“Demand forecasting is an important tool for predicting the demand for an organization’s products or services in a specified time period in the future”. Enumerate any three needs for demand forecasting and discuss the steps involved in demand forecasting.
Business Economics
1. “Demand forecasting is an important tool for predicting the demand for an organization’s products or services in a specified time period in the future” Enumerate any three needs for demand forecasting and discuss the steps involved in demand forecasting.
2. From the given table calculate TR, MR and AR and highlight the relationship between total revenue (TR) and marginal revenue (MR).
| Quantity | Price |
| 50 | 200 |
| 60 | 150 |
| 70 | 100 |
| 80 | 50 |
| 90 | 10 |
3. A. The disposable income of Mehta family increases from Rs 5000 to Rs 15,000. As a result, the family’s demand for milk and milk goods has increased from 30 litres to 60 litres per month. Calculate the income elasticity of demand.
3. B. A drop in the price of lemons from Rs 100 per kg to Rs 60 Per Kg increases the quantity demanded from 1.75 to 7 kg per week. Calculate the price elasticity of demand.
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