NMIMS Solutions June 2022 Contact us: - Prakash Call: - +919741410271 Email: - smu.assignment@gmail.com Business Economics
1. Assume that a consumer consumes two commodities X and Y and makes five combinations for the two commodities: TABLE BELOW Combination A B C D E
Units of X 25 20 16 13 11
Units of Y 3 5 10 18 28
Calculate Marginal rate of Substitution and explain the answer. 2. Elaborate the term Total Revenue and Marginal revenue also calculate TR and MR in the given table Price 20 18
Output (In Units) 1 2
16
3
14 12
4 5
Total Revenue
Marginal Revenue
3.a. From the given Demand Schedule for air tickets, calculate elasticity of demand. Price of Air Ticket (Per Ticket) 1,00,000
Quantity month) 5,000
1,20,000
3,500
Demanded
(Tickets
per
3.b. Elaborate the term Elasticity of Supply and explain any three factors that determines elasticity of supply.
NMIMS Solutions June 2022 Contact us: - Prakash Call: - +919741410271 Email: - smu.assignment@gmail.com