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JAIPUR NATIONAL UNIVERSITY, JAIPUR
School of Distance Education & Learning
Internal Assignment No. 1
Master of Business Administration
Paper Code: MBA – 208
Paper Title: Managerial Economics
Last date of submission: Max. Marks: 30
Note: Question No. 1 is of short answer type and is compulsory for all the students.
It carries ONE mark.
Q. 1. Answer all the questions:
(i) Distinguish between perfectly elastic demand and perfectly inelastic demand
Answer:
| Perfectly elastic demand | Perfectly inelastic demand |
(ii) Define marginal revenue.
Answer: Marginal Revenue is the money a firm makes for each additional sale. In other words, it determines how much a firm
(iii) What is opportunity cost?
Answer: Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services. When economists use the
(iv) What is product differentiation?
Answer: Product differentiation is a process used
(v) What do you understand by disposable income?
Answer: Disposable personal income is the amount of money
(vi) “Two indifference curves cannot touch or intersect each other”. Explain why?
Answer: (i) “Two
(vii) What is elasticity of substitution?
Answer: Responsiveness of the buyers of a good or
(viii) Explain any one good effect of Monopoly.
Answer: Monopolies are generally considered to have several disadvantages (higher price, fewer incentives to be efficient e.t.c). However, monopolies
(ix) What is homogeneity of product?
Answer: A homogeneous product is one that cannot be distinguished from competing products from different suppliers. In other words, the
(x) Name the stages of business cycle
Answer: The term “business cycle” (or economic cycle or boom-bust cycle) refers to economy-wide fluctuations in production, trade,
Note: Answer any four questions. Each question carries 5 marks (Word limit 500)
Q. 2. What is elasticity of demand? Explain different types & degrees of elasticity of
demand.
Answer: Elasticity is a concept in economics that talks about the effect of change in one economic variable on the other.
Elasticity of Demand, on the other
Q. 4. Define national income. Discuss the methods measuring National Income with
suitable example.
Answer:
Q. 5. Explain the law of diminishing marginal utility. What is its importance?
Answer: The Law of Diminishing Marginal Utility Explained
In other words, the law of diminishing marginal utility postulates that when consumers go to market to purchase a commodity, they do not attach
equal importance to all the commodities they buy. They will pay more for some commodities and less for others
Q. 6. Explain different determinants of demand
Answer: Demand in terms of economics may be explained as the consumers’ willingness and ability to purchase or consume a given item/good. Furthermore, the determinants of demand go a long way in explaining the demand for a particular good.
For instance, an increase in the price of a good will lead to a decrease in the quantity that may be demanded by consumers. Similarly, a decrease in the cost or selling price of a good will most likely lead to an increase in the demanded quantity of the goods.
Determinants of Demand
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