Economics for Managers
This subject is designed to provide an understanding of microeconomic concepts that are most applicable to business decisions. This includes review of supply and demand, production, cost, perfect competition and monopoly. These concepts must be understood to get full value from courses in strategy, marketing, finance, and operations.
Assignment-I
Identify a Product. Find out the variables which may affect the demand for that product through brainstorming. Collect data from sales and variables identified. Run a regression to state the demand estimation model. Run a log - log regression to find the elasticity.
Assignment-I Solution
An assessment to analyze the variables that affect the demand of the product “Consumer Loan” offered by “Al Omaniya Financial Services”. Data pertaining to sales and such variables are used establish the Demand Estimation Model for the product through regression technique. Further an attempt is made to determine the applicable elasticity for the subjected product.
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Look at Past Sales Data of any Product. Atleast 32 quarter data should be taken. With help of the data construct the seasonality Index and find the trend. Forecast for the next year.
Assignment-II Solution
This assessment analyzes the past sales data of the product “Consumer Loan” offered by “Al Omaniya Financial Services”. The total loan amount disbursed indicates the volume of business and hence taken as sales figures for last 41 quarters. Seasonality of the data is studied and the trend is created using the historical data. An attempt to forecast the sales for the coming year is done using the time series technique.
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