NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Business Economics
Internal Assignment Applicable for December 2020 Examination
Assignment Marks: 30
1. Rohan is appointed
an economics’professor in a reputed university. In his first lecture,
students asked him to elaborate on Gross
Domestic Product (GDP) and Gross National
Product(GNP). Help Rohan to prepare his first
lecture on the given topic with relevant
example and highlight the differences between
the two concepts. (10 Marks)
2. Suppose the demand equation for computers by
Teetan Ltd for the year 2017 is given
by Qd= 1200-P and the
supply equation is given by Qs= 120+3P. Find equilibrium
price and analyse what
would be the excess demand or supply if price changes to Rs
400 and Rs 120. (10 Marks)
3.a. A business firms
sells a good at the price of Rs 450.The firm has decided to reduce the
price of good to Rs
350.Consequently, the quantity demanded for the good rose from
25,000 units to 35,000
units. Calculate the price elasticity of demand. (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. (5 Marks)
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