Business economics June 2024

Description

Business Economics

June 2024 Examination

 

 

Q1.  Seema has just completed her MBA and joined a startup company. The company was planning to launch a new product in the market. The management wanted to understand the different factors that can impact the supply of a product in the market. Help Seema to prepare a report on the various factors impacting supply of products in the market.      (10 marks)

Ans 1.

Introduction

The dynamics of supply in the market are crucial for any startup looking to introduce a new product. Understanding these factors allows businesses to navigate through the complexities of the market and strategize effectively. The supply of a product is influenced by various elements that range from internal mechanisms within a company to external environmental factors. These include production costs, technological advancements, market competition, and regulatory environments, among others. For a startup, especially, recognizing and adapting to these factors is paramount in ensuring the successful launch and sustained availability of their new product in the market. This report aims to explore the multifaceted factors impacting the supply of products, providing Seema and her team with a comprehensive overview to It is only half solved

 

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Q2.  From the given hypothetical table, enumerate the term Total cost, Average total cost and Marginal cost and calculate the below components.  (10 marks)

Quantity	Variable   cost	Fixed Cost	Total Cost	Average   cost	Marginal   cost
0	0	30
1	10	30
2	25	30
3	45	30
4	70	30
5	100	30

 

Ans 2.

Introduction

In the realm of business economics, understanding cost structures is pivotal for effective management and strategic planning. Costs are categorized into various types, with Total Cost, Average Total Cost, and Marginal Cost being fundamental concepts that businesses scrutinize to make informed decisions. Total Cost represents the complete expenditure involved in production, combining both fixed and variable components. Average Total Cost divides this total by the quantity produced, offering insight into cost efficiency per unit. Marginal Cost, on the other hand, reveals the expense of producing an additional unit, serving as a critical determinant for pricing and production levels. Analyzing these costs helps firms optimize operations, price products competitively, and enhance profitability, demonstrating their integral role in economic

 

Q3a. Suppose  during  the  year  2017,  weather/climatic  condition  was  favorable  for  the growing maize, jowar and cotton. There was a good amount of rain which contributed to higher water levels in the fields which helped these crops to submerge in the water for proper growth. Enumerate how climatic condition is an important determinant for Demand analysis for these crops. Also, cite similar examples to demonstrate the relationship between climatic factor and quantity demand of a goods.      (5 marks)

Ans 3a.

Introduction

Climatic conditions play a pivotal role in shaping the agricultural sector, directly influencing the yield of crops such as maize, jowar, and cotton. Favorable weather, particularly adequate rainfall, can significantly enhance crop production, thus affecting the supply and, indirectly, the demand for these agricultural products. This relationship between climate and demand analysis is crucial for understanding market dynamics, as it impacts both the availability and price of goods, ultimately affecting consumer

1. b. Enumerate Economies of scale by giving relevant example from the industry (5 marks)

Ans 3b.

Introduction

Economies of scale represent a critical concept in economics and business strategy, describing the cost advantage that arises with increased output. This principle posits that as a company expands its production volume, the per-unit cost of production decreases. This cost reduction is attributable to factors such as operational efficiencies, bulk purchasing, and technological advancements. Through relevant industry examples, we can explore how economies of scale manifest in real-world scenarios, enabling businesses to achieve competitive advantage and