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Business Economics
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
quantitative methods of demand forecasting. Which of the methods described by
you is most suitable for forecasting the demand for expensive mobile and why?
(10 Marks).
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)
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)
3. 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.
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