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SUBJECT CODE & NAME- MB0042- MANAGERIAL ECONOMICS
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 outputs obtained by a firm.
The following are some of the important uses of production function:
Q2.
Consumers' interview method is a survey method used for estimating the demand
for new products. This method is very important with regard to collect the
relevant information directly from the consumers with regard to their future
purchase plans. Opinion surveys and direct interview method are the two
important techniques among all. Describe these two methods in detail.
(Explanation
of consumer’s interview method 1, Opinion survey method 4, Direct interview
method and any two types of it) 1, 4, 5
Answer:
Consumers’
interview method
Under
this method, efforts are made to collect the relevant information directly from
the consumers with regard to their future purchase plans. In order to gather
information from consumers, a number of
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 equipments in the short run. Total fixed cost corresponds
to the fixed inputs in the short run
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
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
Q6.
Define revenue. Explain the types of revenue and the relationship between TR,
AR and MR with an example of a hypothetical revenue schedule.
(Definition of revenue, Types of revenue, Relationship between TR, MR
and AR, Hypothetical revenue schedule) 1, 3, 4, 2
Answer: Revenue is the income received by the firm. There are
three concepts of revenue – total revenue, average
revenue and marginal revenue.
Types of Revenue:
Total
Revenue (TR)
Total
revenue refers to the total amount of money that the firm receives from the
sale of its products,
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