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Assignment Task

1. Aakansha is handling an important project for her organization. She got tied up with the work, hence skipped her lunch. One of her friend offered Aakansha’s favorite pizza. She felt very thankful and happy with the kind gesture of her colleague. The first few bite of the pizza gave her a lot of satisfaction than the rest pieces. Comment on this behavior and elaborate on which economic theory it focusses on. Also, discuss the various assumptions of the given theory.

2. Enumerate the difference between Economies of scale and economies of scope. Explain how organizations achieve economies of scope. Provide real world examples of the organizations who have successfully adopted economies of scope.

3. a. Suppose the monthly income of an individual increases from Rs 20,000 to Rs 35,000 which increases his demand for clothes from 40 units to 50 units. Calculate the income elasticity of demand and interpret the result.

3. b. Quantity demanded for tea has increased from 300 to 450 units with an increase in the price of the coffee powder from Rs 25 to Rs 30. Calculate the cross elasticity of demand between tea and coffee and explain the relationship between the goods.

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