NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Business Economics
Internal Assignment Applicable for June 2023 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 as possible.
- 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 their assignments, 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 other students is not allowed.
- Students should follow the following parameter for answering the assignment questions.
- Demand forecasting is not a speculative exercise into the unknown. It is essentially a reasonable judgement of future probabilities of the market events based on scientific background. Explain the statement by elaborating any 3 methods each from qualitative and quantitative methods of demand forecasting. (10 Marks)
- Law of Demand drives the economy and helps business decisions that meet consumer needs. Demand is the consumers’ desire and willingness to pay for a product or service at a given price and time. Enumerate any five factors each from individual and market demand. (10 Marks)
- a. “The Law of Diminishing Marginal Utility plays an important role in the economy. It directly relates to the consumption and production of goods.” In context with the given statement enumerate Law of Diminishing Marginal Utility with its assumptions. (5 Marks)
b. Calculate Marginal Utility and Average Utility from the information given in the below table: (5 Marks)
Quantity Consumed | Total Utility |
1 | 20 |
2 | 35 |
3 | 47 |
4 | 55 |
5 | 60 |
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