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MANAGERIAL ECONOMICS
EMB 102
Answer any five questions
Q. 1. Why is decision making by any management
truly economic in nature?
Answer:The main activity of managers are managing economics resource such as
human, time, money, talent etc. all those resource are limited or scarce in
their nature. the main goal of manager is to maximum profit from their
activities to maximize this profit assemblies of factor of production for the
purpose of producing goods and services to make maximum profit requires.
Economic concept that are concerned with the allocation of resources and choose
of alternatives that gives maximum profit to the organization they manage.
In order to answer pertinent questions,
managerial economics
Q. 2. Explain the Managerial Uses Of Demand
Forecasting?
Answer:Market and demand analysis of various types are undertaken to meet specific
requirements of planning and decision making. For example, short-term decisions
in production planning, distribution etc and selling individual products would
require short-term forecast, up-to one year time horizon, which must he fairly
accurate for specific product items. For long-term planning, time horizon being
four to five years, information required from demand analysis would be for
broad product groups for facilitating choice of technology, machine tools and
other hardware’s and their location. Longer-term forecasting is also undertaken
to determine trends in technology development so as to choose the technology
for backing up and
Q. 3. Explain the cross, income,
advertising and substitution elasticity of demand.
Answer:There are as many elasticity’s of demand as its determinants.
The most important of these elasticity’s are:
(a) The price elasticity
The price elasticity is a measure of the
responsiveness of demand to changes in the commodity’s own price. If the
changes in price are very small we
Q. 4. Explain the concept of Consumers
surplus with suitable illustration
Answer:Consumer surplus is the difference between the maximum price a consumer
is willing to pay and the actual price they do pay. If a consumer would be
willing to pay more than the current asking price, then they are getting more
benefit from the purchased product than they spent to buy it. Consumer surplus
plus producer surplus equals the total economic surplus in the market.
This chart graphically illustrates consumer
surplus in a market without any monopolies, binding price controls, or any
other inefficiencies . The price in this chart is set at the pareto optimal.
This means that the price could not be increased or decreased
Q. 5. Discuss the practical importance of
various trends of elasticity of demand.
Answer:
Q. 6. Define Managerial Economic and
explain its main characteristics.
Answer:The science of Managerial Economics has emerged only recently. With the
growing variability and unpredictability of the business environment, business
managers have become increasingly concerned with finding rational and ways of
adjusting to an exploiting environmental change.
The problems of the business world attracted
the attentions of the academicians from 1950 onwards. Managerial economics as
a subject gained popularity in the USA after the publication of the book “Managerial
Economics” by Joel Dean in 1951.
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