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NMIMS Assignment Solution April 2023
Business Economics
April 2023 Examination
Q1. “The technique of indifference
curves has been used not only to explain
consumer’s behaviour and demand but also to analyse and explain several other
economic problems “In view to the above statement elaborate about indifference
curve and its properties. (10 Marks)
Ans 1.
Introduction
An
indifference curve can be defined as a visual representation of different
combinations or consumption bundles of two commodities or goods, giving
equivalent complete satisfaction levels for the customer. Simply put, a
customer is considered detached between any two mixes, indicated by a specific
factor on the curve, given these bundles give the same energy.
In business economics, the
indifference curve examines demand patterns for good combinations. The concept
applies to far better economics and microeconomics, such as customer and
manufacturer equilibrium, exchange
Q2. Find below hypothetical data for
total production costs of a manufacturing firm at various levels of output.
Complete the following: (10 Marks)
|
Output |
Total cost |
Fixed cost |
Variable cost |
Average fixed cost |
Average variable cost |
Average cost |
|
0 |
1000 |
1000 |
|
|
|
|
|
20 |
1200 |
1000 |
|
|
|
|
|
40 |
1300 |
1000 |
|
|
|
|
|
60 |
1380 |
1000 |
|
|
|
|
|
100 |
1600 |
1000 |
|
|
|
|
Ans 2.
Introduction
The
total cost can be defined as the actual cost sustained in the production
procedure of a provided outcome degree. But, the total expenses sustained by a
company, both specific and implicit, on all the sources to acquire a certain
result level is called total cost. The total cost is the amount of all the
variable and fixed costs. Hence, total cost includes the resources needed to
produce a specific output level.
Experts
frequently utilize two-factor inputs in the total cost, capital, and labor. The
capital
Q3a. Large scale
production is considered to be economical in the sense of per unit cost.
Explain the statement by describing
different types of economies
of scale. Give examples to
substantiate your answer (5 Marks)
Ans 3a.
Introduction
Large-scale
manufacturing refers to making a product on a bigger scale with a large
organization. It requires substantial funds that can be accumulated by numerous
considerable financial investments directed toward purchasing hefty plants and
machinery. Large-scale manufacturing can just be carried out if the
Q3b. Elaborate Cross Demand,
Composite Demand and Derived Demand and cite an example to enumerate these
types of demand. (5 Marks)
Ans 3b.
Introduction
The cross
elasticity of demand can be specified as an economic concept that gauges and
establishes the responsiveness in quantity demanded of one item when the rate
of additional product adjustments. Also called cross-price elasticity demand,
this dimension is constantly determined by taking the percent variation
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students, get fully solved assignments by professionals
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NMIMS Assignment Solution April 2023
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