Selective Questions For Managerial Economics Semester II, MFM 1. i) Explain the meaning and scope of Managerial Economics.

Pg 12 ii) What are the prominent parts of managerial Economics? Pg 12, 13, 14 2. i) State and explain the law of demand. Pg 19, 20 ii) Are there any exceptions to the law explain them. Pg 21, 22 3. i) What is elasticity of demand? Pg 22, 23 ii) What are the methods used for measuring it? Pg 23, 24, 25, 26, 27 4. i) Explain the factors which influence elasticity of demand. Not available ii) Explain the practical significance of elasticity of demand. Pg 26 5. i. What is supply? State and Explain the law of supply. Supply Pg 1, 2 ii. What are the exceptions to the law of supply? Supply Pg 8, 9 6. i. Explain the conditions of supply. Supply Pg 4, 5, 6 ii. Distinguish between extension of supply and increase in supply. Supply Pg 7 7. i. Explain the feature of perfect competitions Pg 38 ii. Do you agree with the view that perfect competition is a myth? Not available 8. i. Explain the feature of monopolistic competition. Pg 39 ii. How are they different from the feature of perfect competitions? Not available 9. Explain the features of Oligopoly Pg 35, 36, 37 10. Elaborate the following concepts a) Different types of deficits in budget b) CRR and SLR c) Equi-marginal utility d) demand schedule and demand curve e) backward bending curve f) Diagrammatic representation of elasticity of demand. Pg 22, 23 11. Explain the following concept in relation to cost. a) Real Cost and Money Cost. Pg 28 b) Opportunity Cost. Pg 28 c) Explicitly Cost and Implicitly Cost d) Personal Cost and Social Cost e) Fixed Cost and Variable Cost f) Average Fixed Cost(AFC) and Absolute Variable Cost(AVC) Pg 29 g) Marginal Cost Pg 30, 31.