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Answer the following questions.
“Managerial Economics is a science which studies the economic aspect of behavior of the firm as an enterprise, and helps to allocate scarce resources to their alternative uses in such a manner as to optimize the firm’s ultimate objectives as an organization & a social institution, under conditions of the imperfect knowledge, risk & uncertainty. It provides principles, methods & techniques of analysis of economic behavior & at the same time prescribes ways & means to optimize economic efficiency”.
As the definition mentioned above, what are the functions of a Business Manager? How does economics helps business managers in performing their functions? (15 marks)
Examine critically profit maximization as the objective of business firm? Explain the 1st& 2nd order condition of profit maximization? (15 marks)
Answer any six (6) of the following questions.
“The opportunity cost of anything is the return that can be had from the next best alternative use”. Explain the statement with suitable example. (10 marks)
Price elasticity of demand (PED) shows the relationship between price and quantity demanded and provides a precise calculation of the effect of a change in price on quantity demanded. “It is the responsiveness of one economic variable to a change in another one”. Define price elasticity of demand & explain the types of price elasticity of demand with example & suitable diagrams. (10 marks)
Price discrimination refers to the situation where MONOPOLY firm charges different prices for exactly the same product. Explain giving an example.
Define Oligopoly? What are the basic differences between Oligopoly & Monopolistic Competition? In which of the 2 kinds of market price & output are intermediate? (10 marks)
Substitutability & Complementary are factors of CROSS ELASTICITY OF DEMAND? Giving suitable examples along with diagram explain both the factors? (10 marks)
Some goods are bought largely because they have ‘snob appeal’. For example – The resident of Beverly Hills gain prestige by buying expensive items. In fact, they would not buy some items unless they are expensive. The law of demand, which holds that people buy more at lower price, obviously does not hold for the resident of Beverly Hills: High price – BUY, & Low price – Don’t Buy. Do you agree? Discuss. (10 marks)
Why is Average Cost Curve U-Shape? Explain the Short run & Long Run Cost behavior?
“It is believed that a firm under a perfect competition is a price-taker & not price-maker”. Explain giving examples.
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