Dear
students get fully solved assignments
Send
your semester & Specialization name to our mail id :
“
help.mbaassignments@gmail.com ”
or
Call
us at : 08263069601
Chennai
- 020
EMBA/ MBA
Elective: Principles of
Economics
Attend
any 4 questions. Each question carries
25 marks
(Each answer should be of
minimum 2 pages / of 300 words)
Q. 1. What are the vital functions of an Economy?
Explain the price mechanism.
Answer:"Economy is
a system by which people get their living." Just like a machine, made up
different parts that perform specific functions, an economy is made up of a
system which has different functions. Some people provide labour, some people
provide land and others provide capital or entrepreneurship. All these parts
which perform different functions work together and form the economy of the
country. Remember, production generate income. It doesn't matter whether it is
agricultural, manufacturing, mining, fishing or service industry, all these
activities produce income for the people involved. For every dollar's worth of
service and goods produced,
Q. 2. Explain measurement of Price Elasticity of
Demand.
Answer: There are four
methods of measuring elasticity of demand. They are the percentage method,
point method, arc method and expenditure method.
(1) The
Percentage Method:The price elasticity of demand is measured by its coefficient
Ep. This coefficient Ep measures the percentage change in the quantity of a
commodity demanded resulting from a given percentage change in its price
(2) The Point
Method:Prof. Marshall devised a geometrical method for measuring elasticity at a
point on the demand curve.
Q. 3. Describe the kinds of Economic Systems.
Answer:There are four
primary types of economic systems in the world: traditional, command, market
and mixed. Each economy has its strengths and weaknesses, its sub-economies and
tendencies, and, of course, a troubled history. Below we examine each system in
turn and give ample attention to the attributes listed above. It’s important to
understand how different parts of the world function economically, as the
economy is one of the strongest forces when it comes to balancing political
power, instigating war and delivering a high (or low) quality of
Q. 4. Price
mechanism also known as the market mechanism, that helpsto solve the central
problems in Capitalist Economy. Explain.
Answer: The price system
functions through prices of both goods and services. Prices determine the
production of innumerable goods and services. They organise production and help
in the distribution of goods and services, ration out the supplies of goods and
services and provide for economic growth. Let us analyse the role of prices in
all these spheres.
Q. 5. What are the factors governing Price
Elasticity of Demand? Explain.
Answer:
Q. 6. Explain economic systems and resource
allocation.
Answer:
Dear
students get fully solved assignments
Send
your semester & Specialization name to our mail id :
“
help.mbaassignments@gmail.com ”
or
Call
us at : 08263069601
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.