Question Bank –Managerial Economics

Part A

1. What is Substitution effect?

2. Explain Law of demand.
3. Why Economics is a Normative Science?
4. What is “Opportunity Cost”?
5. Explain Giffen Paradox.
6. Explain in brief about the scope of Economics.
7. List out the advantages of Microeconomics.
8. Explain about the term Need, Want and Desire
9. List out any 5 factors that affect demand of a commodity.
10. Define Managerial Economics.
11. Draw the demand curve.
12. Define Income Elasticity of Demand.
13. Explain the principle of Time perspective.
14. What do you mean by ‘Derived Demand’?
15. Write the Growth definition of Economics.
16. Summarize the limitations of Macroeconomics.
17. List out any 5 factors that affect demand of a commodity.
18. What do you mean by demand schedule?
19. Write the Wealth definition of Economics.
20. Write the Welfare definition of Economics.
21. What is Demand Schedule?
22. Write the demand function equation.
23. What is discounting principle?
24. What is Equi-marginal principle?
25. List out the limitations of Microeconomics.

Part B

1. Explain the characteristics and importance of Managerial Economics.

2. Explain the factors that influence Elasticity of Demand.
3. Explain why the demand curve slopes downwards?
4. Elucidate in detail about the factors that influence the demand.
5. Outline the difference between Micro and Macro Economics
6. Discuss the various types of price elasticity of demand? Explain with diagram.
7. Explain in detail the Exception to law of Demand
8. Discuss the relationship of Business Economics with other disciplines.