Dear students get fully solved SMU MBA WINTER 2014 assignments
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ASSIGNMENT
DRIVE
|
WINTER 2014
|
PROGRAM
|
MBADS/
MBAFLEX/ MBAHCSN3/ MBAN2/ PGDBAN2
|
SEMESTER
|
1
|
SUBJECT
CODE & NAME
|
MB0042-
MANAGERIAL ECONOMICS
|
BK ID
|
B1625
|
CREDIT
& MARKS
|
4 Credits,
60 marks
|
Q.1
What is production function and its uses? Explain the two types of production
functions.
Answer: A production
function shows the relationship between inputs of capital and
labor and other factors and the outputs of goods and
services.
In macroeconomics, the output of interest is Gross
Domestic Product or GDP
The simplest possible production function is
a linear production function with labor alone
as an input.
For example, if one worker can produce 500 pizzas
in a day (or other given time period) the production function would be
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.
Answer: A monopoly is an enterprise
that is the only seller of a good or service. In the absence of government
intervention, a monopoly is free to set any price it chooses and will usually
set the price that yields the largest possible profit.
A situation in which a single company
or group owns all or nearly all of the market for a given type of product or
service.
Just being a monopoly need not make an
enterprise
Q3.
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.
Answer: A proper understanding of the nature
and behaviour 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 role in determining the optimum level of production. Knowledge of the
cost-output relation helps the manager in cost control, profit prediction,
pricing, promotion etc. The relation
Q
4. 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.
Answer:
Define Inflation- Inflation
is commonly understood as a situation of substantial and rapid increase in the
level of prices and consequent deterioration in the value of money over a
period of time. It refers to the average rise in the general level of prices
and fall in the value of money.
Inflation
is an upward movement in the average level of prices. The opposite of inflation
is deflation, a downward movement in the average level of prices
Q.5
Discuss the practical application of Price elasticity and Income elasticity of
demand.
Answer: Price elasticity of demand :
Price
elasticity of demand (PED or Ed) is a measure used in economics to
show the responsiveness, or elasticity, of the quantity demanded of a good or
service to a change in its price. More precisely, it gives the percentage
change in quantity demanded in response to a one percent change in price
(ceteris paribus, i.e. holding constant all the other determinants of demand,
such as income). It was devised by Alfred Marshall.
Q.6
Discuss the scope of managerial economics.
Answer: Managerial economics is the
"application of the economic concepts and economic analysis to the
problems of formulating rational managerial decisions".
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
within an organization. The fact of scarcity of
Dear students get fully solved SMU MBA WINTER 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 )
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