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DRIVE
FALL
2016
PROGRAM
Master
of Business Administration- MBA
SEMESTER
Semester
1
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
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 offered for sale. When the total
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
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 directly depends on
effective
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 programme of
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
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