MBA 105 - MANAGERIAL ECONOMICS

FALL-2017

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Master of Business Administration - MBA Semester 1

MBA 105 - MANAGERIAL ECONOMICS

SET 1

1 Define Demand Forecasting. Elucidate the determinants of supply.

Demand Forecasting

Determinants of Supply

Answer: Demand forecasting seeks to investigate and measure the forces that determine sales for existing and new products. Generally companies plan their business - production or sales in anticipation of future demand. Hence, forecasting future demand becomes important. The art of successful business lies in avoiding or

2 State the Law of Demand and also discuss the various exceptions to the law of demand

Define law of Demand with suitable diagram

State any five exceptions to Law of Demand

Answer: The law of demand explains the relationship between price and quantity demanded of a commodity. It says that demand varies inversely with the price. The law can be explained in the following manner, “

3 Define business cycle and some of the causes of business cycles

Define Business Cycle

Causes of Business Cycle

Answer: The term business cycle refers to a wave-like fluctuation in the overall level of economic activity; particularly in national output, income, employment, and prices that occur in a more or less regular time sequence. It is the

SET 2

1 Explain the equilibrium of a firm under perfect competition in the long run

Define Perfect Competition

Equilibrium of a firm under perfect competition in the long run

Answer: Perfect competition is a comprehensive term which includes pure competition too. Before we discuss the details of perfect competition, it is necessary to have a clear idea regarding the nature and characteristics of pure competition. Pure Competition is a part of perfect competition. Competition in the market is said to be

2 Define Monetary Policy and Fiscal Policy. Write down any four objectives of both Monetary and Fiscal Policy

Meaning of Monetary & Fiscal Policy

Objectives of Monetary and Fiscal Policy

Answer: Monetary policy is a part of the overall economic policy of a country. It is employed by the government as an effective tool to promote economic stability and achieve certain predetermined objectives. Monetary policy deals with the total money supply and its management in an economy. It is essentially a programme of

3 Explain Oligopoly. Explain the features of oligopoly market.

Define Oligopoly

Features of Oligopoly Market (any eight)

Answer: The term oligopoly is derived from two Greek words “Oligoi” means a few and ‘Poly’ means to sell. Under oligopoly, we come across a few producers specialising in the production of identical goods or differentiated goods competing with one another. The products traded by the oligopolists may be differentiated or homogeneous. In the case of the former, we can give the example of the automobile industry where different

FALL-2017

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