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ASSIGNMENT
| DRIVE | SUMMER 2014 |
| PROGRAM | MBADS/ MBAFLEX/ MBAHCSN3/ MBAN2/ PGDBAN2
SEMESTER- 1 |
| SUBJECT CODE & NAME | MB0042- MANAGERIAL ECONOMICS |
| BK ID | B1625 |
| CREDITS | 4 |
| MARKS | 60 |
- Define the term Business Cycle and also explain the phases of business or trade cycle in brief.
[Definition of Business cycle, Explanation of Phases of business cycle]
Answer: The fluctuations in economic activity that an economy experiences over a period of time. A business cycle is basically defined in terms of periods of expansion or recession. During expansions, the economy is growing in real terms (i.e. excluding inflation), as evidenced by increases in indicators like employment, industrial production, sales and personal incomes. During recessions, the economy is contracting, as measured by decreases in the above indicators. Expansion is measured from the trough (or bottom) of the previous business cycle to the peak of the current cycle, while recession is measured from the peak to the trough. In the
- 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. (Define Monopoly, Features of Monopoly, Kinds of Price Discrimination) 2, 4, 4
Answer: Market situation where one producer (or a group of producers acting in concert) controls supply of a good or service, and where the entry of new producers is prevented or highly restricted. Monopolist firms (in their attempt to maximize profits) keep the price high and restrict the output, and show little or no responsiveness to the needs of their customers. Most governments therefore try to control monopolies by
(1)imposing price controls,
- Fiscal policy is a package of economic measures of the government regarding public expenditure, public revenue, public debt or borrowings. It is very important since it refers to the budgetary policy of the government. (Definition of Fiscal policy, Explanation of Instruments of Fiscal Policy) 2, 8
Answer: Government spending policies that influence macroeconomic conditions. Through fiscal policy, regulators attempt to improve unemployment rates, control inflation, stabilize business cycles and influence interest rates in an effort to control the economy. Fiscal policy is largely based on the ideas of British economist John Maynard Keynes (
- Explain the various methods of forecasting demand. [Define forecasting, Explanation of forecasting methods]
Answer: Demand forecasting is essential to running a profitable business. Forecast too little and the shelves empty out; forecast too much and the warehouse stays full. There are various demand forecasting methods, from do-it-yourself to sophisticated software programs. Working with two or more approaches will provide you with the best results.
Trend Analysis: If you have historical data — or if you can create it from related products — trend analysis is the first step in demand forecasting.
- Define monopolistic competition and explain its characteristics.
[Definition of monopolistic competition, Explanation of its characteristics]
Answer:Monopolistic competition as a market structure was first identified in the 1930s by American economist Edward Chamberlin, and English economist Joan Robinson.Many small businesses operate under conditions of monopolistic competition, including independently owned and operated high-street stores and restaurants. In the case of restaurants, each one offers something different and possesses an
- When should a firm in perfectly competitive market shut down its operation
[Define perfect competition, Explanation about the reason for the firm’s shut down in perfect competition]
Answer: Perfect competition describes a market structure where competition is at its greatest possible level.The theoretical free-market situation in which the following conditions are met:
(1) buyers and sellers are too numerous and too small to have any degree of individual control over prices,
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