Demand forecasting is not a speculative exercise into the unknown. It is essentially a reasonable judgement of future probabilities of the market events based on scientific background. Explain the statement by elaborating any 3 methods each from qualitative and quantitative methods of demand forecasting. NMIMS Customized Assignments

 

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NMIMS Customized Assignments

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School for Continuing Education (NGA-SCE)

Course: Business Economics

Internal Assignment Applicable for June 2023 Examination

 

1. Demand forecasting is not a speculative exercise into the unknown. It is essentially a reasonable judgement of future probabilities of the market events based on scientific background. Explain the statement by elaborating any 3 methods each from qualitative and quantitative methods of demand forecasting.

2. Law of Demand drives the economy and helps business decisions that meet consumer needs. Demand is the consumers' desire and willingness to pay for a product or service at a given price and time. Enumerate any five factors each from individual and market demand.

3. a. “The Law of Diminishing Marginal Utility plays an important role in the economy. It directly relates to the consumption and production of goods.” In context with the given statement enumerate Law of Diminishing Marginal Utility with its assumptions.

b. Calculate Marginal Utility and Average Utility from the information given in the below table:

Quantity Consumed	Total Utility
1	20
2	35
3	47
4	55
5	60