Managerial Economics Individual Assignment for MBA
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Instruction: To be attempted by each of the student individually
- Discuss the scope of managerial economics and relate it with different disciplines.
- 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?
- Consider a profit maximizing firm that produces two products, X and Y, on the same assembly line. The firms profit function is given by the equation π(X,Y)=200X-5XY+100Y
a). Using the Lagrangian multiplier method, determine the profit maximizing output levels of X and Y subject to the production requirement that the total output equal 50 units.
b). Calculate the firm’s profits.
c). Interpret the Lagrange Multiplier
4. Suppose you own a farm that produces two types of wheat, type X and type Y, and you signed a contract to deliver 24 tons of wheat in any combination to the bread manufacturer operating in your farm district.
a). Find the combinations of crops that minimized the cost of fulfilling the contract given your cost function:
5. Suppose it is late in the semester and you have two exams left. You must decide how to allocate your working time during the study period. After eating, sleeping, exercising and maintaining some human contact, you have 12 hours each day in which to study for your exams. You have figured out that your grade point average, GPA, from your two courses, Management Theory and Practice and Investment Management, takes the form , GPA=2/3(√M +√2L) where M is the number of hours per day spent studying for Management Theory and Practice and I is the number of hours per day spent studying for Investment Management. What is the optimal number of hours per day spent studying for each course? If you follow this strategy what will your GPA be?
6. A firm operating in a perfectly competitive market faces the following Total cost function,
TC=2/3Q3 – 9Q2+80Q=12 . From this:
a). Find an expression for AC in terms of Q
b). Find an expression for MC in terms of Q
c). Calculate the output level at which AVC reaches its minimum point.
d). If the market price of a commodity which is produced by the firm is Birr 40, how much should the firm produce & sale to be at equilibrium
- Assume there is a tendency of moving from competitive to monopoly market structure. If the demand and total cost functions are Q=100-2P and TC=14Q+2Q2 respectively
a). Determine the equilibrium Price &output of Perfect competitive, and equilibrium price and output of monopolist firm.
b). Show the equilibrium Q and P you obtained in (a) above graphically.
c). Calculate the CS (consumer surplus) and PS (producer surplus) under perfect competitive and monopoly market structure.
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