Course: Business Economics

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NMIMS Global Access

School for Continuing Education (NGA-SCE)

Course: Business Economics

Internal Assignment Applicable for September 2016 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.

Question. 1. Distinguish between by giving examples

a) Inferior Good and Normal Good

Answer:Normal good: A good for which request increments when salary increments and falls when pay diminishes yet value stays consistent

Inferior good: a good that declines popular when shopper wage rises; having a negative wage elasticity of demand.

b) Income Effect and Substitution Effect

Answer:The substitution impact expresses that expansion in the cost of a cooperative attitude urge purchasers to purchase elective merchandise. The substitution impact measures how much the higher cost urges buyers to utilize different merchandise, expecting the same level of wage.

The pay impact looks at how the value change impacts buyer wage, and how much the ascent in wage will prompt lower

c) Shift in Supply Curve and Movement along Supply Curve.

Answer:

A development in a supply curve is an adjustment in supply as a consequence of an adjustment in cost. In the example above an expansion in cost is reflected by a development along the supply curve making more be supplied. A shift in a supply curve is an adjustment in supply for a reason other than an adjustment in cost. In the illustration the supply curve has moved to one side. This implies more is supplied at

d) Elastic and Inelastic Demand

Answer:Inelasticity and elasticity of demand are the individual end ranges at the standard examination of cost and demand for a given product in an economy. If the adjustment sought after for a given product relates nearly to the adjustment in cost for that product, the demand is deliberated be flexible. If the adjustment sought after for a given product does not relate nearly to an adjustment in cost for that product, the demand is deliberatedbe inelastic.

Elasticity of demand is figured by isolating the

Question.2. Differentiate between the Laws of returns to variable proportions and Laws of returns toScale.

Answer:Law of Returns:If I continue including work (or a specific component of generation) to the production setup while keeping every other element steady (i.e. - ceteris paribus), then consistent returns will set in.

Question.3. a)Complete the following table and comment of the behavior of:-

·       Average Fixed Cost

·       Marginal Cost

·       Average Cost

Answer:

Output	Fixed Cost	Variable Cost	Total Cost	Average Fixed cost	Average Variable cost	Marginal cost	Average Cost
0	10	0
1	10	12	22	10	12	12	12
2	10	20	30	5	10	8	10

b) Can a monopolist incur losses in the short run? Explain how, with the help of example.

Answer:The market is considered complete with the presence of monopoly because it drives many changes and development to the business sectors. When we talk about the monopoly then we should know that monopoly exists only when any specific firm or person is the sole supplier of any specific particular commodity contrasts with another monopsony. It relates to the control of specific single entity of market for the purpose of

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