KSOU - MANAGERIAL ECONOMICS

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MANAGERIAL ECONOMICS
EMB 102

Answer any five questions

Q. 1. Why is decision making by any management truly economic in nature?

Answer:The main activity of managers are managing economics resource such as human, time, money, talent etc. all those resource are limited or scarce in their nature. the main goal of manager is to maximum profit from their activities to maximize this profit assemblies of factor of production for the purpose of producing goods and services to make maximum profit requires. Economic concept that are concerned with the allocation of resources and choose of alternatives that gives maximum profit to the organization they manage.

In order to answer pertinent questions, managerial economics



Q. 2. Explain the Managerial Uses Of Demand Forecasting?

Answer:Market and demand analysis of various types are undertaken to meet specific requirements of planning and decision making. For example, short-term decisions in production planning, distribution etc and selling individual products would require short-term forecast, up-to one year time horizon, which must he fairly accurate for specific product items. For long-term planning, time horizon being four to five years, information required from demand analysis would be for broad product groups for facilitating choice of technology, machine tools and other hardware’s and their location. Longer-term forecasting is also undertaken to determine trends in technology development so as to choose the technology for backing up and



Q. 3. Explain the cross, income, advertising and substitution elasticity of demand.

Answer:There are as many elasticity’s of demand as its determinants.

The most important of these elasticity’s are:

(a) The price elasticity

The price elasticity is a measure of the responsiveness of demand to changes in the commodity’s own price. If the changes in price are very small we



Q. 4. Explain the concept of Consumers surplus with suitable illustration

Answer:Consumer surplus is the difference between the maximum price a consumer is willing to pay and the actual price they do pay. If a consumer would be willing to pay more than the current asking price, then they are getting more benefit from the purchased product than they spent to buy it. Consumer surplus plus producer surplus equals the total economic surplus in the market.

This chart graphically illustrates consumer surplus in a market without any monopolies, binding price controls, or any other inefficiencies . The price in this chart is set at the pareto optimal. This means that the price could not be increased or decreased




Q. 5. Discuss the practical importance of various trends of elasticity of demand.

Answer:

Q. 6. Define Managerial Economic and explain its main characteristics.

Answer:The science of Managerial Economics has emerged only recently. With the growing variability and unpredictability of the business environment, business managers have become increasingly concerned with finding rational and ways of adjusting to an exploiting environmental change.

The problems of the business world attracted the attentions of the academicians from 1950 onwards. Mana­gerial economics as a subject gained popularity in the USA after the publication of the book “Managerial Economics” by Joel Dean in 1951.


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