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Managerial Economics mcq practice set
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Syllabus for Managerial Economics
Module I: Theory of demand and supply
Nature and scope of economic analysis: its relevance for a managerial decision making, Demand analysis: nature of demand for a product- individual demand and market demand, demand by market segmentation. Demand function and determinants of demand. Supply function: determinants of supply of a product, law of supply. Elasticity of supply. Concept of elasticity of demand- income, cross, price and advertizing elasticity. Theorems on the price elasticity of demand. Applications of the concept of price elasticity of demand in business decisions. Demand forecasting– need for forecasting and techniques of forecasting.
Module II: Theory of production and cost
Production analysis: production function– neo-classical, Cobb- Douglas, Leontief. Least cost combination of inputs for a firm. Concept of an isoquant– smooth curvature and right angle. Returns to scale and returns to a factor. Expansion path of a firm. Cost Analysis: Costs relevant for management decision making. Economies of scale: Internal and External ,Cost Function: Cost and output relationship. Short Run and Long run. An Analysis of the Objectives of a Business Firm: Profit Maximization Model, Baumoul’s Sales Maximization Model, Marris’s Model Of “Managerial Enterprise’ Williamson’s Model Of ‘Managerial Discretion
Module III: Market structure: price and output decisions
Pricing And Output Decisions ‘ Perfectly Competitive And Monopoly Markets Pricing And Output Decisions ‘Under Monopolistically Competitive Market– Product Differentiation; Price Discriminating Monopolist; Models Of Oligopolistic Market :Price Rigidity– The Kinky Demand Curve Model Interdependence– The Cournot Model, Price Leadership Models, Cartels And Collusion
Module IV: Macro Economic Analysis and Business Environment
Economic Policy and Analysis: Macro Economic Variables and Functional Relationships. Business Environment: An Exogenous Variable. Factors Influencing the Business Environment. National Income Analysis:. National Income Aggregates. Approaches to National Income Measurement. Models of Circular Flow of Money- Incorporating Savings, Investment, Foreign Trade and Government Sector. Models of Income Determination with emphasis on Keynesian Model. Concept of Investment Multiplier. Factors Influencing Consumption Function- Objective, Subjective And Structural. Demand and Supply of Money: Transaction, Precautionary and Speculative Demand for Money; Liquidity Preference Function; Components of Money Supply. Business Cycles: An Analysis of the Fluctuations in the Level of Economic Activity. Phases of Business Cycles. Inflation and Deflation: Demand – Pull and Cost -Push Inflation. Impact Of Inflation On Employment, Price Level And Other Macro Economic Variables An Analysis Of Policies To Control Inflation. Deflation. Monetary Policy: Objectives of Monetary Policy. Functions of Central Bank. Credit Policy and Its Implications on the Corporate Sector. Fiscal Policy: meaning ,objectives and impact on economy. Money Market ,Capital Market and Foreign Exchange Market