This document provides instructions for an assignment for a Business Economics course. It tells students to send their semester and specialization to get fully solved assignments via email or phone call. It provides instructions for a 30-mark internal assignment due for the June 2018 examination. The assignment contains 3 compulsory questions - the first asks students to explain qualitative and quantitative demand forecasting methods and apply one to forecasting demand for expensive mobiles. The second asks about competition among few producers and real-world cartel examples. The third has two parts, explaining consumer utility maximization and producer cost minimization using indifference curves and isoquants, and defining and comparing cross elasticity of demand with other elasticities.

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Course: Business Economics
Internal Assignment Applicable for June 2018 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 3in not more than 500 words for each subsection. Use relevant examples,
illustrations as far aspossible.
 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
theirassignments, 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
otherstudents 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%
Understandingandusage
of the formula 20%
ConceptsandApplication
related to the question 60%
Procedure / Steps
50%
Conclusion
20%
Correct Answer &
Interpretation 30%
Question. 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 different qualitative and

2. quantitative methods of demand forecasting. Which of the
methods described by youis most suitable for forecasting the
demand for “expensive mobile” and why? (10 Marks).
Answer:Quantitativemethodfordeterminingutilizes numerical realities and recorded information
to foresee upandcomingoccasions.The twofundamental kindsof quantitative determiningutilized
by businessexaminersare the illustrative techniquethatendeavorstorelate atleasttwofactors and
the time arrangement strategy that utilizations past patterns to make conjectures.
Qualitative methodforestimatingisfrequentlyutilizedwherethe keypatternsorimprovementsare
difficult to catch or where such information isn't
Question. 2. Which market is characterized by the “competition
among few”? how is this market different from the “competition
among many”? Explain how the producers in this kind of market
promote their own interests by giving real world examples like
OPEC, Cement Cartels, etc. (10 Marks)
Answer:Realistically,insidethe range of these twomodels,mostbyfarof firmsexistin a defectively
aggressive setting where no less than one firm is a value setter. You will now ponder two other
general classes in the realm of blemished rivalry: one in which numerous organizations contend
(monopolisticrivalry - forinstance,the marketforeateries in a city) and another in which few firms
contend (oligopoly - for instance, the PDA business).
Question. 3. a)Explain how the consumer attains utility
maximisation and producer ensures cost minimization with the
help of indifference curve and isoquant technique. (5 Marks)
Answer:Isoquants:Anisoquantisa locus of focusesdemonstratingall the actuallyeffective methods
for consolidating variables of creation to deliver a settled level of yield. It is otherwise called the
equivalent item bend. If there should be an occurrence of two variable components, work and
capital,an isoquantshowsupasa bendona chart the tomahawksof whichmeasure amountsof the
two elements. The bend demonstrates the
b)“There is a high cross elasticity of demand between new and old
cars”. Discuss the statement by explaining the features of cross
elasticity of demand. Also compare and contrast cross elasticity
with other types of elasticities of demand. (5 Marks)

3. Answer:
The measure of responsivenessof the interest for a decent towards the adjustment in the cost of a
related decent is called cross value flexibility of interest. It is constantly estimated in rate terms.
With the utilization conduct being connected, the adjustment in the cost of a related decent
prompts an adjustment in the request of another
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