1. “The objective of Managerial Economics is to provide framework for analysing business decisions. Instead of presenting detailed list of rules for specific decision-making, managerial economics addresses the larger economic forces that shape day-to-day decision-making”. Critically analyse the above statement.
2. “Outline the various steps which would be necessary if you were asked to forecast demand for a typical mass consumption item”.
3. “If the production function is homogeneous with constant returns to scale everywhere, the returns to a single variable factor will be diminishing”.– Comment.
4. “Short-run average variable cost curve is saucer-shaped but the short-run average total cost curve cannot be saucer-shaped”. Discuss in detail.
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