Narsee Monjee Institute of Management Studies

Course: Business Economics

Internal Assignment Applicable for September 2019 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 For Numerical Answer

Assessment Parameter Weightage Assessment Parameter Weightage
Introduction 20% Understanding and usage 20%
Concepts and Application 60% of the formula
related to the question Procedure / Steps 50%
Conclusion 20% Correct Answer & 30%
Interpretation

1. What is Demand forecasting? Explain different qualitative methods of demand

forecasting. State which of the methods described is most suitable for forecasting the
demand for “newspaper” and why? (10 Marks)
 Narsee Monjee Institute of Management Studies
Course: Business Economics
Internal Assignment Applicable for September 2019 Examination

2. Complete the hypothetical table below and explain in brief, the law of variable
proportions.
Quantity Total Average Marginal
Product Product product
1 10
2 30
3 48
4 56
5 56
6 52

(10 Marks)

3. a. Explain the types of elasticity of demand. Calculate elasticity of demand for the
following data.

Price of Apple (Rs.) Quantity demanded (KGs)

20 100
21 96

(5 Marks)

3. b. Distinguish between the features of perfect competition and monopolistic

competition. Give real world examples of each of these types of markets.
(5 Marks)

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