NMIMS Business Economics Sep 2021 Solved Assignment

Business Economics 1. &ldquoDemand forecasting is an important tool for predicting the demand for an organization&rsquos products or services in a specified time period in the future&rdquo Enumerate any three needs for demand forecasting and discuss the steps involved in demand forecasting. 2. From the given table calculate TR, MR and AR and highlight the relationship between total revenue TR and marginal revenue MR. Quantity Price 50 200 60 150 70 100 80 50 90 10 3. A. The disposable income of Mehta family increases from Rs 5000 to Rs 15,000. As a result, the family&rsquos demand for milk and milk goods has increased from 30 litres to 60 litres per month. Calculate the income elasticity of demand. 3. B. A drop in the price of lemons from Rs 100 per kg to Rs 60 Per Kg increases the quantity demanded from 1.75 to 7 kg per week. Calculate the price elasticity of demand.