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Q1. Aakansha
is handling an important project for her organization. She got tied up with the
work, hence skipped her lunch. One of her friend offered Aakansha’s favorite
pizza. She felt very thankful and happy with the kind gesture of her colleague.
The first few bite of the pizza gave her a lot of satisfaction than the rest
pieces. Comment on this behavior and elaborate on which economic theory it
focusses on. Also, discuss the various assumptions of the given theory. (10 Marks)
Ans. Aakansha is, at the rate, an
important project for his company. He skipped lunch because he was given
arrested for work. A beloved pizza was given to Aakansha by one of his friends.
He changed into pleased and appreciative of our colleague's type gesture. The
primary taste of pizza satisfied him extra than the following portions.
Economic theories are centered on it as not anything more significant than a
result. First, there may be the law of decreasing assets around you, after
which economic happiness is regulated. The margin to limit marginal usage
argues that
Q2. Enumerate the difference
between Economies of scale and economies of scope. Explain how organizations
achieve economies of scope. Provide real world examples of the organizations
who have successfully adopted economies of scope. (10 Marks)
Ans. The well-known standard value of
producing loads of devices is the challenge of scope economies. Economies of
scope and scale are notions that specify why large organizations' costs are
frequently cheaper. Economies of scope are involved in approximately the
regular fashionable price of various commodities. Economies of scale, on the
opposite hand, are worried about the cost advantage that results from an
enormous degree of production for a single commodity. The notions of the
financial machine of scope and financial device of scale are
Q3. A. Suppose the monthly income
of an individual increases from Rs 20,000 to Rs 35,000 which increases his
demand for clothes from 40 units to 50 units. Calculate the income elasticity
of demand and interpret the result. (5
Marks)
Ans. According to the definition
of earnings elasticity of demand, it is the growth of demand that reasons
changes in client revenue. It's far said as a percent in the needed sales
percentage alternate. The growth in global consumption for system requirements
is represented statistically.
Q3. B. Quantity demanded for tea
has increased from 300 to 450 units with an increase in the price of the coffee
powder from Rs 25 to Rs 30. Calculate the cross elasticity of demand between
tea and coffee and explain the relationship between the goods. (5 Marks)
Ans. In economic phrases, demand
growth is a reaction to a product's demand in connection to the alternate
within the rate of another associated product. Unrelated items do not see an
increase in demand. An associated product
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