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DRIVE
SPRING 2017
PROGRAM
Master of Business Administration- MBA
SEMESTER
Semester 1
SUBJECT
CODE & NAME MBA105 - MANAGERIAL ECONOMICS
BK
ID B1625
CREDIT
& MARKS 4 Credits, 30 marks
ASSIGNMENT
SET -1
1
Explain the meaning and Features of demand forecasting?
Meaning Of demand Forecasting
Features of demand forecasting
Answer:
Demand forecasting seeks to investigate and measure the forces that determine
sales for existing and new products. Generally companies plan their business -
production or sales in anticipation of future demand. Hence, forecasting future
demand becomes important. The art of successful business lies in avoiding or
minimizing the risks involved as far as possible and facing the uncertainties
in a most befitting
2
Explain the cost output relationship and nature and behavior of cost curve in
the short run with hypothetical cost schedule?
The cost output relationship and nature and
behavior of cost curve in the short run with hypothetical cost schedule
Answer: Cost-output
relations play an important role in almost all business decisions. It throws
light on cost minimization or profit maximization and optimization of output.
The relation between the cost and output is technically described as the “cost
function”. The significance of cost-output relationship is so great that in
economic analysis, the cost function usually refers to the relationship between
cost and rate of output alone and we assume that all other independent
variables are kept constant. Mathematically speaking
3
Write short notes on:
a)
Consumption Function
b)
Investment Function
Define Consumption Function
Define Investment Function
Answer:
a) 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 demand in an economy. Higher the level of
effective demand, higher would be the
ASSIGNMENT
SET -2
1
What are the various role of fiscal policy in economic development?
Role of fiscal policy
Answer:
Role of fiscal policy in economic
development
In order to achieve the objectives, a fiscal
policy has to play a positive and constructive role both in developed and developing
nations. The specific role to be played by fiscal policy can be discussed as
follows:
1.
To act as optimum allocator of resources
As most
2
Explain the law of variable proportions in detail with diagrammatic
representation.
Law of variable proportions in detail with
diagrammatic representation
Answer:
The law of variable proportions
This law is one of the most fundamental laws
of production. It gives us some key insights in determination of the ideal
combination of factor inputs. All factor inputs are not available in plenty.
Hence, in order to expand the output, scarce factors must be kept constant and
variable factors are to be increased in greater quantities. Additional units of
a variable factor on the fixed factors will certainly mean a variation in
output. The law of variable proportions or the law of non-proportional output
will explain how variation in one factor input leads to variations in output.
The law can be stated as follows: “As the quantity of only one factor input is
increased to a given quantity of fixed factors, beyond a particular point, the
marginal, average and total output eventually decline”. The law of variable
3
What are the various factors which bring changes in supply?
Various factors which bring changes in supply
Answer:
Apart from price, many other factors bring about changes in supply. Among them,
the important factors are:
1.
Natural
factors – Favourable natural factors like good
climatic conditions and timely, adequate, well distributed rainfall results in
higher production and expansion in supply. On the other hand, adverse factors
like bad
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