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.
Business Economics
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.
2. Complete the hypothetical table below and explain in brief, the behaviour of each type of cost.
| Quantity | Total Fixed Cost | Total Variable Cost | Total Cost | Average Fixed Cost | Average Variable Cost | Average Total Cost | Marginal Cost |
| 0 | 0 | ||||||
| 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.
b. Discuss the various needs for demand forecasting in business organisations?
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