Managerial Economics

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National Institute of Business Management

Chennai - 020

THIRD SEMESTER MBA

Subject : Managerial Economics

Attend any 4 questions.  Each question carries 25 marks

(Each answer should be of minimum 2 pages / of 300 words)

1.Explain investment decisions under certainty.

Answer :

2.Write an essay on National Income – concept and measurement.

Answer : National Income is the money value of all final goods and services produced in an economy during a financial year. At the level of an economy, value of fined goods and services is equal to the total income of all factors of production viz labour, capital, land and entrepreneurship.

This total income is equal to total expenditure on goods and services. Therefore, in an economy,

There are different measures of national income like Gross National Product (GNP), Net National Product (NNP), Gross Domestic Product (GDP), Net Domestic Product (NDP), etc.

These are often used interchangeably though conceptually there is some difference among them. Difference between GNP and NNP arises because of depreciation (consumption of fixed capital).

There is same difference between GDP and NDP

3.Explain the techniques of forecasting demands.

Answer : Broadly speaking, there are two approaches to demand forecasting- one is to obtain information about the likely purchase behavior of the buyer through collecting expert’s opinion or by conducting interviews with consumers, the other is to use past experience as a guide through a set of statistical techniques. Both these techniques of demand forecasting rely on varying degrees of judgment. The first method is usually found suitable for short-term forecasting, the latter for long-term forecasting. There are specific techniques which fall under each of these broad methods.

4.Write an essay on the theory of cost and Break-Even-Analysis.

Answer : Break-even analysis is a technique widely used by production management and management accountants. It is based on categorising production costs between those which are "variable" (costs that change when the production output changes) and those that are "fixed" (costs not directly related to the volume of production).

Total variable and fixed costs are compared with sales revenue in order to determine the level of sales volume, sales value or production at which the business makes neither a profit nor a loss (the "break-even point").

5.Explain the techniques of statistical methods of demand projection.

Answer :  Demand estimation is predicting future demand form a product. The information regarding future demand is essential for planning and scheduling production, purchase of raw materials, acquision of finance and advertising.

The various techniques of demand estimation: -

1)    Survey Method

2)    Statistical Method

6.What are the phases of Business Cycles?

Answer :

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25 x 4=100 marks