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ASSIGNMENT
Course Code :
MS-9
Course Title :
Managerial
Economics
Assignment Code : MS-9/TMA/SEM-II/2018
Coverage :
All
Blocks
Note: Attempt all the questions and submit this
assignment on or before 31st October, 2018 to the coordinator of your study
centre.
Question. 1. What is the scope
of Managerial Economics? How does the study of Managerial Economics involves
the analysis of certain major subjects? Explain citing examples.
Answer: A close interrelationship between management
and economics had led to the development of managerial economics. Economic
analysis is required for various concepts such as demand, profit, cost, and
competition. In this way, managerial economics is considered as economics
applied to “problems of choice’’ or alternatives and allocation
Question. 2. What is the Law
of Demand? Explain increase and decrease of demand with the help of any example
of your choice.
Answer: The law of demand states that
quantity purchased varies inversely with price. In other words, the higher the
price, the lower the quantity demanded. The reason for this phenomenon is that
consumers' opportunity cost increases, so they must give something else up or
switch to a substitute product.
The Law of Demand in Practice
The "curve" above is simplified as a
straight line, but in fact
Question. 3. What is Short-
Run Cost Functions? Explain how Total Cost (TC), Total Fixed Cost (TFC) and
Total Variable Cost (TVC) are calculated? Discuss with the help of a table and
graph.
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
Question. 4. Differentiate
between First Degree and Second Degree Price Discrimination. Why is Second
Degree Price Discrimination described as multipart pricing?
Answer: Price discrimination refers to the charging of
different prices by the monopolist for the same product.
The difference in the product may be on the basis
of brand, wrapper etc. This policy of the monopolist is called price
discrimination.
Types of Discriminating Monopoly:
Price discrimination is of following three
types:
Question. 5. Examine the kink
demand curve for oligopolists? Explain the reasons for price rigidity.
Answer: There is no single theory of
oligopoly. The two that are most frequently discussed, however, are the
kinked‐demand theory and the cartel theory. The kinked‐demand theory is
illustrated in Figure and applies to oligopolistic markets where each firm
sells a differentiated product. According to the kinked‐demand theory, each
firm will face two market demand curves for its product. At high prices, the
firm faces the relatively elastic market demand curve, labeled MD1 in Figure.
Question. 6. Write short notes
on any two of the following:-
(a) Regression Equation
Answer: Linear regression attempts to model the
relationship between two variables by fitting a linear equation to observed
data. One variable is considered to be an explanatory variable, and the other
is considered to be a dependent variable. For example, a modeler might want to
relate the weights of individuals to their heights using a linear regression
model.
Before attempting to fit a linear model to
observed data, a modeler should first determine whether or not there is a
relationship between the variables of interest. This does not necessarily imply
that one variable causes the other (for example, higher SAT scores do not cause
higher college grades), but
(b) Exponential Smoothing
Answer: This is a very popular scheme to produce a
smoothed Time Series. Whereas in Single Moving Averages the past observations
are weighted equally, Exponential Smoothing assigns exponentially decreasing
weights as the
(c) Functional Forms of Cost
Functions
Answer: The principles of production theory
discussed in Unit 7 are fundamental in understanding economics and provide an
important conceptual framework for analysing managerial problems. However,
short run output decisions and long run planning often require more than just
this conceptual framework. That is, quantitative
Dear
students get fully solved assignments
Send
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