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Winter-2014
Master of
Business Administration- MBA Semester 1
MB0042–Managerial
Economics-4 Credits
(Book ID:
B1625)
Assignment
(60 Marks)
Note: Answer
all questions (with 300 to 400 words each) must be written within 6-8 pages.
Each Question carries 10 marks 6 X 10=60
Q1. What is production function and
its uses? Explain the two types of production functions.
Answer: Production function and its
uses:
Production
function relates physical output of a production process to physical inputs or
factors of production. The production function is one of the key concepts of
mainstream neoclassical theories, used to define marginal product and to
distinguish allocative efficiency, the defining focus of economics.
Q2. Monopoly is the
situation there exists a single control over the market producing a commodity
having no substitutes with no possibilities for anyone to enter the industry to
compete. In that situation, they will not charge a uniform price for all the
customers in the market and also the pricing policy followed in that situation.
Answer: Monopoly
Monopoly means existence of a single seller in the market.
Monopoly is that market form in which a single producer controls the whole
supply of a single commodity which has no close substitutes. Monopoly may be
defined, as a condition of production in which a single firm has the power to
fix the price of the commodity or the output of the commodity. It is a
situation there exists a single control over the market
Qus:3 A cost-schedule
is a statement of variations in costs resulting from variations in the levels
of output and it shows the response of costs to changes in output. If we
represent the relationship between changes in the level of output and costs of
production, we get different types of cost curves in the short run. Define the kinds
of cost concepts like TFC, TVC, TC, AFC, AVC, AC and MC and its corresponding
curves with suitable diagrams for each.
Answer: Total fixed cost and output:
TFC refers to total money expenses incurred on fixed inputs
like plant, machinery, tools & equipments in the short run. Total fixed
cost corresponds to the fixed inputs in the short run production function. TFC
remains the same at all levels of output in the short run. It is the same when
output is nil. It indicates that whatever may be the quantity of output,
whether 1 to 6 units, TFC remains constant. The TFC curve is horizontal and
parallel to OX-axis, showing that it is constant
Qus:4 Inflation is a
global Phenomenon which is associated with high price causes decline in the
value for money. It exists when the amount of money in the country is in excess
of the physical volume of goods and services. Explain the reasons for this
monetary phenomenon.
Answer:
Inflation
Inflation has become a global phenomenon in recent years.
Development economics is very much associated with inflation. An in-depth study
of inflation is of paramount importance to a student of managerial economics.
The term inflation is used in many senses and hence it is very difficult to
give a generally accepted, universally agreeable, and precise definition to the
term inflation. Popularly, inflation is associated with
Q5. Discuss the
practical application of Price elasticity and Income elasticity of demand.
Answer: Practical
application of price elasticity of demand
Q6. Discuss the scope
of managerial economics.
Answer: Managerial
Economics
Managerial economics is a science that deals with the
application of various economic theories, principles, concepts and techniques
to business management in order to solve business and management problems. It
deals with the practical application of economic theory and methodology in
decision-making problems faced by private, public and non-profit making organisations.
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