Business Economics
1. Mr. Shyam have been appointed as a Business economics faculty in a reputed B School. Students are inquisitive to know how this subject would help them in decision making to any organization. Help Mr Shayam to highlight and elaborate on student’s query.
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 |
3.a. Large-scale production is considered economical in the sense of per unit cost. Explain the statement by describing different types of economies of scale. Give examples to substantiate your answer.
3.b. Highlight the difference between shift and the movement in the demand curve.