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National Institute of Business Management
Chennai – 020
THIRD SEMESTER MBA
Subject: Managerial Economics
Question 1. What is Managerial Economics? Explain.
Answer: Economics theories and analytical tools that are widely applied to business decision-making constitute managerial economics. First of all, let us understand what is economics. Economics is a social science where the basic function is to study how people, individuals households, firms and nations maximize their gains from their limited resources and opportunities. It is in economics terminology is called maximizing behaviour or more
Question 3. Explain the approaches to Consumer Demand Analysis.
Answer: Conceptually, the term ‘demand’ implies a ‘desire’ for a commodity backed by the ability and willingness to pay for it. Unless a person has adequate purchasing power or resources /and the preparedness to spend his resources, his desire for a commodity would not be considered as his demand. For example, if a man wants to buy a car but he does not have sufficient money to pay for it, his want is not his demand for the car. And, if a
Question 4. Describe the determinants of Price Elasticity of Demand.
Answer: Price elasticity of demand is generally defined as the responsiveness or sensitiveness of demand for a commodity to the changes in its price. More precisely, elasticity of demand is the percentage change in demand as result of one percent change in
Question 6. Explain the characteristics of perfect competition.
Answer: Characteristics of perfect competition
The term perfect competition refers to a set of conditions prevailing in the market. A perfectly competitive market is one which has the following characteristics.
- A large number of sellers and buyers : Under perfect competition, the number of sellers and buyers is very large. The number of sellers and buyers is so large that the share of each seller in total supply and the share of each buyer in total demand is so small that no single seller can affect the market price by changing his
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