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ASSIGNMENT
MPDBA/HR 102- MANAGERIAL ECONOMICS
1. Define 'Managerial Economics'. Explain the chief characteristics of managerial economics and utility in business decisions.2. What is meant by 'Elasticity of Demand'? Explain the relationship between elasticity with price, income and substitutes.3. How do you estimate demand for new products? Give one example of the product released in the market.4. Define production function. Explain and illustrate isoquant and isocost curves.5. Write a short notes on : a) Business cycle b) Monopsony6. "Fixed cost is variable per unit of productionand variable cost is fixed per unit of production"- explain with suitable example.7. What are the features of perfect competition? How do you fix price under perfect competition?8. Explain the price determination under discriminating monopoly9. Explain the Law of returns to scale with its relevance to 'Small is Beautiful'10. Write short notes on a) Giffen Goods b) Veblen goods
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