Demand – NBC Institute

BMF- Nov 2020 – L1 – SA – Q20 – The Business Environment

Identify the correct statement regarding the laws of demand and supply.

Question

Which of the following statements in relation to the laws of demand and supply is correct?
A. An increase in price leads to an increase in demand
B. A decrease in price leads to a decrease in demand
C. If demand is highly elastic, a reduction in the sales price will result in an increase in total sales revenue
D. The quantity of a good that suppliers are willing to sell falls when the price of the good rises
E. The quantity of a good that suppliers are willing to sell rises when the price of the good falls

Answer

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Tags: Demand, Economic Laws, Supply
Level: Level 1

Topic: The Business Environment
Series: NOV 2020

QTB – May 2015 – L1 – SB – Q3a – Operations Research

Determining the equilibrium price and quantity from demand and supply functions.

Question

A producer wishes to determine the equilibrium price and quantity of his goods in the
market. He estimated the market demand and supply functions as follows:

where P is the price in thousands of naira and q is quantity in thousands of units, calculate
the equilibrium price and quantity for the producer

Answer

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Tags: Demand, Equilibrium, Price, Quantity, Supply
Level: Level 1

Topic: Operations Research
Series: MAY 2015

MI – Nov 2023 – L1 – SA – Q8 – Costing Methods

Calculating the number of deliveries per year based on reorder quantity and annual demand.

Question

The reorder quantity is 2,000 while demand for one year in units is 20,000. What is the number of deliveries per annum?
A. 6
B. 8
C. 10
D. 14
E. 16

Answer

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Tags: Deliveries, Demand, Inventory Management, Reorder Quantity
Level: Level 1

Topic: Costing Methods
Series: NOV 2023

BMIS – May 2020 – L1 – Q2a – Finance, R&D and marketing strategies

Calculate the price elasticity of demand and explain factors affecting it.

Question

You are the Accounts Officer of Seafarers Cafe, a company that sells cocoa drink to a wide range of consumers. The company sells a cup of cocoa drink for GH¢2.00, which yielded a sales output of 10 million cups for the year ending 2017. As part of a promotional package to celebrate its silver jubilee, the company reduced its price to GH¢1.50, which increased its total sales output to 15 million cups for the year ending 2018.

Required:
i) Calculate the Café’s price elasticity of demand. (4 marks)
ii) Explain SIX (6) factors that might have determined the company’s price elasticity of demand. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Demand, Market Analysis, Price Elasticity, Pricing Strategy
Level: Level 1

Topic: Finance, R&D and marketing strategies
Series: MAY 2020

BMF- Nov 2020 – L1 – SA – Q20 – The Business Environment

Identify the correct statement regarding the laws of demand and supply.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Demand, Economic Laws, Supply
Level: Level 1

Topic: The Business Environment
Series: NOV 2020

QTB – May 2015 – L1 – SB – Q3a – Operations Research

Determining the equilibrium price and quantity from demand and supply functions.

Question

A producer wishes to determine the equilibrium price and quantity of his goods in the
market. He estimated the market demand and supply functions as follows:

where P is the price in thousands of naira and q is quantity in thousands of units, calculate
the equilibrium price and quantity for the producer

Answer

Find Related Questions by Tags, levels, etc.

Tags: Demand, Equilibrium, Price, Quantity, Supply
Level: Level 1

Topic: Operations Research
Series: MAY 2015

MI – Nov 2023 – L1 – SA – Q8 – Costing Methods

Calculating the number of deliveries per year based on reorder quantity and annual demand.

Question

The reorder quantity is 2,000 while demand for one year in units is 20,000. What is the number of deliveries per annum?
A. 6
B. 8
C. 10
D. 14
E. 16

Answer

Find Related Questions by Tags, levels, etc.

Tags: Deliveries, Demand, Inventory Management, Reorder Quantity
Level: Level 1

Topic: Costing Methods
Series: NOV 2023

BMIS – May 2020 – L1 – Q2a – Finance, R&D and marketing strategies

Calculate the price elasticity of demand and explain factors affecting it.

Question

Required:
i) Calculate the Café’s price elasticity of demand. (4 marks)
ii) Explain SIX (6) factors that might have determined the company’s price elasticity of demand. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Demand, Market Analysis, Price Elasticity, Pricing Strategy
Level: Level 1

Topic: Finance, R&D and marketing strategies
Series: MAY 2020

Question Tag: Demand

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BMF- Nov 2020 – L1 – SA – Q20 – The Business Environment

Identify the correct statement regarding the laws of demand and supply.

QTB – May 2015 – L1 – SB – Q3a – Operations Research

Determining the equilibrium price and quantity from demand and supply functions.

MI – Nov 2023 – L1 – SA – Q8 – Costing Methods

Calculating the number of deliveries per year based on reorder quantity and annual demand.

BMIS – May 2020 – L1 – Q2a – Finance, R&D and marketing strategies

Calculate the price elasticity of demand and explain factors affecting it.

BMF- Nov 2020 – L1 – SA – Q20 – The Business Environment

Identify the correct statement regarding the laws of demand and supply.

QTB – May 2015 – L1 – SB – Q3a – Operations Research

Determining the equilibrium price and quantity from demand and supply functions.

MI – Nov 2023 – L1 – SA – Q8 – Costing Methods

Calculating the number of deliveries per year based on reorder quantity and annual demand.

BMIS – May 2020 – L1 – Q2a – Finance, R&D and marketing strategies

Calculate the price elasticity of demand and explain factors affecting it.

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BMF- Nov 2020 – L1 – SA – Q20 – The Business Environment

Identify the correct statement regarding the laws of demand and supply.

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QTB – May 2015 – L1 – SB – Q3a – Operations Research

Determining the equilibrium price and quantity from demand and supply functions.

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MI – Nov 2023 – L1 – SA – Q8 – Costing Methods

Calculating the number of deliveries per year based on reorder quantity and annual demand.

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BMIS – May 2020 – L1 – Q2a – Finance, R&D and marketing strategies

Calculate the price elasticity of demand and explain factors affecting it.

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BMF- Nov 2020 – L1 – SA – Q20 – The Business Environment

Identify the correct statement regarding the laws of demand and supply.

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QTB – May 2015 – L1 – SB – Q3a – Operations Research

Determining the equilibrium price and quantity from demand and supply functions.

You're reporting an error for "QTB – May 2015 – L1 – SB – Q3a – Operations Research"

MI – Nov 2023 – L1 – SA – Q8 – Costing Methods

Calculating the number of deliveries per year based on reorder quantity and annual demand.

You're reporting an error for "MI – Nov 2023 – L1 – SA – Q8 – Costing Methods"

BMIS – May 2020 – L1 – Q2a – Finance, R&D and marketing strategies

Calculate the price elasticity of demand and explain factors affecting it.

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