Discuss the relationship between economics and management functions. How does the former… 1 answer below »

1. Discuss the relationship between economics and management functions. How does the formercontribute to the latter?2. Explain the demand function with the help of examples. Draw appropriate graphs where required.3. What do you understand by price elasticity of demand? Analyse the relationship between price elasticityand marginal revenue.4. Discuss the Cardinal Utility Theory. How do the cardinalists derive the demand curve? What are itsdrawbacks?5. What do you understand by indifference curves? How are they derived? Describe their properties.

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Subject Code: IMT-20
Subject Name : MANAGERIAL ECONOMICS

Notes:
a. Write answers in your own words as far as possible and refrain from copying from the text books/handouts.
st nd rd
b. Answers of I Set (Part-A), II Set (Part-B), III Set (Part – C) and Set-IV (Case Study) must be sent
together.
c. Mail the answer sheets alongwith the copy of assignments for evaluation & return.
d. Only hand written assignments shall be accepted.
A. First Set of Assignments: 5 Questions, each question carries 1 marks.
B. Second Set of Assignments: 5 Questions, each question carries 1 marks.
C. Third Set of Assignments: 5 Questions, each question carries 1 marks. Confine your answers to 150
to 200 Words.
D. Forth Set of Assignments: Two Case Studies : 5 Marks. Each case study carries 2.5 marks.

Objective:
1. The objective of the paper is to explain the concepts of applied microeconomics.
2. The emphasis shall be on theory of the firm, consumer demand, market system, production analysis, theory
of cost, capital budgeting and risk analysis.
Contents
INTRODUCTION TO MANAGERIAL ECONOMICS
The Basic Problems of an Economy, Meaning and Nature of Managerial Economics, How
Economics Contributes to Managerial Functions, Major Areas of Economics Applied to Business
Decisions, The Scope of Managerial Economics
ECONOMIC PRINCIPLES AND CONCEPTS APPLIED
Marginalism and Incrementalism, The Equi-marginal Principle, Time Perspective in Business
Decisions, Opportunity Cost, The Concept of Present Value of Money and Discounting Principle,
Concept of Externalities, Concept of Trade-off
THE FUNDAMENTAL LAWS OF MARKET: THE LAWS OF DEMAND AND SUPPLY
The Law of Demand: Price-Demand Relationship, The Demand Function, Types of Demand, The Law
of Supply, Equilibrium of Demand and Supply: Determination of Equilibrium Price
ELASTICITY OF DEMAND AND SUPPLY
Price Elasticity of Demand, Determinants of Price Elasticity of Demand, Price…

Attachments:

IMT-20.pdf

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