Managerial Economics Assignment Questions and Answers

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• Number of Words: 2000

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1. Discuss the scope of managerial economics and relate it with different disciplines.
2. What is price elasticity of demand, income elasticity of demand, and cross price elasticity of demand? What is the relation between the total revenue, marginal revenue and price elasticity of demand? Examine?
3. Consider cost of production in the short
   1. Show graphically the graphical relationship between short-run AFC, AVC, ATC, and MC curves.
   2. Show the relationship between short-run MC and MPL both mathematically and graphically.
   3. Explain the relationship between ATC & MC?
   4. The short run AVC, AC and MC are all U-shaped. Why?
4. Assume a certain perfectly competitive firm gets excess profit in the short-run. But in the long-run this excess profit eliminated & the firm gets zero profit why? Explain the main reason & show clearly the long-run equilibrium of perfectly competitive firm graphically?
5. Assume there is a tendency of moving from competitive to monopoly market structure. If the demand and total functions are Q=100-2P and TC=14Q+2Q^2, respectively
   1. Determine Price ,output of competitive and price and output of monopolistic competitive
   2. Show the equilibrium Q and P you obtained in (a) above graphically.
   3. Calculate the CS (consumer surplus) and PS (producer surplus) under perfect competitive and monopoly market structure.
   4. Calculate part of CS transferred to the Monopoly due to inefficiency of monopoly firm.
   5. Calculate the social cost (net loose or DWL) of monopoly.

Managerial Economics And Other Disciplines Managerial economics has its relationship with other disciplines for propounding its theories and concepts for managerial decision making. Essentially it is a branch of economics. Managerial economics is closely related to certain subjects like statistics, mathematics, accounting and operations research.

Q1. What is the Scope of Managerial Economics?

Q2. Which of the following statements is true of the relationship between the average cost functions in short run average costs?