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JAIPUR NATIONAL UNIVERSITY, JAIPUR
School of Distance Education &
Learning
Internal Assignment No. 1
Master of Business Administration
Paper Code: MBA – 208
Paper Title: Managerial Economics
Last date of submission:
Max. Marks: 30
Note: Question No. 1 is of short
answer type and is compulsory for all the students.
It carries ONE mark.
Q. 1. Answer all the questions:
(i) Distinguish between perfectly
elastic demand and perfectly inelastic demand
Answer:
|
Perfectly elastic demand |
Perfectly inelastic demand |
(ii) Define marginal revenue.
Answer:
Marginal Revenue is the money a firm makes for each additional sale. In other
words, it determines how much a firm
(iii) What is opportunity cost?
Answer:
Opportunity cost refers to what you have to give up to buy what you want in
terms of other goods or services. When economists use the
(iv) What is product
differentiation?
Answer:
Product differentiation is a process used
(v) What do you understand by
disposable income?
Answer:
Disposable personal income is the amount of money
(vi) “Two indifference curves
cannot touch or intersect each other”. Explain why?
Answer:
(i) “Two
(vii) What is elasticity of
substitution?
Answer:
Responsiveness of the buyers of a good or
(viii) Explain any one good effect
of Monopoly.
Answer:
Monopolies are generally considered to have several disadvantages (higher
price, fewer incentives to be efficient e.t.c). However, monopolies
(ix) What is homogeneity of
product?
Answer:
A homogeneous product is one that cannot be distinguished from competing
products from different suppliers. In other words, the
(x) Name the stages of business
cycle
Answer: The term “business cycle”
(or economic cycle or boom-bust cycle) refers to economy-wide fluctuations in
production, trade,
Note: Answer any four questions.
Each question carries 5 marks (Word limit 500)
Q. 2. What is elasticity of
demand? Explain different types & degrees of elasticity of
demand.
Answer:
Elasticity is a concept in economics that talks about the effect of change in
one economic variable on the other.
Elasticity
of Demand, on the other
Q. 4. Define national income.
Discuss the methods measuring National Income with
suitable example.
Answer:
Q. 5. Explain the law of
diminishing marginal utility. What is its importance?
Answer:
The Law of Diminishing Marginal Utility Explained
In
other words, the law of diminishing marginal utility postulates that when
consumers go to market to purchase a commodity, they do not attach
equal
importance to all the commodities they buy. They will pay more for some commodities
and less for others
Q. 6. Explain different
determinants of demand
Answer:
Demand in terms of economics may be explained as the consumers’ willingness and
ability to purchase or consume a given item/good. Furthermore, the determinants
of demand go a long way in explaining the demand for a particular good.
For
instance, an increase in the price of a good will lead to a decrease in the
quantity that may be demanded by consumers. Similarly, a decrease in the cost
or selling price of a good will most likely lead to an increase in the demanded
quantity of the goods.
Determinants
of Demand
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
“ help.mbaassignments@gmail.com ”
or
Call us at : 08263069601
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