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DRIVE
FALL
2016
PROGRAM
Master
of Business Administration- MBA
SEMESTER
Semester
1
SUBJECT
CODE & NAME
MBA105
- 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 given change in price of a product.
Factors
Determining Elasticity of Supply (Determinants of Elasticity of Supply)
1. Time period – Time has
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.
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 remains the same at all
levels of output in
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