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DRIVE Winter 2015
PROGRAM- MBADS/ MBAFLEX/ MBAHCSN3/ MBAN2/ PGDBAN2
SEMESTER- 1
SUBJECT CODE & NAME- MB0042- MANAGERIAL ECONOMICS
BK ID- B1625
Q1. Inflation is a global Phenomenon which is associated with high price causes decline in the value for
money. It exists when the amount of money in the country is in excess of the physical volume of goods and
services. Explain the reasons for this monetary phenomenon. (Define Inflation, Causes for Inflation) 2, 8
Answer: Inflation is defined as a sustained increase in the general level of prices for goods and services. It is
measured as an annual percentage increase. As inflation rises, every dollar you own buys a smaller percentage of a
good or
Q2. Monopoly is the situation there exists a single control over the market producing a commodity having no
substitutes with no possibilities for anyone to enter the industry to compete. In that situation, they will not
charge a uniform price for all the customers in the market and also the pricing policy followed in that
situation. (Define Monopoly, Features of Monopoly, Kinds of Price Discrimination) 2, 4, 4
Answer:
Monopoly
Monopoly means existence of a single seller in the market. Monopoly is that market form in which a single
producer controls the whole supply of a single commodity which has no close substitutes. Monopoly may be
defined, as a condition of production in which a single firm has the power to fix the price of the commodity or the
output of the commodity.
Features of monopoly
Anti-thesis of competition – Absence of competition in the market creates a situation of monopoly and hence, the
seller faces no threat of competition.
Existence of a
Q3. Define monopolistic competition and explain its characteristics.
[Definition of monopolistic competition, Explanation of its characteristics]
Answer:
Monopolistic Competition
Perfect competition and monopoly are two extreme forms of market situations, rarely to be found in the real world.
Generally, markets are imperfect.
Prof.
Q4. When should a firm in perfectly competitive market shut down its operation?
[Define perfect competition, Explanation about the reason for the firm’s shut down in perfect competition]
Answer:
Perfect Competition
Perfect competition is a comprehensive term which includes pure competition too. Before we discuss the details of
perfect competition, it is necessary to have a clear idea regarding the nature and characteristics of pure competition.
Pure Competition is a part of perfect competition. Competition in the market is said to be pure when the following
conditions are
Q5. Discuss the practical application of Price elasticity and Income elasticity of demand. (Practical
application of price elasticity, Practical application of Income elasticity) 5, 5
Answer:
Practical application of price elasticity of demand
Few examples on the practical application of price elasticity of demand are as follows:
1. Production planning – It helps a producer to decide about the volume of production. If the demand for his
products is inelastic,
Q6. Discuss the scope of managerial economics. (Definition of Managerial Economics, Scope of Managerial
Economics) 2, 8
Answer:
Managerial Economics
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 in decision-making problems faced by private,
public
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