MB0042 – Managerial Economics

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Master of Business Administration- MBA Semester 1

MB0042 – Managerial Economics - 4 Credits

(Book ID: B 1625 )

Assignment Set -1 (60 marks)

Note: Assignment Set -1 must be written within 6-8 pages. Answer all questions.

Q1.Describe Cost-Output Relationship in brief.                                              10 marks(350-400 words)

Answer :  A proper understanding of the nature and behavior of costs is a must for regulation and control of cost of production. The cost of production depends on money forces and an understanding of the functional relationship of cost to various forces will help us to take various decisions. Output is an important factor, which influences the cost.

The cost-output relationship plays an important

Q2.Define Supply. Explain the Determinants of Supply.                                  10 marks(350-400 words)

Answer : Definition of Supply

Supply is defined as the quantity of a product that a producer is willing and able to supply onto the market at a given price in a given time period.

The basic law of supply is that as the

Q3.Discuss the scope of managerial economics                                             10 marks(350-400 words)

Answer : Managerial Economics deals with allocating the scarce resources in a manner that minimizes the cost. As we have already discussed, Managerial Economics is different from microeconomics and macro-economics. Managerial Economics has a more narrow scope - it is actually solving managerial issues using micro-economics. Wherever there are scarce resources, managerial economics ensures that managers make effective and efficient decisions concerning customers, suppliers, competitors as well as

Q4.Define Price Elasticity. Explain five degrees of Price elasticity of demand. 10 marks(350-400 words)

Answer :  PRICE ELASTICITY is the degree to which customers respond to price changes (calculation: % change in quantity divided by % change in price). A value greater than 1 = customers exhibit a good sensitivity to price. A value less than 1 = customers are insensitive to price. Price Elasticity is if a small change in price is accompanied by a large

Q5.Discuss the types of elasticity of supply.                                                 10 marks(350-400 words)

Answer : Elasticity of supply of a commodity is the degree of responsiveness of the quantity supplies to changes in price. Like the elasticity of demand, the elasticity of supply is the relative measure of the responsiveness of quantity supplied of a commodity to a change in its price.

The, greater the responsiveness of quantity supplied of a commodity to the change in its price, the greater is its elasticity of supply. To be more precise, the elasticity of supply is defined as a percentage change in the quantity supplied of a product divided by the percentage change in price.

Q6.Explain the law of variable proportions of production function by briefing stage I,II,III.

                                                                                                                              10 marks(350-400 words)

Answer : Introduction

Let us start the Law of Variable Propotions .

If you have your favourite ice-cream and start eating during a sunny day, first bite may bring you to knees while groaning “hai, hai, hai”.The next bite too brings good but different effect.By the time yu are halfway thorough gallon, you may be feeling totally different.With each chance, your stomach may become full, but mind has a new experience

Dear students get fully solved assignments

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