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Managerial Economics

Important Questions

Managerial Economics

MODULE I

1. Define Managerial Economics and how is it related to the other


branches of Management?
2. How does Managerial Economics help in decision making and forward
planning?

3. What are the important determinants of demand? Make and explain a


demand function with the help of these determinants.

4. State and explain the Law of Demand? What are its


exceptions?

5. What is demand forecasting? Explain the various methods


of demand forecasting?

6. Explain the concept of marginal utility and critically


evaluate the law of Diminishing Marginal Utility?

7. What is elasticity of demand and what are the various


types of elasticities of demand?

8. Show the different methods of measuring elasticity of


demand? When should which method be used?

9. Show the usefulness of the concept of elasticity in


business decision-making?

10 Explain these concepts show their application in


day to day business operations:

a. Opportunity cost
b. Net present value
c. Discounting principle
d. Equi-marginal principle
e. Marginal or incremental costs
f. Consumers surplus.
g. Producer Surplus
h. Social Surplus
MODULE II

11. Explain the concepts of Total, Average and Marginal


Product. Critically discuss the Law of Variable Proportions?

12. What are isoquants? How can a producer reach a least


cost combination with the help of Isoquant approach.?

13. Explain the long run returns to scale with the help of a
production function?

14. What are the various economies and diseconomies of


large-scale production?

15. How are economic costs different from accounting costs?


With the help of some examples show the importance of economic
costs in decision making.

16. Why is the short run average cost curve usually U-


shaped? Will the behaviour of short run costs tend to differ in a modern
high technology firm?

17. How do long run costs differ from short run costs? Show
that the long run average cost curve is an envelop of short run average
cost curves.

18. Show with the help of equi-marginal principle how a firm


can optimally allocate its resources.

19. Explain the concept of Break-even and how is it useful in


forward planning.

20. Write short notes on the following;

a. Relation between average and marginal revenue.


b. Cobb-Douglas production function.
c. Sunk costs
d. Explicit and implicit costs.
e. Social costs
f. Economies of scope.
Module III

21. Give a description of different market structures. How is


perfect competition different from imperfect competition?

How are prices and output determined in perfect competition in the short
run?

23. Show how the price-output equilibrium gets determined


in perfect competition in the long run.

24. What are the causes of a monopoly? How does a


monopolist maximize his profits?

25. What is price discrimination? How does a monopolist


indulge in price discrimination?

26. Explain the characteristics of monopolistic competition. Is


product differentiation an outcome of monopolistic competition or vice
versa?

27. How do prices and output get determined in monopolistic


competition?

28. What is an oligopoly? Why do prices tend to sticky in an


oligopoly?

29. How are prices and output determined in a collusive


oligopoly?

30. Write short notes on the following:

a. Price taker vs price maker.


b. Dumping
c. Price leadership
d. Non-price wars
e. Wastages of imperfect markets.
f. Cartels.