Managerial Economics Question Paper

Managerial Economics Question Paper
Velammal Institute of Technology
Department of Computer Science and Engineering
MG2452– Engineering Economics and Financial Accounting
Question Bank
Part A: 1. Define economics 2. Define managerial economics. 3. Define micro economics 4. Define macroeconomics 5. Differentiate micro and
macroeconomics 6. Draw economic circle. 7. State the subject matter of economics. 8. What is scarcity? 9. What is firm? 10. What are the objectives
of firm? 11. What are the types of firms? 12. What is sole proprietorship? 13. What is partnership firm? 14. What is FOP? 15. What are the main areas
of focus in managerial economics? 16. What is demand? 17. What is demand function? 18....show more content...
52. What is the slope of isocost line? 53. What is meant by optimum input combination? 54. What is producers' equilibrium? 55. What is meant by
firms' expansion path? 56. State the equation of isocost line. 57. What is cost? 58. What is cost function? 59. Define opportunity cost. 60. Define
money cost. 61. State the uses of LAC curve. 62. What are the determinants of cost? 63. What is meant by division of labor? 64. Define closing
stock 65. Define outstanding expenses 66. Define prepaid expenses 67. Define outstanding expenses 68. Define accrued incomes 69. Define Bad
debts 70. What is market? 71. What are the different market structures? 72. Mention the features of market? 73. What is perfect competition? 74.
What is monopoly? 75. What is duopoly? 76. What is oligopoly? 77. What is monopolistic competition? 78. What is skimming strategy? 79. What
is penetration strategy? 80. What is meant by loss leader? 81. What is price discrimination? 82. What is marginal cost pricing? 83. What is price
leadership? 84. What is cost plus pricing?? 85. What is tender pricing? 86. Differentiate managerial and micro economics. 87. What are the main
divisions of economics? 88. What is the value of the firm? 89. Why does firm exist? 90. What is the boundary of the firm? 91. What is alternative
demand? 92.
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Macroeconomics Essay
"Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national economy as a whole.
Macroeconomists seek to understand the determinants of aggregate trends in an economy with particular focus on national income, unemployment,
inflation, investment, and international trade" (Wikipedia, 2007). Government tends to use a combination of both monetary and fiscal options when
setting policies that deal with the Macroeconomic.
According to McConnell & Brue (2004), governments make adjustments through policy changes which they...show more content...
dollars into gold at $35 per ounce, has made the U.S. and other countries' monies into fiat money–money that national monetary authorities have the
power to issue without legal constraints.
Money is used in all economic operations; money has a powerful effect every economic activity. The increase in supply of money put more money in
the hands of the consumers and increased spending. When the money supply continues to expand and the prices begin to increase, particularly if the
output growth reach to the capacity limits as the public begin to expect the inflation, lenders insist on higher interest rates to offset and expected
decline in purchasing power over the life of their loans. Contradictory results happen when the supply of money falls, or when the rate of growth cries
off. The U.S. money supply comprises currency–dollar bills and coins issued by the Federal Reserve System and the Treasury–and various kinds of
deposits held by the public at commercial banks and other depository institutions such as savings and loans and credit unions. On June 30, 1990, the
money supply, measured as the sum of currency and checking account deposits, totaled $809 billion. Including some types of savings deposits, the
money supply totaled $3,272 billion. And even broader measure totaled $4,066 billion

Production Possibility Frontier ( Ppf ) Essay
1.Production Possibility Frontier (PPF) is a graph that shows the potential combinations of goods that an economy is able to produce given available
technology and factors of production.
пѓ Its slope is negative, shape is concave or bowed, points inside are inefficient, a point on the PPF are efficient and attainable, point above are
unattainable and also require economic growth.
пѓ Economic growth is achieved by increasing the economics' growth, ability to produce. 2.Opportunity cost is the value of next best option. Giving
up one thing to do something else.
пѓ Parts of opportunity cost are explicit costly (money spent along the project to make it happen, for the task to be done perfectly money and labor
need to be involved, e.g. Boss paid workers for their project, students pay tuition to enroll in class and all other amenities involved.) and implicit cost
(one's time value or origin in the next best alternative. The time incorporated in order to run out the next best option).
3.Macroeconomics deals with large scale phenomena. Microeconomics deals with the options of small economic unit.
пѓ Microeconomics involves supply and demand in an individual market, individual consumer behavior, and externalities arising from production and
consumption; while, macroeconomics involves monetary/fiscal policy, reason for inflation and unemployment, and international trade/ globalization.
пѓ Microeconomics discusses topics like individual labor market, consumer behavior, and theory

Economics Essay
Definition of Topic: Economics is the study of supply and demand. It defines the ways that human beings allocate resources and how resources are
distributed amongst a market. It allows you to see trends in current market places and predict what may happen in the future. Many different subjects
were once regarded as a part of economics. Political science and even sociology were once considered part of the field. These subjects still play a major
role in understanding economics but are also completely separate disciplines today. History: Since ancient times, humans have contemplated basic
economic problems. Many great minds have tried to master the subject. Aristotle and Plato were probably the first to document such studies. Both
...show more content...
For Marx, capitalism's fatal contradiction was between improving technological efficiency and the lack of purchasing power to buy what was produced
in ever larger quantities. John Maynard Keynes was a student of Alfred Marshall and an exponent of neoclassical economics until the 1930s. The Great
Depression bewildered economists and politicians alike. The economists continued to hold, against mounting evidence to the contrary, that time and
nature would restore prosperity if government refrained from manipulating the economy. Unfortunately, approved remedies simply did not work. In the
U.S., Franklin D. Roosevelt's 1932 landslide presidential victory over Herbert Hoover attested to the political bankruptcy of laissez–faire policies. New
explanations and fresh policies were urgently required; this was precisely what Keynes supplied. In his enduring work The General Theory of
Employment, Interest, and Money, the central message translates into two powerful propositions. Existing explanations of unemployment he declared
to be nonsense: Neither high prices nor high wages could explain persistent depression and mass unemployment. Instead, he proposed an alternative
explanation of these phenomena focused on what he termed aggregate demand–that is, the total

A Reflection on the Study of Economics
Part 1
Some of the most compelling topics that I learned in this topic only came into focus at the end of the course. Economics is a very large and complex
study and reflecting on this subject, piece by piece, requires some patience and ability to put the pieces together. The relationships between simple
choices, such as supply and demand, drives all economic and commercial exchange but only through the lens of economic models that attempt to layout
this system by combing mathematical principles and psycho–social evaluation. All in all, this was very interesting introduction to some of the complex
drivers that propel society.
Discussions are always useful because we are allowed an opportunity to weigh and evaluate our own personal thoughts with those of others. This
comparison helps gauge where I stand on many political and social issues that derive from economic theories and philosophies. Knowing where I
stand amongst my peers is a helpful measurement to contrast and qualify my own thoughts. For example, when the topic of monetary policy came up,
I was very shocked to find out the importance of currency and how it is used in global markets.
What was more revealing is the United States' relationship to the Federal Reserve and that organization's power of the monetary policy set in this
country. It is very difficult to fathom how the entire economic systems sometimes works without a major disaster every day. The ability of the
economic markets in the world to bring

Economics is a very wide and expansive topic, the topics of economics could be explained in several sub topics, now what is economics to be more
specific what macroeconomics is. Macroeconomics the part of economics concerned with large–scale or general economic factors, such as interest rates
and national productivity. When it comes toeconomics their 4 type of resources, land, labor, capital, entrepreneur ship, and these are known as the
factors of production, now the best resource out of all the 4 four types of resource is capital, capital in my opinion is the main factor which yields the
most production, to an economy, and here is why that is, and more in depth of the 4 factors of production.
Land, what is exactly is land in the sense of the four factors of productions, this refers to the farm's land base, whether it is in one field or divided into
different parcels, as well as its agricultural qualities (e.g. topography, altitude, soil type, and natural water and nutrient cycles). All of these
characteristics set limits on farming activities (e.g. number and size of livestock) that can take place on the farm. They also affect whether production
can be intensive (when there is little land available) or extensive. Besides the land itself, the flow and retention of water and nutrients on the land is
fundamentally important to its productivity, also to mark it down to show the best they can get from the land.
Labor, what is labor, in the terms of economics, when it comes to

Economics Elasticity Essay
Businesses know that they face demand curves, but rarely do they know what these curves look like. Yet sometimes a business needs to have a
good idea of what part of a demand curve looks like if it is to make good decisions. If Rick's Pizza raises its prices by ten percent, what will happen to
its revenues? The answer depends on how consumers will respond. Will they cut back purchases a little or a lot? This question of how responsive
consumers are to price changes involves the economic concept of elasticity.
Elasticity is a measure of responsiveness. Two words are important here. The word "measure" means that elasticity results are reported as numbers, or
elasticity coefficients. The word "responsiveness" means that there is...show more content...
When it is greater than one, economists say that demand is elastic.
Products which have few good substitutes generally have a lower elasticity of demand than products with many substitutes. As a result, more
broadly–defined products have a lower elasticity than narrowly defined products. The price elasticity of demand for meat will be lower than the price
elasticity of pork, and the price elasticity for soft drinks will be less elastic than the price elasticity for colas, which in turn will be less elastic than the
price elasticity for
Pepsi.
Time plays an important role in determining both consumer and producer responsiveness for many items. The longer people have to make
adjustments, the more adjustments they will make. When the price of gasoline rose rapidly in the late 1970s as a result of the OPEC cartel, the only
adjustment consumers could initially make was to drive less. With time they could also move closer to work or find jobs closer to home, and switch to
more fuel–efficient cars.
The concept of elasticity can help explain some situations that at first glance may seem puzzling. If American farmers all have excellent harvests,
they may have a very poor year financially. They may be better off if they all have mediocre harvests. If a bus company decides it needs more
revenue and tries to get it by raising fares, its revenues may decrease rather than increase.
Inelastic Demand

Essay on Principles of Economics
Principles of Economics Paper
Individual decision making is either you do, or you do not. Most people are rational beings basing their decisions on a formula, benefits versus cost.
Are the benefits of buying a $1000 television worth it? Are the marginal benefits worth the marginal cost?
Just this morning, I was faced with such a scenario. I was invited over to a friend's house to try a new video game. I did not go, however, because I
knew that I had to read several chapters for my class and write a paper. The benefits were that I would have some time to hang out with my friends
and enjoy some much needed free time. The cost would've been that I could have not gotten all of my reading done and possibly been late on my...show
more content...
Centrally planned economies are of a lower caliber quality, because the government decides who, what, and how products will be handled. This
however does not meet the consumers wants, only the needs.
Market economies are quite different from centrally planned. Market economies base their who, what, and how answers on the consumers. This gives
the consumers more choice and power on their buying habits. In a market economy, products will tend to have higher quality and higher probability of
satisfying the consumers. This does, however, target the more willing and capable buyers.
There is a third economic system that was brought about in the nineteenth century: a mixed economy. This mixed economy is a combination of both
centrally planned and market economies. This allows for the answers to "who, what, and how?" to be decided by consumers but in which the
government has a significant role in the allocation of resources.
Simply explained, social interactions change from one economic system to another. A centrallyplanned economy restricts free will as far as the
questions who, what, and how. Perhaps leaving the society a little less satiated. A market economy will allow for higher paying jobs, better quality
products, but targets only a certain demographic. A mixed economy attempts to combine both systems and allow for high quality products, high paying
jobs

Economics Reflection
. Through the process of reading, I learned many things about the economy. First of all, I learned that it is a much more difficult decision to come to
in regards of how much government involvement in the nation's economy is enough, how much is too little, and how much is not enough. I also
learned that trying to keep the economy stable and productive is a constant and difficult struggle, and that it is often difficult to even know what needs
to or can be done in order to stabilize it. While I find economics to be somewhat boring (I am a music major and largely emotionally driven, which
means that my entertainment is usually emotionally involving somehow), I actually enjoyed how Wheelan explained economics in this book. While I
would not read it for fun, reading this book as an assignment was not painful.
Having government involved in the economy has its pros and cons. One of the Pros is that the government can help prevent or discourage harmful
behaviors or actions. Government regulation can prevent man–caused shortages. Fishing regulations are often put in place to prevent overfishing. These
regulations prevent or discourage fishermen from fishing too much in one season, which allows the fish to repopulate and remain available in the
future. In the book, Wheelan mentioned how the government can also tax bad behaviors to encourage behaviors that benefit health and/or the
environment. An example of this is a tax on gasoline and/or larger vehicles, or a tax on cigarettes.

What is Economics? Essay
Many people think that economics is about money. Well, to some extent this is true. Economics has a lot to do with money: with how much money
people are paid; how much they spend: what it costs to buy various items; how much money firms earn; how much money there is in total in the
economy. But despite the large number of areas in which our lives are concerned with money,economics is more than just the study of money.
It is concerned with:
В·The production of goods and services: how much the economy produces; what particular combination of goods and services; how much each firm
produces; what techniques of production they use; how many people they employ.
В·The consumption of goods and services: how much the population as a...show more content...
There are three types of resources:
В·Human resources: labour The labour force is limited both in number and in skills.
В·Natural resources: land and raw materials The world's land area is limited, as are its raw materials.
В·Manufactures resources: capital
All inputs into production that have themselves been produced: e.g. factories, machines and tools.
One must bear in mind that our wants are virtually unlimited, while the resources available to satisfy these wants are limited. In other words when
society demands more of a product than can actually be produced to fulfil those wants we have a problem of scarcity. An example of this would be the
OPEC oil price shocks between 1973 and 1980. Yes, it is true that the price of oil rose and some individuals used substitutes but the economies of oil
importing countries like Germany and Japan fell because OPEC now had more buying power since they had the control over a scarce resource. We
can therefore think of oil as having become scarcer in economic terms when its price rose.

Earlier I stated that economics is concerned with consumption and production. We can look at it in the terms of demand and supply. It is simply the
quantity of a good buyers wish to purchase at each conceivable price. Three factors determine demand:
В·Desire
В·Willingness to pay
В·Ability to pay
Whilst supply is the quantity of good sellers wish to sell at each conceivable price. Supply is

Economics
Assume a consumption function that takes on the following algebraic form: C = $100 + .8Y. Assume that Y = $1000 what is the level of consumption
at this income level.
C = $100 + .8($1000) = $100 + $800 = $900.
1. Using the above figure calculate the marginal propensity to consume between the aggregate income levels of $80 and $100. Also explain why this
consumption function is linear.
The marginal propensity to consume is equal to $15/$20 = .75. The consumption function is linear because the marginal propensity to consume is
constant and therefore the slope is the same throughout all income levels.
2. Assume consumption is represented by the following: C = 400 + .75Y. Also assume that planned
...show more content...
Therefore, if people have more money then they are likely to purchase more goods – potentially ones from our country, thus exports will rise and the
value of net exports will increase. If disposable income abroad is low then exports will fall and the value of net exports will fall.
Disposable income at home. This refers to how much money people at home have available to spend on luxuries. The more money people have at
home, the likelier they are to spend – which can result in a rise in imports. Rising imports will have a negative effect on net exports on the overall
aggregate demand. Vice versa.
Exchange rates. These play a large part in the value of net exports. A fall in a countries exchange rate will reduce the price of exports and raise the
price of imports, thus exports should rise and imports fall – resulting in an increase in net exports. A rise in a countries exchange rate will raise the
price of exports and make imports cheaper, therefore making exports fall and imports rise. The overall effect will be a fall in net exports.
8. Explain the accelerator theory.
The accelerator effect is when an increase in national income results in a proportionately larger rise in investment
Consider an industry where demand is rising at a strong pace. states that if there is a small change in the production output of consumer change, there

will be a much greater change in the production

The Undercover Economist Summary
Whether we realize it or not, economics is a prevalent factor in our lives every day, but there are few of us who understand or even consider the factors
that determine our own decisions and the decisions of those around us. In The Undercover Economist, author Tim Harford explains basic economic
concepts through in–depth real world examples, helping the reader to really grasp an understanding of the economic principles we are faced with daily.
Throughout the ten chapters of this book, Harford discusses and demonstrates the underlying economic influences that are present in our everyday lives
ranging from the purchase of your morning coffee to China's current economy and everything else in–between. The words featured on the cover of the
book,...show more content...
It is a comprehensive guide to how to better understand the role economics have in the decisions we all make every day, and the effects they have on
society. Tim Harford is an English economist and the author of four economic books as well being a journalist for Financial Times which is an
English newspaper. He attended and graduated from Brasenose College in Oxford with a degree in philosophy, politics, and economics and with
a master's degree in philosophy. Harford has won multiple awards for his work. In 2007, he was awarded with the Bastiat Prize for economic
journalism. His level of education and experience in the field of economics make Harford a credible author while the fact that he was won various
awards adds to his reliability. The first chapter of the book details the factors that influence the prices of goods and services. A lot of people,
including myself, are under the false perception that business owners just set prices to be whatever they want and that higher prices mean higher
quality, but this is not the case at all. In fact, the location of the coffeeshop plays more of a role in price than overall quality because location is a
determining factor in how much a person is willing to pay. This

Economics : Basic Economic Concepts Essay
Kingman Academy of Learning
Economics a Social Science
Basic Economic Concept
Jordan Mcdowell
Civics
K.David
5 December 2016
. Economics a Social Science
Basic Economic Concept
Scarcity
Supply and Demand
Utility
Measurement of Economic Performance Gross domestic product (GDP)
National Income and Price Determination
Stabilization Policies
Demand management policy
Fiscal policy
Monetary Policy
Economic Growth
Open Economy: International Trade and Finance
To understand economics, one must first explore the basic economic concepts. The first of the basic economic concepts is scarcity, "a situation in
which there is not enough of something" (Coolridge). So an economic scarcity is the limited resources or goods compared to the unlimited wants

and needs of consumers. For example, pumpkin pie is sold largely in the fall and is abundant. However, in the later months of winter, pumpkin pie is
still in the same demand as in the months of fall. Here is where scarcity will become apparent. The supply of pumpkin pie can not meet the demand
the amount of pumpkin pie consumers want. Scarcity can also dictate what a consumer may buy and the amount of a product they may buy. For
instance: Fossil fuels use in the United States of America. "Should the tile world continue to be dependent upon its fossil fuels for its energy
requirements, the peak of coal production would probably be reached within the next 200 year, and that of oil in about 50

Statement of Purpose for Economics
Coming from the general business background, I find economics the most influential and powerful social science in society's daily life. Good
knowledge of economics leads to better decision–making and choices, understanding how people and countries interact with each other and can
significantly improve the quality of life for individuals and in the larger scale to countries.
I want to study economics and build a solid knowledge in the field to be able to see the causes of things more clearly, understand and find out the
ways to make good economic decisions, and build a career through which I can make good contribution to the field by using the acquired academic
skills correctly.
My independent research in the field started with my curious interest in the processes of how decisions made by individuals and governments, what are
the main factors encouraged them to choose particular decision over other options and the outcomes of those decisions. Then, I started to read theories
of great Economists, such as, Keynes, Freidman , Devenport, Kinnerly and Mason who wrote on decision–making and the ability of individual to
interpret the information. Additionally, there were theories by De Bondt , Clark , Tversky and Kehnman who argued that human psychology is
interconnected with economics which cannot be ignored. Learning those theories and comparing them with the real life happenings, my enthusiasm to
get deeper insights of economics increased. Encouraged by this, I have compiled

Questions on Economics and Wages
Economics and Wages A recent flood in the Midwest has destroyed much of the farmland that lies in fertile regions near the rivers. Describe the
effect of the flood on the marginal productivity of land, labor, and capital. How would the flood affect the price of inputs? Provide some examples.
The immediate effect of the flood will be a negative impact on the marginal productivity of land, labor, and capital. Since the land cannot be used
for its intended purpose, there is little productivity associated with it and laborers cannot produce anything. This will have an inverse relationship
with the price of inputs, causing them to rise and, as a result, hastening the drop in supply. This was the effect of Mississippi River flooding that
caused the price of corn, soybeans and wheat to all rise as the supply of these crops was rapidly diminished (Mohr & Sayre 2011). A recent study of
the determinants of wages for clerical staff at a state university found that years of schooling, years of experience, age and job characteristics only
explained about one–half of the difference in wages. Describe other factors that may be important in explaining wages differences for clerical staff.
One of the most common factors in that exist for differences in wages is that of gender. In general, men earn more than women for the same work,
especially working mothers who are often viewed as less committed to their work. But other differences exist as well that may describe the different pay

The purpose of the individual assignment is to read each chapter and then summarize the chapter. The first chapter summarized is chapter one.
Managerial Economics uses microeconomics and macroeconomics principals to manage businesses. This analytical approach gives a logical aspect to
management. Hopefully with a logical approach using economic theories this will enable managers to maximize managerial decision to increase
profits. There are seven forces that can affect long–run profitability. Those forces are: few close substitutes, strong entry barriers, weak rivalry within
markets, low market power of input suppliers, low market power of consumers, abundant complementary products, and limited harmful government
intervention. All businesses use has a cost of operation. Since these cost requiring purchases this gives companies opportunities to reduce cost. A total
economic cost is the sum of the opportunity costs of market–supplied resources (explicit costs) plus the opportunity costs of owner–supplied resources
(implicit costs). The textbook regurgitates what we learned from other economics course by mentioning profit is calculating the difference between
revenue and cost. There are different ways to calculate profits. Accounting profit for instance is different from economic profit. Accounting profit does
not subtract the implicit cost of using resources from total revenue. The value of a business is the price which the firm can be sold. A company

A-Level Economics Exam
The A–level subjects I am currently studying complement the studies of accounting and Finance I would want to take at your university. A–level
economics is one of my three subject I am currently doing, personally I find it very comprehensive and all about critical understanding of the ideas,
concepts and issues central to economics. It has improved my skills in Analyse and reason of both deductively and inductively writing

Analysis of a News Article on Economics Essay
Introduction The study of economics is important to everyone. Financial decisions affect everyone in their day–to–day routines. Economics is the
study of how society manages its scarce resources (Mankiw, 2012). Macroeconomics is the study of economy wide phenomena, including inflation,
unemployment, Gross Domestic Product, and economic growth (Mankiw, 2012). Macroeconomics is important because, it is how all of us relate into
markets and economies. Many news articles today are centered on the economy and current events. One of these articles lends itself to many economic
principles and ideas. Even though there are many important topics not covered in the article, the article titled, "You Are What You Owe" in Time,
encompassed many...show more content...
Many important economic principles are also discussed in the article. Many of these economic Principles will be examined in this paper.
General Economic Principles In the Article, "You Are What You Owe," the first general economic Principle that was discussed in the article was the
idea of markets. Markets are described as a group of buyers and sellers of a particular good or service in the text (Mankiw, 2012). The United States
debt–ceiling crisis would have potentially wreaked havoc on many American markets. America would have paid a higher price to borrow, and that
cost would have been passed on to the average American. This would have led to instability many of the United States' markets. Many of today's
markets in the United States rely on borrowing money. If the Federal government had to pay higher to borrow money, this would cause its citizens to
pay a higher price for money. For example, where some people were able to buy a one hundred thousand dollar home, at a higher rate of borrowing
money they may not be able to afford the same home. This would affect the housing market significantly, since American's cannot afford to borrow the
money for a home anymore. In the hundred thousand mark here in Denver at least, many of the buyers are first time homebuyers. According to the
National Association of Realtors or NAR, first time homebuyers accounted for forty–seven percent of all home sales in America in 2009

In the beginning of my high school years, I started off with my interest in history and politics. While I was a freshman and sophomore at high school, I
took classes such as US History and Government and Politics. In these classes, I had the opportunity to briefly learn about the economy in U.S. and
other neighboring countries. At that time, I was not able to understand the mechanism behind economics. For example, I couldn't understand why the
United States suffered from such a great depression after they prospered in the Roaring Twenties. At the end of the year, these curiosities built up and
encouraged me to further study into economics.
Since learning AP Economics in my senior year, I have always desired to further my studies in economics. More specifically, I have wanted to study
international relations in economics. Recently, Donald Trump has won the presidential election, and his presidency is expected to bring a huge change
in the world's economy...show more content...
Learning history is always important as it reveals our mistakes and grants us the opportunity to learn from our mistakes. My understanding of the
history of economics will serve as a useful base–knowledge as I continue my studies in economics. Furthermore, studying Japanese and its history
simultaneously will help me understand more about the Japanese culture and economy. In my third and fourth year of university, I will broaden my
field of study to an international level. As I have mentioned previously, I plan to learn international economics through classes such as Study of Global
Political Economy or International Public Economic Policy. Moreover, I will take business–related classes funded by corporates to get familiarized
with industries in Japan and the real–world problems that they face. By taking courses at the department of Global Political Economics, I hope to
utilize my knowledge to solve practical problems in the

Managerial Economics Question Paper

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Managerial Economics Question Paper