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Business Economics-NMIMS Sep 18

Business Economics-NMIMS Sep 18

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Q1. Define the term “Elasticity of demand.” Discuss different types of elasticity of demand. Also explain why this concept should be of interest to anyone in business who has a choice to determine the price at which to sell their products. (10 Marks).

 

2. Find below the data for total production costs of a manufacturing firm at various levels of output. Complete the blank table and comment on each column of the table explaining the behavior of short run costs of a firm. (10 Marks)

 

Output

Total cost

Fixed cost

Variable cost

Average fixed cost

Average variable cost

Average cost

0

1000

 

 

 

 

 

20

1200

 

 

 

 

 

40

1300

 

 

 

 

 

60

1380

 

 

 

 

 

100

1600

 

 

 

 

 

200

2300

 

 

 

 

 

300

3200

 

 

 

 

 

400

4300

 

 

 

 

 

500

5650

 

 

 

 

 

1000

13,650

 

 

 

 

 

 

3. a) Large scale production is considered to be economical in the sense of per unit cost. Explain the statement by describing different types of economies of scale. Give examples to substantiate your answer (5 Marks)

3. b) Under perfect competition, a firm’s average revenue and marginal revenue are equal at all levels of output” Explain the statement by giving a hypothetical revenue table. (5 Marks)

 

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