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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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