|
SESSION |
FEB/MAR 2021 |
|
PROGRAMME |
MASTER OF BUSINESS ADMINISTRATION (MBA) |
|
SEMESTER |
I |
|
COURSE CODE & NAME |
DMBA105 – MANAGERIAL ECONOMICS |
|
CREDITS |
4 |
|
NUMBER OF ASSIGNMENTS , CREDITS & MARKS |
02 4 Credits, 30 Marks each |
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Q 1. Define the term ‘managerial
economics’. Explain scope of managerial economics.
Answer:
Definition of Managerial Economics: Managerial economics is defined as the
branch of economics which deals with the application of various concepts,
theories, methodologies of economics to solve practical problems in business
management. It is also reckoned as the amalgamation of economic theories and
business practices to ease the process of decision making. Managerial economics
is also said to cover the gap between the problems of logic and problems of
policy.
Managerial economics is used
to find a rational solution to problems faced by firms. These problems include
issues around demand, cost,
Q. 2. Define demand. Explain different elasticity of demand.
Answer: Demand: Demand is an economic principle
referring to a consumer's desire to purchase goods and services and willingness
to pay a price for a specific good or service. Holding all other factors
constant, an increase in the price of a good or service will decrease the
quantity demanded, and vice versa. Market demand is the total quantity demanded
across all consumers in a market for a given good. Aggregate demand is the
total demand for all goods and services in an economy. Multiple stocking
strategies are often required to handle
Q 3. Explain different types of cost.
Answer: Types
of cost:
Fixed Costs
(FC): The
costs which don’t vary with changing output. Fixed costs might include the cost
of building a factory, insurance and legal bills. Even if your output changes
or you don’t produce anything, your fixed costs stay the same. In the above
example, fixed costs are always £1,000.
Variable Costs
(VC): Costs which depend on the output produced. For
example, if you produce more cars, you have to use more raw materials such
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assignments by professionals.
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