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National Institute of Business Management
Chennai - 020
THIRD SEMESTER MBA
Subject: Managerial Economics
Question 1. What is Managerial Economics? Explain.
Answer: Economics theories and analytical tools that are widely applied to
business decision-making constitute managerial economics. First of all, let us
understand what is economics. Economics is a social science where the basic
function is to study how people, individuals households, firms and nations
maximize their gains from their limited resources and opportunities. It is in
economics terminology is called maximizing behaviour or more
Question 3. Explain the approaches to Consumer Demand
Analysis.
Answer: Conceptually, the term
‘demand’ implies a ‘desire’ for a commodity backed by the ability and
willingness to pay for it. Unless a person has adequate purchasing power or
resources /and the preparedness to spend his resources, his desire for a
commodity would not be considered as his demand. For example, if a man wants to
buy a car but he does not have sufficient money to pay for it, his want is not
his demand for the car. And, if a
Question 4. Describe the determinants of Price
Elasticity of Demand.
Answer: Price elasticity of demand is
generally defined as the responsiveness or sensitiveness of demand for a
commodity to the changes in its price. More precisely, elasticity of demand is
the percentage change in demand as result of one percent change in
Question 6. Explain the characteristics of perfect
competition.
Answer: Characteristics
of perfect competition
The term perfect competition
refers to a set of conditions prevailing in the market. A perfectly competitive
market is one which has the following characteristics.
1.
A large number of sellers and buyers : Under perfect competition, the
number of sellers and buyers is very large. The number of sellers and buyers is
so large that the share of each seller in total supply and the share of each
buyer in total demand is so small that no single seller can affect the market
price by changing his
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