Business Economics Management Theory and Practice Financial Accounting & Analysis

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Assignment Details:
Number of Words – 1500
Course: Business Economics
Assignment Marks: 30
1).  The concept of elasticity for demand is importance for determining the prices of various factors of production. Discuss the various factors that influences the price elasticity of demand  (10 Marks) 
2).  Complete the hypothetical table below and explain in brief, the behaviour of each type of cost.     (10 Marks)
Quantity
TotalFixed Cost
TotalVariable Cost
Total Cost
AverageFixed Cost
AverageVariable Cost
AverageTotal Costa
Marginal Cost

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1

25

2

40

3

50

4

60

5
100
80

6

110

7

150

8

300

9

500

10

900

3). Demand forecasting in an organisations plays a vital role in business organisations. It provides reasonable data for the organization’s capital investment and expansion decision.
a).  Keeping the above statement in consideration. Discuss the various steps involved in demand forecasting (5 Marks)
b).  Discuss the various needs for demand forecasting in business organisations? (5 Marks)

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