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NMIMS Global Access School for Continuing Education (NGA-SCE)
Course: Business Economics
Internal Assignment Applicable for June
2018 Examination
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 different qualitative and quantitative methods of
demand forecasting. Which of the methods described by you is most suitable for
forecasting the demand for “expensive mobile” and why?
Answer: Demand forecasting seeks to investigate and measure the forces that determine
sales for existing and new products. Generally companies plant heir business -
production or sales in anticipation of future demand. Hence forecasting future
demand becomes important. The art of successful business lies
2. Which market is characterized by the “competition
among few”? how is this market different from the “competition among many”?
Explain how the producers in this kind of market promote their own interests by
giving real world examples like OPEC, Cement Cartels, etc.
Answer: Oligopoly is the market characterized by the “competition among few”.
Perfect Competition is the market characterized by the “competition
among many”.
Oligopoly
The term oligopoly is derived from two Greek words “Oligoi” means a
fewand „Poly‟ means to sell. Under
oligopoly, we come across a fewproducers specializing in the production of
identical goods ordifferentiated goods
3. A) Explain how the consumer attains utility
maximisation and producer ensures cost minimization with the help of
indifference curve and isoquant technique.
3. 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.
Answer: a) Indifference Curve
An indifference curve may be defined as the locus of points, each representinga different combination of two
goods but yielding the same level of utility orsatisfaction. Since each
combination of two goods yields the same level ofutility, the consumer is
indifferent between any two combinations of goods whenit comes to making a
choice between them. A consumer is very often confrontedwith such a
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