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UNIT - III: SUPPLY ANALYSIS: Supply function - The Law of Supply - Elasticity of
Supply; PRODUCTION ANALYSIS: Production function - Production function with one &
two variables - Isoquants and Isocosts – Marginal Rate of Technical Substitution - Least cost
combination of inputs – Cobb-Douglas Production Function - Returns to Scale - Economies
of scale; COST ANALYSIS: Cost Concepts - Short Run vs. Long Run Costs; PROFITMANAGEMENT: Meaning of Profit – Role of Profit; BREAK - EVEN ANALYSIS:
Determination of Break Even Point (Simple Problems) – Assumptions –Managerial
Significance and limitations of Break - Even Analysis.
Difference between short run and long runMUHAMMAD RIAZ
short run and long run
Short Run 1: a period of time that is not long enough to allow change to certain economic conditions that a decision maker may face.
Long Run 1: a period of time long enough for all important information and choices to be available to a decision maker
introduction , meaning ,terminology, economic efficiency ,model of efficiency,type of efficiency ,sufficient condition ,key concepts,monopoly and allocative inefficiency ,failure of efficiency ,key concept, summary etc.
Dear students, get fully solved assignments by professionals
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UNIT - III: SUPPLY ANALYSIS: Supply function - The Law of Supply - Elasticity of
Supply; PRODUCTION ANALYSIS: Production function - Production function with one &
two variables - Isoquants and Isocosts – Marginal Rate of Technical Substitution - Least cost
combination of inputs – Cobb-Douglas Production Function - Returns to Scale - Economies
of scale; COST ANALYSIS: Cost Concepts - Short Run vs. Long Run Costs; PROFITMANAGEMENT: Meaning of Profit – Role of Profit; BREAK - EVEN ANALYSIS:
Determination of Break Even Point (Simple Problems) – Assumptions –Managerial
Significance and limitations of Break - Even Analysis.
Difference between short run and long runMUHAMMAD RIAZ
short run and long run
Short Run 1: a period of time that is not long enough to allow change to certain economic conditions that a decision maker may face.
Long Run 1: a period of time long enough for all important information and choices to be available to a decision maker
introduction , meaning ,terminology, economic efficiency ,model of efficiency,type of efficiency ,sufficient condition ,key concepts,monopoly and allocative inefficiency ,failure of efficiency ,key concept, summary etc.
Dear students, get fully solved assignments by professionals
Send your semester & Specialization name to our mail id:
“ stuffstudy5@gmail.com ”
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Mf0013 & internal audit & controlStudy Stuff
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Mb0041 financial and management accountingStudy Stuff
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Dear students get fully solved SMU BBA Spring 2014 assignments
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1. Dear students, get fully solved assignments by professionals
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ASSIGNMENT
Q.1 What is production function and its uses? Explain the two types of production
functions.
Answer: A production function shows the relationship between inputs of capital and labor and
other factors and the outputs of goods and services.
In macroeconomics, the output of interest is Gross Domestic Product or GDP
The simplest possible production function is a linear production function with labor alone as an
input.
Q2. Consumers' interview method is a survey method used for estimating the demand for new
products. This method is very important with regard to collect the relevant information
directly from the consumers with regard to their future purchase plans. Opinion surveys
and direct interview method are the two important techniques among all. Describe these
two methods in detail.
Q3. A cost-schedule is a statement of variations in costs resulting from variations in the levels of
output and it shows the response of costs to changes in output. If we represent the relationship
between changes in the level of output and costs of production, we get different types of cost
curves in the short run. Define the kinds of cost concepts like TFC, TVC, TC, AFC, AVC, AC and MC
and its corresponding curves with suitable diagrams for each.
Answer: A proper understanding of the nature and behaviour of costs is a must for regulation and
control of cost of production. The cost of production depends on money forces and an
understanding of the functional relationship of cost to various forces will help us to take various
decisions. Output is an important factor, which influences the cost.
DRIVE SPRING 2015
PROGRAM MBADS/ MBAFLEX/ MBAHCSN3/ MBAN2/
PGDBAN2
SEMESTER 1
SUBJECT CODE & NAME MB0042- MANAGERIAL ECONOMICS
BK ID B1625
CREDIT & MARKS 4 Credits, 60 marks
2. The cost-output relationship plays an important role in determining the optimum level of
production. Knowledge of the cost-output relation helps the manager in cost control, profit
prediction, pricing, promotion etc. The relation between cost and its determinants is technically
described as the cost function----------
Q4. Inflation is a global Phenomenon which is associated with high price causes decline in the
value for money. It exists when the amount of money in the country is in excess of the physical
volume of goods and services. Explain the reasons for this monetary phenomenon.
Answer: Define Inflation- Inflation is commonly understood as a situation of substantial and rapid
increase in the level of prices and consequent deterioration in the value of money over a period of
time. It refers to the average rise in the general level of prices and fall in the value of money.
Inflationisanupwardmovementinthe average level of prices.The opposite of inflationisdeflation,
a downward movement in the average level of prices. The common feature of inflation is rise in
prices and the degree of inflation may be measured by price indices.
Inflation is statistically measured in terms of percentage increase in the price index, as a rate
(percent) per unit of time- usually a year or a month------------------
Q.5 Discuss the practical application of Price elasticity and Income elasticity of demand.
Answer: Price elasticity of demand :
Price elasticityof demand (PED or Ed) isa measure usedineconomics to show the responsiveness,
or elasticity,of the quantitydemandedof agoodor service toa change initsprice.More precisely,it
gives the percentage change in quantity demanded in response to a one percent change in price
(ceterisparibus,i.e.holdingconstantall the otherdeterminants of demand, such as income). It was
devised by Alfred Marshall.
Applications of price elasticity :
1.Inelasticdemand for agricultural products helps to explain why bumper crops depress the prices
and total revenues for farmers.
2.Governments look at elasticity of demand when ----------------
3. 6. Define revenue. Explain the types of revenue and the relationship between TR, AR and MR
with an example of a hypothetical revenue schedule.
Answer: Revenue is the total amount received by a business or recognized as earned when the
businesssellssomething, usually services and goods. In modern accountancy, revenue is recorded
whenitis earnednotwhenthe cashis receivedfromcustomers.Forexample when a phone service
providerrecordsrevenue whencallsare made notat the time when you pay the bills. This principle
is known as revenue recognition principle------------
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