MCO-21 EM 2024 SOLVED ASSIGNMENT

Description

TUTOR MARKED ASSIGNMENT
Course Code : MCO – 21
Course Title : MANAGERIAL ECONOMICS
Assignment Code : MCO & 21 /TMA/2024
Coverage : All Blocks
Maximum Marks: 100
Attempt all the questions.
Q. 1 Managerial Economics serves as a link between traditional economics and
decision sciences for business decision-making.’ Elucidate the statement
considering the role of managerial economics in optimizing resource
allocation, forecasting, pricing strategies, and overall organizational
performance.
(20)
Q. 2 a) In a world of just two goods where all income is spent on the two
goods, both goods cannot be inferior. True or False? Explain.
b) Explain the law of diminishing marginal returns and provide an
example of the phenomenon.
(10+10)
Q. 3 Production is related to costs. In fact, cost function can be derived from
estimated production function. In view of empirical determination of
production function, can you think of some limitations of statistical analysis
relating to cost function? Apart from limitations also explain how these
estimated cost function is useful to a manager.
(20)
Q. 4 Classify and explain different market structures based on certain factors and
support your answer with the help of examples.
(20)
Q. 5 Write short notes on the following :
a) Opportunity cost
b) Marginal cost
c) Monopoly power
d) Determinants of Price Elasticity