MBA105 - MANAGERIAL ECONOMICS

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ASSIGNMENT

DRIVE	FALL  2016
PROGRAM	Master of Business Administration- MBA
SEMESTER	Semester 1
SUBJECT CODE & NAME	MBA105 - MANAGERIAL ECONOMICS
BK ID	B1625
CREDIT & MARKS	4 Credits, 60 marks

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

Question.1. Define Elasticity of Supply? Explain the factors determining Elasticity of Supply?

Answer:The elasticity of supply measures the percentage change in supply due to a change in another factor. It refers to how the amount supplied of a good or service changes in response to a price or a factor change. There are several factors that affect the supply elasticity of a good or service, such as the availability of resources, innovation of technology and the amount of producers.

The availability of resources affects supply elasticity. If an economy is using a lot of its scarce resources to produce a good or a service, a

Question.2. What is Perfect Competition and also mention the features of Perfect Competition? Explain the different characteristics of Monopolistic Competition?

Answer:Imagine yourself as a street food vendor, selling tacos topped with fried onions, ground meat, cheese, fresh tomatoes and dollops of guacamole and spicy sauce in the main plaza of a town close to the border of Mexico. There are three other taco vendors on other corners of the plaza selling the exact same thing of the same quality. None of the other vendors (nor you) can change the price, because everyone knows that the deal is 3 tacos for $5. Anyone else who wants to sell tacos on the street can do so, and if you want to quit and sell something else one day (or sell your tacos at one of the many other public spaces in your town), no one is stopping you. A business expert might describe this as perfect competition (or a

Question.3. A cost-schedule is a statement of variations in costs resulting from variations in the levels ofOutput and it shows the response of costs to changes in output. If we represent therelationship between changes in the level of output and costs of production, we get differentTypes of cost curves in the short run. Define the kinds of cost concepts like TFC, TVC, TC,AFC, AVC, AC and MC and its corresponding curves with suitable diagrams for each.

Answer:A cost-schedule is a statement of variations in costs resulting from variations in the levels of output. It shows the response of costs to changes in output.

The costs corresponding to variable factors are discussed as variable costs. These costs are incurred on raw materials, ordinary labour, transport, power, fuel, water, etc, which directly vary in the short run. Variable costs directly and proportionately increase or

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