SRM UNIVERSITY

FACULTY OF ENGINEERING AND TECHNOLOGY

RAMAPURAM CAMPUS PART,
VADAPALANI
B.TECH PROGRAMME CYCLE TEST 1
Time :

9.00 to 10.40 a.m

Max. Marks : 50

ME 0401 Economics and Principles of Management

Part A (9 x 2 = 18 marks)
Answer ALL Questions
1.
2.
3.
4.
5.

Define Economics.
What are the major central economic problems?
What is the significance of demand forecasting?
Explain the law of demand with a suitable diagram.
Explain Total Revenue, Average Revenue and
Marginal Revenue.

6.
7.
8.
9.

What are the exceptions to the law of demand?

What are the major factors of production?
Define law of supply.
How does the study of economics help engineers?
Part B (2x16 = 32 marks)

Answer ANY TWO Questions

10. There are various factors affecting demand. Elucidate
with examples.
11. Explain the types of price elasticity of demand with
suitable diagrams.
12. Briefly explain the different demand curves with
suitable diagrams.