NMIMS – Business Economics
NMIMS Business Economics Solved Assignment
1. 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 any 3 methods each from qualitative and quantitative methods of demand forecasting. (10 Marks) This is often discussed in NMIMS MBA Business Economics Solved Assignment guides.
2. Law of Demand drives the economy and helps business decisions that meet consumer needs. Demand is the consumers’ desire and willingness to pay for a product or service at a given price and time. Enumerate any five factors each from individual and market demand. (10 Marks) These factors are crucial in NMIMS MBA Business Economics Solved Assignments for understanding practical applications.
3. a. “The Law of Diminishing Marginal Utility plays an important role in the economy. It directly relates to the consumption and production of goods.” In context with the given statement enumerate Law of Diminishing Marginal Utility with its assumptions. (5 Marks) Understanding this concept is vital for completing NMIMS MBA Business Economics Solved Assignments.
b. Calculate Marginal Utility and Average Utility from the information given in the below table: (5 Marks) These calculations are common in NMIMS MBA Business Economics Solved Assignment tasks.
| Quantity Consumed | Total Utility |
| 1 | 20 |
| 2 | 35 |
| 3 | 47 |
| 4 | 55 |
| 5 | 60 |