SUBJECT CODE & NAME- MB0042- MANAGERIAL ECONOMICS
Winter 2014
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Qus: 1 what is production function and its uses?
Explain the two types of production functions. (Production function and its
uses, Two types of production functions) 3, 7
Answer:
Production function and its uses:
A “production function” expresses the technological or engineering
relationship between physical quantity of inputs employed and physical quantity
of
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
Answer:
Monopoly
Monopoly is that market form in which a single
producer controls the whole supply of a single commodity which has no close
substitutes. A
situation in which a single company or
Qus:3 A cost-schedule is a statement of variations
in costs resulting from variations in the levels of output and it shows the
response of costs to changes in output. If we represent the relationship
between changes in the level of output and costs of production, we get
different types of cost curves in the short run. Define the kinds of cost
concepts like TFC, TVC, TC, AFC, AVC, AC and MC and its corresponding curves
with suitable diagrams for each.
·
Kinds
of cost concepts like TFC, TVC, TC, AFC, AVC, AC and MC and its corresponding
curves
·
Suitable
diagrams
Answer:
Kinds of cost concepts like TFC, TVC,
TC, AFC, AVC, AC and MC and its corresponding curves:
TFC:
TFC refers to total money expenses incurred on fixed inputs like plant,
machinery, tools and
Qus:4 Inflation is a global Phenomenon which is
associated with high price causes decline in the value for money. It exists
when the amount of money in the country is in excess of the physical volume of
goods and services. Explain the reasons for this monetary phenomenon.
·
Define
Inflation
·
Causes
for Inflation
Answer:
Define Inflation:
Inflation is commonly understood as a situation of
substantial and rapid increase in the level of prices and consequent
deterioration in the value of money over a period of time. It refers to the
average rise in the
Q5.
Discuss the practical application of Price elasticity and Income elasticity of
demand. (Practical application of price elasticity, Practical application of
Income elasticity) 5, 5
Answer:
Practical application
of price elasticity of demand
Few examples on the
practical application of price elasticity of demand are as follows:
1.
Production planning – It helps a producer to decide
about the volume of production. If the demand for his products is inelastic,
Q6. Discuss
the scope of managerial economics. (Definition of Managerial Economics, Scope
of Managerial Economics) 2, 8
Answer:
Managerial Economics
Managerial economics
is the "application of the economic concepts and economic analysis to the
problems of formulating rational
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