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Micro Economics bba nmims solution
Q1. Neha has just completed her MBA and joined a startup company. The company was planning to launch a new product in the market so the management wanted to understand the different factors that can impact the demand and supply of their products in the market. Help Neha to prepare a report on the factors impacting demand and supply of products in the market. (Mention any four factors each for demand and supply Demand)
Q2. Enumerate the term price elasticity of supply? Explain any two types of elasticity of supply. Lokhand Co. Ltd market share was declining due to high competition in the market so it decided to enter a new segment. It wanted to determine the relationship between change in the quantity demanded of the product due to change in the price of the product in the market. Assume that at the price of .100, the demand for the product is 400 units. If the price of the product increases to .120, the demand decreases to 250 units. Calculate the price elasticity of demand.
Q3. a. It is observed that rich affluent people purchase high end goods at a higher price which contradicts law of demand. Explain the given scenario and cite examples.
Q3. b. Enumerate the movement along demand curve? Differentiate between expansion and contraction in movement along the demand curve?
