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SPRING
2016
SUBJECT
CODE & NAME- MB0042- MANAGERIAL ECONOMICS
Qus:1 Define Elasticity of Supply? Explain the factors
determining Elasticity of Supply?
·
Definition
Elasticity of Supply 3
·
Factors
determining Elasticity of Supply 7
Answer:
Elasticity of Supply is a parallel concept to elasticity of demand. It refers to the
sensitiveness or responsiveness of supply to a given change in price. In short,
it measures the degree of adjustability of supply to a
Q2. What is Perfect Competition and also mention the
features of Perfect Competition? Explain the different characteristics of
Monopolistic Competition?
·
Definition of
Perfect Competition and its Features 6 10
·
Characteristics
of Monopolistic Competition 4
Answer:
Perfect market
Under perfect competition, an individual firm by its own action cannot
influence the market price. The market price is determined by the interaction
between demand and supply forces. A firm can sell any amount of goods at the
existing market prices. Hence, the TR of the firm would increase
proportionately with the output
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
function. TFC
Qus:4 Write short notes on:
a) Consumption Function
b) Investment Function
·
Define
Consumption Function 5
·
Define
Investment Function 5
Answer:
A) Consumption Function
The consumption function indicates
the relationship between consumption and income. Consumption is an increasing
function of income. Lord Keynes in his theory of income and employment has
given a very significant place to this concept. According to him, the level of
national output, income and employment
Qus:5 Define
Monetary Policy and Fiscal Policy? Write down any four objectives of both
Monetary and Fiscal Policy?
·
Definition Monetary and Fiscal Policy 3
·
4 each objectives of Monetary and Fiscal policy 7
Answer:
Meaning and definition:
Monetary policy deals with the total money supply and its management in
an economy. It is essentially a
Q6. Define business cycle and some of the causes of
business cycles? Discuss the various objectives of Pricing Policies?
·
Definition and
causes of business cycles 5
·
Objectives of
Pricing Policies 5
Answer:
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. Different writers have defined business
cycles in different ways. Business cycles are an alternation of periods of
prosperity and depression of good and bad trade. Such cycles consist of
recurring alternations of expansion and contraction in the aggregate economic
activity, the alternating movements in each direction being self- reinforcing
and pervading virtually all parts of the economy. A trade cycle is composed of
periods of good trade characterised by rising prices and low
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