### Recent Question/Assignment

Internal Assignment Applicable for June 2021 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.
Assessment Parameter Weightage Assessment Parameter Weightage
Introduction 20% Understanding and usage of the formula 20%
Concepts and Application related to the question 60%
Procedure / Steps 50%
Conclusion 20%
1. From the give table calculate Elasticity of Price, Total Revenue and Marginal Revenue.
Also, explain the relationship between AR and MR?
Internal Assignment Applicable for June 2021 Examination
Price Quantity Total
Revenue Marginal Revenue
6 0
5 100
4 200
3 300
2 400
1 500
0 600
(10 Marks)
2. 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. (10 Marks)
3.a. Define elasticity of supply and find the price from the given statement:
If Es of a good is 2 and a firm supplies 200 units at price of Rs 8 per unit, then at what price will the firm supply 250 units. (5 Marks)
3.b. Calculate the elasticity of supply if a 15 %increase in the price of soya bean oil increases
its supply from 300 to 345 units (5 Marks)
Internal Assignment Applicable for June 2021 Examination
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