MBA105 - MANAGERIAL ECONOMICS

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ASSIGNMENT

DRIVE	SPRING 2017
PROGRAM	MBA
SEMESTER	I
SUBJECT CODE & NAME	MBA105 - MANAGERIAL ECONOMICS
BK ID	B1625
CREDITS	4
MARKS	30 MARKS EACH

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.

Assignment Set -1

Questions

Question. 1. Explain the meaning and Features of demand forecasting?

Answer: Demand Forecasting refers to the process of predicting the future demand for the firm’s product. In other words, demand forecasting is comprised of a series of steps that involves the anticipation of demand for a product in future under both controllable and non-controllable factors.

The business world is characterized by risk and uncertainty, and most of the business decisions are taken under this scenario. An organization come

Question. 2. Explain the cost output relationship and nature and behavior of cost curve in the short run with hypothetical cost schedule?

Answer: Conceptually, in the short run, the quantity of at least one input is fixed and the quantities of the other inputs can be varied.

In the short-run period, factors, such as land and machinery, remain the same.

On the other hand, factors, such as labor and capital, vary with time. In the short run, the expansion is done by hiring more labor and increasing capital. The existing size of the plant or building cannot be increased in case of the short run.

Question. 3. Write short notes on:

a) Consumption Function

Answer: In economics, the consumption function describes a relationship between consumption and disposable income. The concept is believed to have been introduced into macroeconomics by John Maynard Keynes in 1936, who used it to develop the notion of a government spending multiplier. Its simplest form is the linear consumption function used frequently in simple Keynesian models:

C = a + b × Y d

Assignment Set -2

Questions

Question. 1. What are the various role of fiscal policy in economic development?

Answer: The various tools of fiscal policy such as budget, taxation, public expenditure, public works and public debt can go a long way for maintaining full employment without inflationary and deflationary forces in underdeveloped economies.

Obviously, taxation and public expenditure is a powerful instrument in the hands of public authority which greatly affect the changes in disposal income,

Question. 2. Explain the law of variable proportions in detail with diagrammatic representation.

Answer: Law of Variable Proportions occupies an important place in economic theory. This law is also known as Law of Proportionality.

Keeping other factors fixed, the law explains the production function with one factor variable. In the short run when output of a commodity is sought

Question. 3. What are the various factors which bring changes in supply?

Answer: Supply refers to the quantity of a good that the producer plans to sell in the market.

As price increases firms have an incentive to supply more because they get extra revenue (income) from selling the goods.

If price changes, there is a movement along

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