Tuesday 29 July 2014

mb0042 smu mba summer 2014 Ist sem assignment

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DRIVE SUMMER 2014
PROGRAM- MBADS/ MBAFLEX/ MBAHCSN3/ MBAN2/ PGDBAN2
SEMESTER- 1
SUBJECT CODE & NAME- MB0042- MANAGERIAL ECONOMICS
BK ID- B1625
Q1. 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:
Business cycle
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 rhythmic fluctuations in the aggregate level of economic activity of a nation.

Q2. 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
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Answer:
Monopoly
Monopoly means existence of a single seller in the market. Monopoly is that market form in which a single producer controls the whole supply of a single commodity which has no close substitutes. Monopoly may be defined, as a condition of production in which a single firm has the power to fix the price of the commodity or the output of the commodity.



Q3. 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:

Fiscal Policy
 Fiscal policy is a package of economic measures of the Government regarding public expenditure, public revenue, public debt or public borrowings. It concerns itself with the aggregate effects of government expenditure and taxation on income, production and employment. In short, it refers to the budgetary policy of the government.


Q4. Explain the various methods of forecasting demand. [Define forecasting, Explanation of forecasting methods]
Answer:

Methods of forecasting demand
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 minimizing the risks involved as far as possible and facing the uncertainties in a most befitting manner. Thus, demand forecasting refers to an estimation of most likely future demand for a product, under given conditions.


Q5. Define monopolistic competition and explain its characteristics.
[Definition of monopolistic competition, Explanation of its characteristics]

Answer:

Monopolistic Competition
Perfect competition and monopoly are two extreme forms of market situations, rarely to be found in the real world. Generally, markets are imperfect.
Prof. Chamberlin is the main architect of the theory of Monopolistic Competition. This market exhibits

Q6. 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
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 pure when the following conditions are satisfied:

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