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Summer
2015
SUBJECT
CODE & NAME- MB0042- MANAGERIAL ECONOMICS
Qus:1 Define economies of scale. Discuss the kinds of internal
economies.
·
Definition of economies of
scale
·
Kinds of internal economies
Answer:
Definition of economies of scale:
Mass production of standardized goods has become the order of the day.
Large scale production is beneficial and economical in nature. The advantages
or benefits that accrue to a firm as a result of increase in its scale of
production are called ‘economies of scale’.
Kinds
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
·
Opinion survey method
·
Direct interview method and any two types of it
Answer:
Consumers’ interview method:
Under this method, efforts are made to collect the
relevant information directly from the consumers
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 production
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
Qus:5
Describe perfect competition and its features.
·
Definition of perfect competition
·
Features
Answer:
Definition
of perfect competition:
A perfectly competitive market is one in which the number of buyers and
sellers are large, all engaged in buying and selling a homogeneous product
without any artificial restriction and, possessing perfect knowledge of the
market at a time. According to Bilas, “the perfect competition
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
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, i.e
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