mefa imp questions

MEFA  Important Questions  for 1^st mid

Unit - I

1. Explain the importance of Managerial
Economics in decision making.

2.Explain how Managerial Economics is linked with other academic disciplines.

3.Define Law of Demand. What are its exceptions? Explain.

4.Define Managerial Economics. Explain the nature and scope of
Managerial                Economics.

5.What are the types of demand? Explain.

Unit – II

1.What
is Elasticity of Demand? How do you measure it?

2.Explain
 types of Elasticity of demand and its significance in making business deci-sions.

3.What are the needs for demand forecasting. Explain the various steps involved indemand forecasting.

4.What  are the various methods of demand forecasting. Evaluate various survey- based demand forecasting methods.

5.Explain factors of Demand forecasting for established product and for a newproduct?

Unit – III

1.Define production function? What are the types of production function? Explain them   in brief.

2. Write short notes on the following:

(a)Isoquants

(b)Least cost combination of inputs

(c)Budget line

(d)Marginal rate of Technical substitution.

3.Explain about ‘ Law of Returns’.

4.(a)State and explain Breakeven analysis and explain its importance.

(b)Discuss the significance of profit-volume ratio, angle of incidence and margin  of  safety in Breakeven analysis.

5.Explain the cost concepts?

6.Explain about Internal and External Economies of Scale?

Unit-iv

1. ‘A competitor underconditions of perfect competition is only price taker and quan-tity adjustor’ - In the light of the above statement, discuss clearly the important features of perfect competition and how price output decisions can be taken.

2. (a) What are the  causes for the emergence of Monopoly?

(b) Elaborate how price output decisions can be taken by a monopolist.

3. (a) ‘Perfectcompetition is only an imaginary situation far from reality’? Do you  agree with the above  statement or not? Comment.

(b)What is the role of time factor for price determination?

4.(a) What are the principal differences between monopoly and perfect
competition?                   

    (b)Supplement your answer with appropriate diagrams in both the cases.

5.Discuss the various kinds of prices charged by the firm for their product?

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