices is the challenge of
scope economies. Economies of scope and scale are notions that specify why
large organizations' costs are frequently cheaper. Economies of scope are
involved in approximately the regular fashionable price of various commodities.
Economies of scale, on the opposite hand, are worried about the cost advantage
that results from an enormous degree of production for a single commodity. The
notions of the financial machine of scope and financial device of scale are
Q3a. Suppose the monthly
income of an individual increases from Rs 20,000 to Rs 35,000 which increases his demand
for clothes from 40
units to 50 units. Calculate
the income elasticity of demand and interpret the result. (5 Marks)
Ans 3a.
Introduction
According
to the definition of earnings elasticity of demand, it is the growth of demand
that reasons changes in client revenue. It's far said as a percent in the
needed sales percentage alternate. The growth in global consumption for system
requirements is represented statistically.
Q3b. Quantity demanded for tea has increased from 300 to 450 units with an increase in the
price of the coffee powder from
Rs 25 to Rs 30. Calculate
the cross elasticity of demand between tea and coffee and explain the relationship between the goods. (5 Marks)
Ans 3b.
Introduction
In
economic phrases, demand growth is a reaction to a product's demand in
connection to the alternate within the rate of another associated product.
Unrelated items do not see an increase in demand. An associated product
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