MB0042- MANAGERIAL ECONOMICS

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DRIVE Fall 2014

PROGRAM- MBADS/ MBAFLEX/ MBAHCSN3/ MBAN2/ PGDBAN2

SEMESTER- 1

SUBJECT CODE & NAME- MB0042- MANAGERIAL ECONOMICS

BK ID- B1625

Q1. Inflation is a global Phenomenon which is associated with high price causes decline in the value for money. It exists when the amount of money in the country is in excess of the physical volume of goods and services. Explain the reasons for this monetary phenomenon. (Define Inflation, Causes for Inflation) 2, 8

Answer: Inflation is defined as a sustained increase in the general level of prices for goods and services. It is measured as an annual percentage increase. As inflation rises, every dollar you own buys a smaller percentage of a good or service.

Q2. Monopoly is the situation there exists a single control over the market producing a commodity having no substitutes with no possibilities for anyone to enter the industry to compete. In that situation, they will not charge a uniform price for all the customers in the market and also the pricing policy followed in that situation. (Define Monopoly, Features of Monopoly, Kinds of Price Discrimination) 2, 4, 4

Answer:

Monopoly

Monopoly means existence of a single seller in the market. Monopoly is that market form in which a single producer controls the whole supply of a single commodity which has no close substitutes. Monopoly may be defined, as a condition of production in which a single firm has the power to fix the price of the commodity or the output of the commodity.

Q3. Define monopolistic competition and explain its characteristics.

[Definition of monopolistic competition, Explanation of its characteristics]

Answer:

Monopolistic Competition

Perfect competition and monopoly are two extreme forms of market situations, rarely to be found in the real world. Generally, markets are imperfect.

Prof. Chamberlin is the main architect of the theory of Monopolistic Competition. This market exhibits the characteristics of both perfect competition and monopoly. Since modern markets are combined and integrated with

Q4. When should a firm in perfectly competitive market shut down its operation?

[Define perfect competition, Explanation about the reason for the firm’s shut down in perfect competition]

Answer:

Perfect Competition

Perfect competition is a comprehensive term which includes pure competition too. Before we discuss the details of perfect competition, it is necessary to have a clear idea regarding the nature and characteristics of pure competition.

Pure Competition is a part of perfect competition. Competition in the market is said to be pure when the following

Q5. Discuss the practical application of Price elasticity and Income elasticity of demand. (Practical application of price elasticity, Practical application of Income elasticity) 5, 5

Answer:

Practical application of price elasticity of demand

Few examples on the practical application of price elasticity of demand are as follows:

1. Production planning – It helps a producer to decide about the volume of production. If the demand for his products is inelastic, specific quantities can be produced while he has to produce different quantities, if the demand is elastic.

Q6. Discuss the scope of managerial economics. (Definition of Managerial Economics, Scope of Managerial Economics) 2, 8

Answer:

Managerial Economics

Managerial economics is a science that deals with the application of various economic theories, principles, concepts and techniques to business management in order to solve business and management problems. It deals with the practical application of economic theory and methodology in decision

Dear students get fully solved  SMU MBA Fall 2014 assignments

Send your semester & Specialization name to our mail id :

  “ help.mbaassignments@gmail.com ”

or

Call us at : 08263069601

 (Prefer mailing. Call in emergency )