Managerial Econimics
Master of Business Administration- MBA Semester 1
February 2012
MB 0042: “Managerial Economics”- (4 credits)
(Book ID: B1131)
Assignment Set- 1 (60 Marks)
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Note: Each Question carries 10 marks. Answer all the questions.
Q1. Define Managerial Economics and explain its main characteristics. Q2. State and explain the law of demand. Q3. What is Demand Forecasting? Explain in brief various methods of forecasting demand. Q4. Define the term equilibrium. Explain the changes in market equilibrium and effects of shifts in supply and demand. Q5. Explain features of LAC curve with a diagram. Q6. Explain cost output relationship with reference to * Total fixed cost and output * Total variable cost and output * Total cost and output
Q1. Define Managerial Economics and explain its main characteristics
Managerial economics is a science that deals with the application of various economic theories, principles, concepts and techniques to business management in order to solve business and management problems. It deals with the practical application of economic theory and methodology to decision-making problems faced by private, public and non-profit making organizations.
The same idea has been expressed by Spencer and Seigelman in the following words. “Managerial Economics is the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by the management”.
According to Mc Nair and Meriam, “Managerial economics is the use of economic modes of thought to analyze business situation”. Brighman and Pappas define managerial economics as,” the application of economic theory and methodology to business administration practice”. Joel dean is of the opinion that use of economic analysis in formulating business and management policies is known as managerial economics.
Features of managerial Economics
1. It is
February 2012
MB 0042: “Managerial Economics”- (4 credits)
(Book ID: B1131)
Assignment Set- 1 (60 Marks)
-------------------------------------------------
Note: Each Question carries 10 marks. Answer all the questions.
Q1. Define Managerial Economics and explain its main characteristics. Q2. State and explain the law of demand. Q3. What is Demand Forecasting? Explain in brief various methods of forecasting demand. Q4. Define the term equilibrium. Explain the changes in market equilibrium and effects of shifts in supply and demand. Q5. Explain features of LAC curve with a diagram. Q6. Explain cost output relationship with reference to * Total fixed cost and output * Total variable cost and output * Total cost and output
Q1. Define Managerial Economics and explain its main characteristics
Managerial economics is a science that deals with the application of various economic theories, principles, concepts and techniques to business management in order to solve business and management problems. It deals with the practical application of economic theory and methodology to decision-making problems faced by private, public and non-profit making organizations.
The same idea has been expressed by Spencer and Seigelman in the following words. “Managerial Economics is the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by the management”.
According to Mc Nair and Meriam, “Managerial economics is the use of economic modes of thought to analyze business situation”. Brighman and Pappas define managerial economics as,” the application of economic theory and methodology to business administration practice”. Joel dean is of the opinion that use of economic analysis in formulating business and management policies is known as managerial economics.
Features of managerial Economics
1. It is