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SIKKIM MANIPAL UNIVERSITY
MBA 1st
Semester
January 2026
Internal Assignment
O01CA504 - Business Economics
Question
Define production function and distinguish
between short run and long run production function. Explain the law of variable
proportions.
Answer:
A production function shows the relationship between inputs and
output. It explains how different factors of production such as labour,
capital, land, and raw materials are used to produce goods and services. In
simple words, it tells us how much output can be produced with a given amount
of inputs under a certain level of technology.
The short run production function refers to a period in which at
least one factor of production is fixed while others are
Question
Explain the term price elasticity of demand.
Describe determinants of price elasticity of demand and the different degrees
of price elasticity.
Answer:
Price elasticity of demand refers to the degree of change in
quantity demanded of a product due to a change in its price. It measures how
sensitive consumers are to price changes. If a small change in price leads to a
large change in demand, demand is said to be elastic. If demand changes very
little with price change, it is inelastic.
One important
Question
Discuss any four macroeconomic ratios. Explain
wholesale price index with suitable illustration.
Answer:
Macroeconomic ratios are indicators used to study the overall
performance and health of an economy. One important ratio is the savings ratio,
which shows the proportion of income saved by households. A higher savings
ratio indicates future investment potential.
Another ratio is the investment ratio, which shows the level of
investment compared to national income. It
Question
Explain the general objectives of monetary
policy. Discuss in detail the various instruments through which monetary policy
operates.
Answer:
Monetary policy refers to the actions taken by a country’s central
bank to control money supply and credit conditions in the economy. The main
objective of monetary policy is to maintain price stability and control
inflation. Stable prices help protect purchasing power and support
Dear students, get fully solved assignments by professionals
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SMU MBA First Semester
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SMU MBA January 2026 Solved
Assignments
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