Posted by : Ahsan Khan Thursday, 14 February 2013



IMPORTANT QUESTIONS OF MANAGERIAL ECONOMICS (MCM 505)
FOR M COM (2 YEARS) TERM SYSTEM
OF UNIVERSITY OF SARGODHA


RECOMMENDED BOOK:         MANAGERIAL ECONOMICS (2012-13)           AUTHOR: AHSAN KHAN    


The Nature and Scope of Managerial Economics:
  1. Define managerial economics. Discuss its nature, scope and importance detail.
  2. What do you know about the theory of firm? Explain various theory of firm and also draw diagram where necessary.
  3. Differentiate between accounting and economic profit. Discuss nature, theories and functions of profit with problems in measuring it.
  4. Define managerial economics. Differentiate between managerial economics and other disciplines.
  5. Discuss the role of managerial economist in detail.
  6. Write a detailed note on business or managerial ethics.
  7. Explain the market equilibrium through demand and supply diagrammatically in case of durable and perishable goods. Also show effects of change in demand and supply on market equilibrium.

Demand Theory:
  1. Explain the Law of Demand with its Assumptions. Also illustrate it by Schedule and Graph?
  2. Define the concepts of Individual and Market Demand with its determinants.
  3. Differentiate between Movement and Shift in Demand through table and diagram.
  4. Explain the Concept of Elasticity of Demand. How the Elasticity of Demand is measured? Also explain its determinants or factors.
  5. What are the Various Types of Elasticity of Demand? How can we measure price, income and cross elasticity’s of demand theoretically and mathematically?
  6. What is the relationship among price elasticity, total revenue and marginal revenue?
  7. Discuss the factors and importance of elasticity of demand in managerial decision making.

Demand Estimation:
  1. What is difference between demand estimation and demand forecasting? How regression analysis is done? Also explain the steps involved in regression analysis.

Theory of Consumer Choice:
  1. Define Indifference Curve with its major properties?
  2. Explain the consumer’s optimal consumption or Explain the Consumer’s Equilibrium through IC analysis.
  3. Substitution Effect + Income Effect = Price Effect. Explain it theoretically and mathematically.
  4. Drive the ordinary demand cure with the help of price consumption curve.

Production and Cost Analysis:
  1. Explain the law of diminishing (marginal) return with the help of schedule and diagram?
  2. Explain the law of increasing (marginal) return with the help of schedule and diagram?
  3. Explain the law of constant (marginal) return with the help of schedule and diagram?
  4. Explain the law of variable proportion with the help of schedule and diagram?
  5. What is the difference between the production function of one variable input and two variable inputs? Discuss various laws of Return to Scale.
  6. Discuss the optimal input combination for minimizing costs or maximizing outputs. OR The least cost combination. OR optimal input combination. 
  7. Discuss various types of Cost faced by a manager during managerial decision making process.
  8. Explain and Illustrate the Cost Curves of the firm in the Short Run and Long Run?
  9. Define learning curve. Discuss its limits and application.
Market Structure and Pricing:
  1. Define perfect competition. Explain equilibrium of the firm in the short run and long run.
  2. Define monopoly. How price and output is determined under monopoly in the short run and long run. What are its costs and benefits?
  3. Define monopolist competition. How price and output is determined under it in the short run and long run.
  4. Define Oligopoly. How price and output is determined under it through Cournot’s and Sweezy models.
  5. Draw the short run supply curve of a competitive firm.
Optimization:
  1.  Define and explain optimization by TR &TC and MR & MC approaches mathematically and diagrammatically.
  2. If TC = -1/3Q3 – Q2 + 5Q and TR = 33Q – 9Q2 then maximize the profit and also find maximum profit.
  3. Optimize the profit = 80X – 2X2 – XY – 3Y2 + 100Y, subject to constraint, X + Y = 12. You may adopt Substitution method or Lagrangian method.
Linear Programming:
  1.  Linear programming and profit maximization with simplex method.
  2. Linear programming and cost minimization with simplex method.
  3. The dual problem and shadow prices.
Decision Making under Risk and Uncertainty:
  1. Explain the utility theory and risk aversion.
  2. What do you know about the maximin decision rule and the minimax regret decision rule?


Note: Bolded questions are more important.


 

{ 1 comments... read them below or add one }

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