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SHORT QNS

SHORT QNS

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Published by Deepak Aggarwal

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Published by: Deepak Aggarwal on Feb 24, 2011
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10/05/2013

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QNS.1  Net National Product.ANS:-
 
Net national product
(NNP) is the total market value of all final goods andservices produced by citizens of an economy during a given period of time (grossnational product or GNP) minus depreciation. The net national product can be similarlyapplied at a country's domestic output level. The net domestic product (NDP) is theequivalent application of NNP within macroeconomics, and NDP is equal to grossdomestic product (GDP) minus depreciation: NDP = GDP ± deprec
QNS.2  Average Revenue.
 
ANS:-
This term is used by companies that offer subscription services toclients for example, telephone carriers, Internet service providers, and hosts. It is ameasure of the revenue generated by one customer phone, pager, etc., per unit time,typically per year or month. In mobile telephony, ARPU includes not only the revenuesbilled to the customer each month for usage, but also the revenue generated fromincoming calls, payable within the regulatory interconnection regime.
QNS.3  Monopolistic Competition.
 
ANS:-
 
Monopolistic competition
is a common market structure where manycompeting producers sell products that are differentiated from one another (ie. theproducts are substitutes, but are not exactly alike). Many markets are monopolisticallycompetitive, common examples include the markets for restaurants, cereal, clothing,shoes and service industries in large cities. The "founding father" of the theory of monopolistic competition was Edward Hastings Chamberlin, in his pioneering book on
 
the subject,
Theory of Monopolistic Competition
(1933).
QNS.4  Disposable Income.
 
ANS:-
D
isposable income
is gross income minus income tax on that income.
D
iscretionary income
is income after subtracting taxes and normal expenses (such asrent or mortgage, utilities, insurance, medical, transportation, property maintenance,child support, inflation, food and sundries, &c.) to maintain a certain standard of living. Itis the amount of an individual's income available for spending after the essentials (suchas food, clothing, and shelter) have been taken care of:Discretionary income = Gross income - taxes - necessities
 
QNS.5  Explain the role and responsibilities of aManagerial economist. ANS:-
When an economist needs a price, interest rate or other quantity to use inan analysis, he will tend to look to the product and financial markets for an answer rather than "building it up" from accounting costs.Economists are trained to think interms of marginal changeEconomists are generally well-versed in mathematics andstatistics and tend to approach problems using those tools.Economists also arecomfortable with probabilities and will build models incorporating them. We are trainedin doing simulation studies.
QNS.6  What are the factors influencing the supply?ANS:-
There is a whole range of factors that influence both demand and supply.The drag and drop exercise below lists some of these factors. You have to decidewhether you think the factor concerned affects demand or supply and then drag thefactor to the appropriate box.Note that if you make a mistake you will only be able to tell by the amount you have gotright out of the total. You will have to decide which ones are right and which are wrong! 
 
QNS.7  What is Break-even-point? Explain the
 
determination of Break-even-point.
 
ANS:-
The
break-even point
for a product is the point where total revenuereceived equals the total costs associated with the sale of the product (TR=TC). A
 
break-even point is typically calculated in order for businesses to determine if it wouldbe profitable to sell a proposed product, as opposed to attempting to modify an existingproduct instead so it can be made lucrative. Break even analysis can also be used toanalyse the potential profitability of an expenditure in a sales-based business.
 
 QNS.8  What are the characteristics of businesscycle?

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