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MANAGERIAL ECONOMICS

 


COMMONWEALTH EXECUTIVE


MBA/MPA PROGRAMME 


Term-End Examination


June 2010 


E-05: MANAGERIAL ECONOMICS



Time: 3 hours                                                     Maximum Marks: 100


                                                                                     

Note:          Answer any four questions. All questions carry equal marks.

 

  1. Construct the AFC and AVC curves of a firm. Explain their slopes. Show how to derive the ATC curve from average fixed and average variable cost curves. If the price of the variable factor rises, how are the three cost curves affected. Explain.



  1. Discuss the Laws of Returns to Scale and describe the three stages of returns to scale.



  1. (a) What are the basic differences between the pure monopolist and perfectly competitive firm? What basic assumptions do we make in order to determine the pure monopolist's best level of output?


(b) plain the kinked demand curve model of oligopoly.

  1. A company has the following short run total cost schedules: 5x4=20



































Q01234567891011
TC100106109110112115119124130137145155

 

  • What is the firm's average fixed cost when Q = 5?

  • What is the firm's average variable cost when Q = 4?

  • What is the firm's average total cost when Q = 4?

  • What is the firm's marginal cost when Q = 10?

  • At what level of output does the firm begin to experience diminishing returns?



  1. The demand curves of commodities x and y are given by


Px = 6 — 0.8qx and Py= 6 — 0.4qy

respectively. Show that at price p = 2, the two curves have the same elasticity of     demand.

  1. Distinguish between the income effect and substitution effect. Examine their impact on the demand for an inferior goo



  1. Write short notes on the following: 4x5=20



  • Risk and Diminishing marginal utility.

  • Factors that determine price elasticity.

  • Economic profit versus accounting profit.

  • Porter's five forces model.


 
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