Business Economics

 

NMIMS Global Access- Business Economics

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.

For Theoretical Answer

Assessment Parameter	Weightage
Introduction	20%
Concepts and Application	60%
related to the question
Conclusion	20%

For Numerical Answer

Assessment Parameter	Weightage
Understanding and usage	20%
of the formula
Procedure / Steps	60%
Correct Answer &	20%
Interpretation

1. 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)

 

NMIMS Global Access

School for Continuing Education (NGA-SCE)

Course: Business Economics

Internal Assignment Applicable for June 2023 Examination

1. 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)

1. 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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