Q1. Imagine you are a market analyst for a popular snack company, MunchTime Snacks. The company produces a range of snacks, including chips, cookies, and nuts. Recently, MunchTime Snacks conducted a survey to understand consumer behavior regarding their most popular product, the MunchTime Potato Chips.
The survey revealed the following data on consumer satisfaction and consumption of MunchTime Potato Chips:
Consumer A: Initially buys 1 bag of chips and rates their satisfaction level at 8 out of 10. Consumer A: After buying a second bag, the satisfaction level drops to 5 out of 10. Consumer A: After buying a third bag, the satisfaction level further drops to 3 out of 10. Identify the given law /theory which is stated is the given statement. Enumerate the given statement and explain various assumptions related to this theory.
Q2. “Price elasticity of demand measures how the quantity demanded of a good or service responds to changes in its price. It indicates the sensitivity of consumers to price fluctuations.” Keeping the above statement in mind, Enumerate the various significance of Price elasticity of demand.
Q3 A. From the given hypothetical table, Calculate Marginal Utility from the given information.
|
Unit Consumed |
Total Utility (TU) |
Marginal Utility (MU) |
|
0 |
0 |
|
|
1 |
10 |
|
|
2 |
18 |
|
|
3 |
24 |
|
|
4 |
28 |
|
Looking for NMIMS Solved Assignments for December 2024 in Business Economics? Our expertly crafted solutions cover key topics, helping you grasp complex economic concepts with ease. Ideal for NMIMS MBA students, these assignments are designed to provide clear, accurate answers that align with NMIMS guidelines. Whether you're aiming for higher grades or need a reliable study resource, our assignments are here to support your academic journey. Get the top-quality assistance you need to excel in Business Economics this semester!