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NMIMSGlobalAccess

SchoolforContinuingEducation(NGASCE)
Course:BusinessEconomics
InternalAssignmentApplicableforDecember2017Examination

AssignmentMarks:30

Instructions:

AllQuestionscarryequalmarks.
AllQuestionsarecompulsory
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,
illustrationsasfaraspossible.
Allanswerstobewrittenindividually.Discussionandgroupworkisnotadvisable.
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
sourceofreference.

Students should write the assignment in their own words. Copying of assignments from
otherstudentsisnotallowed

Studentsshouldfollowthefollowingparameterforansweringtheassignmentquestions.

ForTheoreticalAnswer ForNumericalAnswer
AssessmentParameter Weightage AssessmentParameter Weightage
Introduction 20% Formula 20%
ConceptsandApplication 60% Procedure/Steps 50%
relatedtothequestion
Conclusion 20% CorrectAnswer& 30%
Interpretation

1. Calculate the following:

Quantity TotalFixed TotalVariable Total Average Marginal


Cost Cost Cost Cost Cost

NMIMSGlobalAccess
SchoolforContinuingEducation(NGASCE)
Course:BusinessEconomics
InternalAssignmentApplicableforDecember2017Examination

25 10 18 ? ? ?

26 10 20 ? ? ?

27 10 21 ? ? ?

Analyse the changes in the calculated costs as quantity produced increases.


(10 Marks)

2. 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


A 25 3
B 20 5
C 16 10
D 13 18
E 11 28
Calculate Marginal rate of Substitution and explain the answer. (10 Marks)

3. a) Suppose the monthly income of an individual increases from Rs 20,000 to Rs


35,000 which increases his demand for clothes from 40 units to 50 units. Calculate
the income elasticity of demand and interpret the result. (5 Marks)

b) Quantity demanded for tea has increased from 300 to 450 units with an increase
in the price of the coffee powder from Rs 25 to Rs 30. Calculate the cross elasticity
of demand between tea and coffee and explain the relationship between the goods.
(5 Marks)
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