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Managerial Economics

PART – A Q1. Distinguish between the principles of marginalism and incrementalism with the help of examples. Q2. How is the price elasticity of demand measured? Explain the relationship between price elasticity, average revenue and marginal revenue. Q3. Critically examine the law of diminishing marginal utility. Q4. Why is an indifference curve for two normal goods convex to origin? Why cannot it be a concave curve or a straight line? Q5. Why is demand forecasting important? Explain the various types of survey methods of forecasting demand and their usefulness. PART – B Q1. Diagramatically explain the three stages of the law of diminishing marginal returns. Q2. What are isoquants and isocost lines? Explain graphically Q3. Distinguish between implicit cost and explicit cost with the help of example. Q4. Graphically explain the relationship between change in output and AVC, AC and MC. Q5. Describe the long run average cost (LAC) curve according to the modern cost theory. PART – C Q1. Explain the Cyert-March Hypothesis of satisficing behavior. Q2. Explain the profit maximizing conditions of a firm with the help of marginal revenue and marginal cost. Q3. Explain why does a perfectly competitive firm reaps normal profits in the long run. Q4. What is price discrimination? How does a discriminating monopolist allocate his output in different markets to charge different price. Q5. Explain how price is determined under oligopoly under...