NMIMS Global Access

School for Continuing Education (NGA-SCE)

Internal Assignment Applicable for December 2020 Examination

Assignment Marks: 30

Instructions:

 All Questions carry equal marks.

 All Questions are compulsory.

 All answers to be explained in not more than 1000 words for question 1 and 2 and for

question 3 in not more than 500 words for each subsection. Use relevant examples,

illustrations as far as possible.

 All answers to be written individually. Discussion and group work is not advisable.

 Students are free to refer to any books/reference material/website/internet for

attempting their assignments, but are not allowed to copy the matter as it is from the

source of reference.

 Students should write the assignment in their own words. Copying of assignments from

other students is not allowed.

 Students should follow the following parameter for answering the assignment questions.

1. Rohan is appointed an economics’professor in a reputed university. In his first lecture,

students asked him to elaborate on Gross Domestic Product (GDP) and Gross National

Product(GNP). Help Rohan to prepare his first lecture on the given topic with relevant

example and highlight the differences between the two concepts. (10 Marks)

For Numerical Answer Assessment Parameter Weightage

Formula 20% Procedure / Steps 50%

30%

For Theoretical Answer Assessment Parameter Weightage

Introduction 20% Concepts and Application related to the question

60%

Conclusion 20%

NMIMS Global Access

School for Continuing Education (NGA-SCE)

Internal Assignment Applicable for December 2020 Examination

2. Suppose the demand equation for computers by Teetan Ltd for the year 2017 is given

by Qd= 1200-P and the supply equation is given by Qs= 120+3P. Find equilibrium

price and analyse what would be the excess demand or supply if price changes to Rs

400 and Rs 120. (10 Marks)

3.a. A business firms sells a good at the price of Rs 450.The firm has decided to reduce the

price of good to Rs 350.Consequently, the quantity demanded for the good rose from

25,000 units to 35,000 units. Calculate the price elasticity of demand. (5 Marks)

3.b. “There is a high cross elasticity of demand between new and old cars”. Discuss the

statement by explaining the features of cross elasticity of demand. Also compare and

contrast cross elasticity with other types of elasticities of demand. (5 Marks)

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