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- IMPORTANT QUESTIONS OF MANAGERIAL ECONOMICS (MCM 505) FOR M COM (2 YEARS) TERM SYSTEM OF UNIVERSITY OF SARGODHA BY AHSAN KHAN
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:
- Define managerial economics. Discuss its nature, scope and importance detail.
- What do you know about the theory of firm? Explain various theory of firm and also draw diagram where necessary.
- Differentiate between accounting and economic profit. Discuss nature, theories and functions of profit with problems in measuring it.
- Define managerial economics. Differentiate between managerial economics and other disciplines.
- Discuss the role of managerial economist in detail.
- Write a detailed note on business or managerial ethics.
- 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.
- Explain the Law of Demand with its Assumptions. Also illustrate it by Schedule and Graph?
- Define the concepts of Individual and Market Demand with its determinants.
- Differentiate between Movement and Shift in Demand through table and diagram.
- Explain the Concept of Elasticity of Demand. How the Elasticity of Demand is measured? Also explain its determinants or factors.
- What are the Various Types of Elasticity of Demand? How can we measure price, income and cross elasticity’s of demand theoretically and mathematically?
- What is the relationship among price elasticity, total revenue and marginal revenue?
- Discuss the factors and importance of elasticity of demand in managerial decision making.
- 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:
- Define Indifference Curve with its major properties?
- Explain the consumer’s optimal consumption or Explain the Consumer’s Equilibrium through IC analysis.
- Substitution Effect + Income Effect = Price Effect. Explain it theoretically and mathematically.
- Drive the ordinary demand cure with the help of price consumption curve.
Production and Cost Analysis:
- Explain the law of diminishing (marginal) return with the help of schedule and diagram?
- Explain the law of increasing (marginal) return with the help of schedule and diagram?
- Explain the law of constant (marginal) return with the help of schedule and diagram?
- Explain the law of variable proportion with the help of schedule and diagram?
- What is the difference between the production function of one variable input and two variable inputs? Discuss various laws of Return to Scale.
- Discuss the optimal input combination for minimizing costs or maximizing outputs. OR The least cost combination. OR optimal input combination.
- Discuss various types of Cost faced by a manager during managerial decision making process.
- Explain and Illustrate the Cost Curves of the firm in the Short Run and Long Run?
- Define learning curve. Discuss its limits and application.
Market Structure and Pricing:
- Define perfect competition. Explain equilibrium of the firm in the short run and long run.
- Define monopoly. How price and output is determined under monopoly in the short run and long run. What are its costs and benefits?
- Define monopolist competition. How price and output is determined under it in the short run and long run.
- Define Oligopoly. How price and output is determined under it through Cournot’s and Sweezy models.
- Draw the short run supply curve of a competitive firm.
- Define and explain optimization by TR &TC and MR & MC approaches mathematically and diagrammatically.
- If TC = -1/3Q3 – Q2 + 5Q and TR = 33Q – 9Q2 then maximize the profit and also find maximum profit.
- Optimize the profit = 80X – 2X2 – XY – 3Y2 + 100Y, subject to constraint, X + Y = 12. You may adopt Substitution method or Lagrangian method.
- Linear programming and profit maximization with simplex method.
- Linear programming and cost minimization with simplex method.
- The dual problem and shadow prices.
Decision Making under Risk and Uncertainty:
- Explain the utility theory and risk aversion.
- What do you know about the maximin decision rule and the minimax regret decision rule?
Note: Bolded questions are more important.