A decision standard that selects the alternative with the best of the worst possible outcomes is
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Management · all questionsManagerial Economics
Managerial Economics
practice.
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The demand schedule showing the quantity demanded at each price is known as
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For perfectly complementary products, the marginal rate ofsubstitution MRSxy is
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Given:
The above table indicates the
| Price | Demand |
| Rs. 7 | 10 |
| Rs. 6 | 20 |
| Rs. 5 | 30 |
| Rs. 4 | 40 |
| Rs. 3 | 50 |
| Rs. 2 | 60 |
| Rs. 1 | 70 |
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Match the following.
| List-I (Economist) | List-II (Statement) |
| a. Joel Dean | 1. The purpose of managerial economics shows how economic analysis can be used in formulating business policies. |
| b. Edwin | 2. Managerial economics attempts to bridge the gap between Purely analytical problems and the problems of policies that management must face. |
| c. Milton and Siegelman | 3. Managerial economics consists of the use of economic models of thought to analyse business situations. |
| d. Malcolm E. Mc. Nair and Richard | 4. Managerial economics is the integration of economic theory with business practices for the purpose of facilitating decision making and forward planning by management. |
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Which of the following concepts are most closely associated with Alfred Marshall?
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When the units of factor increases, marginal revenue productivity of a factor
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External economies are witnessed in
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In short-run, a firm would remain in business as long as which one of the following of costs is covered?
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Estimation of GDP on the basis of prevailing prices is called
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The prime cost may be considered as
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The point on which the average cost is minimum in a firm short-run average cost curve will also be the minimum cost point on the firm's long run average cost curve. This is true
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The price of Rs. 20 has a demand of 500 units. If the price falls to Rs. 15 and the quantity demanded increases to 600 units, calculate the arc of elasticity.
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Professor J. Robinson measured monopoly power in terms of
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Which of the following statement is correct about inflation?
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The difference between monopoly equilibrium and competitive equilibrium is
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The slope of the Iso-cost line is determined by
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Match the following:
| a. Increasing cost industry | 1. Horizontal long run supply curve |
| b. Decreasing cost industry | 2. Positively sloped long run supply curve |
| c. Constant cost industry | 3. Negatively sloped long run supply curve |
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An increase in a firm's fixed costs will
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Q100
Open questionIncome elasticity of demand will be zero when a given change in income brings about
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