IIBM – Managerial Economics Answer sheet

Q1) Economists have classified input as

1. Timeless
2. landless
3. labourless
4. all the above

Q2) ∑Pi=………where Pi is the probability of a certain task.

1. Not Defined
2. 1
3. 0
4. It will depend on the number of Pi values we are taking for summation.

Q3) Slope at x=2 for the given curve y=3×3+2x be

1. 26
2. 38
3. 36
4. 18

Q4) For a vertical demand curve the elasticity will be

1. 0
2. 1
3. Between 0 and 1
4. ∞

Q5) The difference between price and average variable cost is defined as

1. Loss contribution
2. Profit contribution
3. Expectations
4. Market contribution

Q6) For an industry with ‘n’ firms the total equilibrium o/p for a Cournot oligopoly with Q0 as o/p from the perfectly competitive market, is given by

1. Q0(n+1)/n
2. Q0n/(n+1)
3. (n+1)n/Q0
4. (n+1)/(nQ0)

Q7) Game theory was designed

1. To create a situation where individuals and organizations have conflicting objectives for competitive growth.
2. To create a situation where the organization and organization have conflicting objectives
3. To evaluate the condition of the market
4. To evaluate situations where individuals and organizations have conflicting objectives.

Q8) The firms may be able to escape from ‘Prisoner’s Dilemma’ if the action is

1. Repetitive
2. Nonrepetitive
3. Sequential
4. No dependence on the type of action

Q9) Which is not the Property of the Indifference curve

1. Convex to the origin
2. Have positive slope
3. Indicate the lower level of satisfaction
4. Do not intersect nor are they tangent to one another

Q10) Standard deviation is a measure of

1. Sink of price
2. Rise of price
3. The slope of the demand curve
4. Risk

Part Two:

Q1. Define ‘Arc Elasticity’.

Q2. Explain the law of ‘Diminishing marginal returns’.

Q3. What is ‘Prisoner’s Dilemma’, a noncooperative game?

Q4. What is ‘Third-degree Discrimination’?

Q5. Are the problems faced by the Company periodic in nature, and when would the bad period over the problems cease to persist?

Q6. Is there a case for shifting the business focus from the Indian market to export to foreign countries?

Q7. Is there a case for restructuring and the business process re-engineering so that certain problems and their impact are under control?

Q8. What would you recommend as a mission and goal for the Company?

Q9. How long can an industry sustain on protection?

Q10. What is the impact of incidental services like assembly, testing, marketing, etc. on the total cost?

Q11. Would you agree to the suggestion for a complete changeover to a wooden cabinet?

Q12. Would it be desirable to import the components rather than make them in India?

Q13. Free trade promotes a mutually profitable regional division of labor, greatly enhances the potential real national product of all nations, and makes possible higher standards of living all over the globe.”Explain and critically examine the statements.

Q14. What role does a decision tree play in business decision-making? Illustrate the choice between two investment projects with the help of a decision tree assuming hypothetical conditions about the states of nature, probability distribution, and corresponding pay-offs.

 

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