Course: Business Economics
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. (10 Marks)

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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. (10 Marks)

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. (5 Marks)

b. Calculate Marginal Utility and Average Utility from the information given in the
below table: (5 Marks)