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SESSION JULY/AUGUST 2023
PROGRAM MASTER OF COMMERCE (MCOM)
COURSE CODE & NAME DCM6102 – MANAGERIAL ECONOMICS
Assignment Set – 1st
- What is Law of Demand? What are its exceptions?
Ans:The term demand is different from desire, want, will or wish. In the language of economics, demand has different meanings. Any want or desire will not constitute demand.
Demand = Desire to buy + Ability to pay + Willingness to pay The term demand refers to total or given quantity of a commodity or a service that is purchased by the consumer in the market at a particular price and Its Half solved only
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- Describe the features of various market structures.
Ans:The primary characteristics of markets are as follows:
- The number and size distribution of sellers
- The number and size distribution of buyers
- Product differentiation
- Conditions of entry and
- Explain the different types of cost with suitable example.
Ans: The types of costs are as follows:
- Money cost and real cost – When cost is expressed in terms of money, it is called as money cost. It relates to money outlays by a firm on various factor inputs to produce a commodity. In a monetary economy, all kinds of cost estimations and calculations are made in terms of money only.
Hence, the knowledge
Assignment Set – 2nd
- 4. Outline the characteristics and causes of business cycle.
Characteristics of business cycles:-
- It is a wave-like movement, and it is not a random fluctuation.
- It is synchronic in nature.
It is all embracing; it covers the entire economy. Any change in one part of the economy affects the entire
- Summarize the different objectives of pricing policies.
The following objectives are to be considered while fixing the prices of the product:
- Profit maximisation in the short term – The primary objective of the firm is to maximise its profits. Pricing policy as an instrument to achieve this objective should be formulated in such a way as to maximise the sales revenue and profit.
Maximum profit refers to the highest possible profit. In the short run, a firm not only should be able to recover its total
- Define and discuss the importance of consumption function in detail.
Ans:Importance of consumption function:-
In the formulation of this policy, consumption function plays a very important role.
- It invalidates Say’s law of markets Say’ law of markets which is the fundamental basis of classical theory of income and employment, states that” Supply creates its own demand”. As a result, there is no possibility of overproduction and unemployment.
Consumption function tells us that the entire increase in additional income is not spent on consumption goods