Business Economics - Demand Forecasting - Economics Assignment Help

Assignment Task

1. What do you mean by demand Forecasting? Enumerate the limitations of demand forecasting.

2. Complete the hypothetical table below and explain in brief, the behaviour of each type of cost.

3.a. Assume that a business firm supplied 450 units at price Rs 4500.The firm has decided to increase the price of the product to Rs 5500. Consequently, the supply of the product is increased to 600 Units. Calculate the elasticity of supply.

3.b. From the given demand Schedule, calculate the price elasticity of demand. Price of Air Tickets (Per Tickets ) Quantity Demanded (tickets per month) 1,00,000 5,000 1,20.000 3,500

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