MMPC-10 2024 SOLVED ASSIGNMENT

Description

ASSIGNMENT
Course Code : MMPC-010
Course Title : Managerial Economics
Assignment Code : MMPC-010/TMA/JAN/2024
Coverage : All Blocks
Note: Attempt all the questions and submit this assignment to the coordinator of your
study centre. Last date of submission for January 2024 session is 30th April, 2024
and for July 2024 session is 31st October, 2024.
1. “According to the Equi-Marginal principle, different courses of action should be pursued
up to the point where all the courses provide equal marginal benefit per unit of cost.”
Discuss Equi-Marginal principle with the help of an example.
2. “The income elasticity of demand measures the responsiveness of sales to changes in
income, ceteris paribus.” Elaborate upon the concept of income elasticity of demand
with the help of an example.
3. Explain the relationship between Average Product & Marginal Product, and Average
Variable Cost & Marginal Cost with the help of diagrams.
4. Discuss the profit maximizing output decision by perfectly competitive firms in the long
run when all inputs and costs are variable.
5. Write short notes on the following:
 Decision Tree
 Tastes and Preferences as determinants of demand
 Economic and Technical Efficiency
 Monopoly