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Q1: Decision making is the most important function of business managers. Decision making is the central objective of Managerial Economics. Discuss – Scope of the Economics in Decision Making and Different Decision Making Models.
Q2: Monopolistic Competition is a special case of imperfect completion. It stance between monopoly and perfect completion and accordingly the pricing decision are determined by the market forces – Discuss.
Q3: Since different decision are affected by difference type of cost, it is essential for a manager to understand the relevant cost in decision making. Comment in detail.
Q4: The concept of price velocity is very useful in the total revenue planning of your firm. Comment on the validity of this statement. Derive a relationship between price velocity and marginal revenue of a firm.