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Q1. Rohan is appointed an economics’professor in a reputed university. In his first lecture, students asked him to elaborate on Gross Domestic Product (GDP) and Gross National Product(GNP). Help Rohan to prepare his first lecture on the given topic with relevant example and highlight the differences between the two concepts.
Q2. Suppose the demand equation for computers by Teetan Ltd for the year 2017 is given by Qd= 1200-P and the supply equation is given by Qs= 120+3P. Find equilibrium price and analyse what would be the excess demand or supply if price changes to Rs 400 and Rs 120. (10 Marks)
Q3.a. A business firms sells a good at the price of Rs 450.The firm has decided to reduce the price of good to Rs 350.Consequently, the quantity demanded for the good rose from 25,000 units to 35,000 units. Calculate the price elasticity of demand. (5 Marks)
Q3.b. “There is a high cross elasticity of demand between new and old cars”. Discuss the statement by explaining the features of cross elasticity of demand. Also compare and contrast cross elasticity with other types of elasticities of demand. (5 Marks)
Q1. Assume that a consumer consumes two commodities X and Y and makes five combinations for the two commodities:
|Combination||Units of X||Units of Y|
Calculate Marginal rate of Substitution and explain the answer.
Q2. With the help of the concept of production function. Briefly explain the Law of Variable Proportions and Law of Returns to Scale. Elaborate your answer by citing real world examples.
Q3.a. Calculate the elasticity of demand for the following data: (5 Marks)
When the price is Rs 20 per unit, demand for a commodity is 500 units. As the price falls to Rs15 per unit, demand expands to 800 Units
Q3. b. From the given demand and supply market equation, Calculate the equilibrium price and quantity.
Q1. The concept of elasticity for demand is importance for determining the prices of various factors of production. Discuss the various factors that influences the price elasticity of demand. (10 Marks)
2. Complete the hypothetical table below and explain in brief, the behaviour of each type of cost.
|Quantity||Total Fixed Cost||Total Variable Cost||Total Cost||Average Fixed Cost||Average Variable Cost||Average Total Cost||Marginal Cost|
Q3. Demand forecasting in an organisations plays a vital role in business organisations It provides reasonable data for the organization’s capital investment and expansion decision.
a. Keeping the above statement in consideration. Discuss the various steps involved in demand forecasting (5 Marks)
b. Discuss the various needs for demand forecasting in business organisations? (5 Marks)
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