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Internal
Assignment Applicable for December 2017 Examination
Business
Economics
1. Calculate the following:
|
Quantity
|
Total Fixed
Cost
|
Total Variable
Cost
|
Total
Cost
|
Average
Cost
|
Marginal
Cost
|
|
25
|
10
|
18
|
?
|
?
|
?
|
|
26
|
10
|
20
|
?
|
?
|
?
|
|
27
|
10
|
21
|
?
|
?
|
?
|
Analyse the changes in the calculated
costs as quantity produced increases. (10 Marks)
2. Assume that a consumer consumes two
commodities X and Y and makes five combinations for the two commodities:
|
Combination
|
Units of X
|
Units of Y
|
|
A
|
25
|
3
|
|
B
|
20
|
5
|
|
C
|
16
|
10
|
|
D
|
13
|
18
|
|
E
|
11
|
28
|
Calculate Marginal rate of Substitution
and explain the answer. (10 Marks)
3. 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)
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)
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