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Master of Business Administration- MBA Semester 1
MB0042 – Managerial Economics – 4 Credits
(Book ID: B 1625 )
Assignment Set -1 (60 marks)
Note: Assignment Set -1 must be written within 6-8 pages. Answer all questions.
Q1. Discuss profit maximising model in detail. 10 marks(350-400 words)
Answer : Profit maximization is the rational behaviour of equilibrium assumption. Any firm which aiming at profit maximization model; will go increasing its output till it reaches maximum profit output. Profit is known nothing but differences between total revenue and total cost. The more the differences between total revenue and
Q2. Discuss the various survey methods to forecast demand. 10 marks(350-400 words)
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
Q3. Describe the characteristics of Monopolistic Competition 10 marks(350-400 words)
Answer : The concept of monopolistic competition is more realistic than perfect competition and pure monopoly. According to Chamberlain in real economic situation both monopoly and competitive elements are present. Chamberlain’s monopolistic competition is the blending of competition and monopoly. The most distinguishing feature of monopolistic competition is that the products of various firms are not
Q4. Explain the price elasticity of demand and also its applications. 10 marks(350-400 words)
Answer : Elasticity and Its Application
Price Elasticity of Demand And Its Determinants
The law of demand denotes that a drop in the rate of a commodity hikes the volume demanded. The price elasticity of demand measures the volume demanded responds to a variation in price. Demand for a commodity is said to be elastic if the volume demanded reacts considerably to variations in price.
Q5. Explain the factors determining elasticity of supply 10 marks(350-400 words)
- Answer : Time: In the short run firms will only be able to increase input of labour to increase supply of commodities may not be able to increase the supply in response to the price change but the supply change will be little because other factors of production may not be increased in the same
Q6. Discuss any two law of returns to scale with example. 10 marks(350-400 words)
Answer : Long run is a period during which all factors of production can vary. Long run relationship between inputs and output of a firm is explained by the Laws of returns to scale. The term returns to scale arises in the context of a firm’s Production Function. In the long run production function, all factors are variable. Therefore in the
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