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Course: Business Economics
1. What is Demand forecasting? Explain different qualitative methods of
demand forecasting. State which of the methods described is most
suitable for forecasting the demand for “newspaper” and why? (10
Marks)
2. Complete the hypothetical table below and explain in brief, the law of
variable proportions. Quantity Total Product Average Product Marginal
product 1 10 2 30 3 48 4 56 5 56 6 52 (10 Marks)
3. a. Explain the types of elasticity of demand. Calculate elasticity of demand
for the following data. Price of Apple (Rs.) Quantity demanded (KGs) 20 100 21
96 (5 Marks)
3. b. Distinguish between the features of perfect competition and monopolistic
competition. Give real world examples of each of these types of markets. (5
Marks)
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Mail at –
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