Micro Economics & Macro Economics
Sep 2025 Examination
Q1. You are a market analyst working with a leading Indian retail chain that offers both premium and budget product lines across multiple categories such as groceries, personal care, and home essentials. The company has recently observed that changes in the prices of certain items and shifts in consumer income are affecting customer purchasing patterns, particularly in the FMCG segment. The management has asked you to analyze how the income effect, price effect, and substitution effect influence consumer choices and equilibrium in such a dynamic retail environment.
Using practical examples from the Indian retail sector—such as consumers choosing between branded atta (wheat flour) and local alternatives, or shifting from premium to budget shampoos—analyze how these economic concepts impact consumer equilibrium and inform product placement and pricing strategies. (10 Marks)
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Q2. Assess the limitations and exceptions to the law of demand and law of supply and argue how understanding these exceptions is crucial for policy makers and business leaders in volatile markets. (10 Marks)
Q3(A). Devise a comprehensive production strategy for a manufacturing firm facing increasing demand, ensuring optimal utilization of both fixed and variable factors in the short run and the long run. Justify your approach by applying the Law of Variable Proportions in the short run and Returns to Scale in the long run to align production theory with practical planning, thereby ensuring resource efficiency and market responsiveness. (5 Marks)
Q3(B). Critically evaluate the market structure of the aviation industry, where a limited number of large airlines dominate air travel routes both domestically and internationally. Identify and justify the most appropriate market structure for this industry and analyze key features such as price rigidity, non-price competition, and high entry barriers. Assess how these features influence market behavior, pricing strategies, and competition. (5 Marks)