MS-09 Dec 2012 Managerial Economics

1. “The relevance of Opportunity Costs is not limited to individual decisions but also to government’s decisions.” Explain giving examples.

2. “If we have two products, A and B, which are substitutes, we can expect that a rise in the price of A (or B) will cause the demand for B (or A) to go up.” Examine this statement with reference to other prices as determinants of demand.

3. Using the output – cost data of a pharmaceutical firm, the following total cost function was estimated using quadratic function

TC= 2018 – 6.63Q + 0.011Q2

i) Determine average and marginal cost functions.

ii) Determine the output rate that will minimize average cost and the per unit cost at that rate of output.

4. Discuss the Equilibrium of a Firm under Monopoly. Illustrate using graphs.

5. Explain the difference between First and Third Degree Price Discrimination.

6. Write short notes on the following :

a) Opportunity Set

b) Substitutes

c) Alternative Costs

Comments

  1. please solve the quistion managerial economics …….. Using the output – cost data of a pharmaceutical firm, the following total cost function was estimated using quadratic function

    TC= 2018 – 6.63Q + 0.011Q2

    i) Determine average and marginal cost functions.

    ii) Determine the output rate that will minimize average cost and the per unit cost at that rate of output.

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