1. From the given table calculate Elasticity of Price, Total Revenue, and Marginal Revenue.
Also, explain the relationship between AR and MR?

2. Demand forecasting is not a speculative exercise into the unknown. It is essentially a
reasonable judgment of future probabilities of the market events based on scientific
background. Explain the statement by elaborating on different qualitative and quantitative
methods of demand forecasting. 

3.a. Define elasticity of supply and find the price from the given statement:

If Es of good is 2 and a firm supplies 200 units at a price of Rs 8 per unit, then at what
price will the firm supply 250 units. (5 Marks)

3.b. Calculate the elasticity of supply if a 15 %increase in the price of soya bean oil increases
its supply from 300 to 345 units