Business economics september 2023

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Assignment Solution : Business economics september 2023

NMIM$ Global Access

School for Continuing Education (NGA-SCE)

Course: Business economics september 2023

Internal Assignment Applicable for september 2023 Examination

1. From the given table calculate the following mentioning the formulas clearly for Variable cost, Average fixed cost, Average variable cost and Average cost? (5 Marks) Output Total cost Fixed cost 100 1600 1000 200 2300 1000 300 3200 1000 400 4300 1000 500 5650 1000 1000 13,650 1000

2. State how the ordinal utility approach to consumer behaviour is different from the cardinal utility approach by Marshall. In the context of indifference curve (IC) technique using ordinal utility approach, explain whether following two statements are true. – “IC slopes downwards” and “Slope of indifference curve indicates the rate at which individuals are ready to substitute one commodity by the other”. Substantiate your view on each of the statements separately
(10 Marks)

3. a. “Business Cycle is dynamic in nature and moves through various phases”. Elaborate the given statement with different phases of Business cycle. (5 Marks)

b. Elaborate Price Demand, Income Demand and Join Demand and cite an example to enumerate these types of demand. (5 Marks)

Last date : 29th August

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