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business
business economics and managerial

Questions and Answers of Business Economics And Managerial

What are the di⁄culties that a ¢rm faces in making estimates of the potential demand for a new product? What methods might it use to gauge potential consumer reaction?
The estimated log-linear regression, where PX ¼ the price of the product, PO ¼ the price of another product and Y ¼ real income, is as follows:QX ¼ 450 1:53PX þ 0:87PO þ 2:36Y R2 ¼ 0:91
What is the identi¢cation problem?
What are the advantages and disadvantages of using regression analysis to estimate a demand function?
What are the advantages and disadvantages to a company of using surveys and questionnaires to estimate demand functions?
In what circumstances should a company employ survey methods to obtain more information on the demand for its product and the relative merits of its product compared with those of rivals?
The estimated own price elasticities for rail travel are as follows:First class 0.5 Commuting 0.4 Business 0.2 Personal 1.0 Leisure 1.4^ Suggest reasons why elasticities for business travel are
Would you expect the income elasticity of demand for electricity in a rich country to be greater or less than for digital (DAB) radios?
Explain why the price elasticity of demand will be greater for luxury motor cars than for a pint of milk?
Explain the concept of cross elasticity of demand. What does a positive cross elasticity of demand and a negative cross elasticity of demand tell us about the nature of a good? What are the
Explain the concept of income elasticity. Explain the signi¢cance to a ¢rm of:^ A good with a positive income elasticity of more than 1.^ A good with a positive income elasticity between 0 and 1.^
How can the elasticity of demand at a point on a non-linear demand curve be measured?
If management’s objective is to maximize revenue, how should price be changed if:^ The ¢rm is currently charging a price in the elastic portion of the demand curve?^ The ¢rm is currently charging
Explain the relationship between marginal revenue and elasticity of demand. Why it is relevant to managerial decision making?
Describe the elasticity ranges of the linear own price demand curve and discuss the signi¢cance of this information for price setting.
What is the signi¢cance for decision making of the slope of the demand curve and the own price elasticity of demand?
Identify the main factors that should be included in a demand function for seaside holidays in a hot climate.
How do consumers react to changes in price according to indi¡erence curve analysis, Lancaster’s analysis and behavioural analysis.
What are the assumptions of the behavioural approach to consumer behaviour?What are the main implications?
What is a hedonic price? How are they estimated? How might they be used by consumers to decide whether they are obtaining value for money?
What advantage does the characteristic model have over the traditional model for someone writing advertisements?
Given the data below on the characteristics of shirt brands construct a diagram in characteristic space showing:^ The choice facing the consumer in terms of brands.^ The e⁄ciency frontier.^ Which
Using Lancaster’s theory distinguish between a characteristic and a market good and explain the concept of consumption technology?
Using indi¡erence curve analysis analyse the impact on consumption of both goods of a fall in the price of one good. Identify the income and the substitution e¡ect.
What conditions are necessary for the consumer to maximize utility? Why must the slope of the indi¡erence curve and the budget line be equal for the consumer to maximize utility?
Explain the concept of the budget constraint and the role of relative prices and income in determining its position and slope.
Explain the concept of an indi¡erence curve for an individual consumer choosing between two goods. What is the marginal rate of substitution?
Why do normally risk-averse individuals play the National Lottery?
Why are managers in large organizations risk-averse and entrepreneurs riskloving?
What routines might management develop to cope with uncertainty?
Explain the concept of a decision tree. How might it be used to clarify problems of uncertainty in decision making?
The pharmaceutical industry is said to have a high average rate of return and a high coe⁄cient of variation. The electricity industry is said to have a low average rate of return and a low
Distinguish between and explain the di¡erences between maxi-min, maxi-max and mini-max regret decision criteria. Using the following information identify which project a decision maker using each of
Using the following data calculate the expected value, the standard deviation and the coe⁄cient of variation for each of the projects. Which project is the least risky and which is the most risky?
Draw a diagram illustrating the shape of a set of indi¡erence curves for a risk-averse and a risk-loving individual. Explain why the indi¡erence curves take the shape you have drawn.
Explain the di¡erence in attitude toward risk and uncertainty of individuals who are described as risk-averse, risk-neutral and risk-loving.
Distinguish between risk and uncertainty. Identify two situations of risk and two of uncertainty and identify the characteristics that led to your choice.
What does the term ‘‘corporate social responsibility’’ mean? Why should ¢rms expend resources on such concerns.
How would the objectives of a large ¢rm di¡er for:^ A small owner-managed ¢rm?^ A members-owned mutual?^ A consumer co-operative?
How will managers react to the following changes if they are pro¢t maximizers, on the one hand, and sales maximizers, on the other:^ An increase in demand?^ A fall in demand?^ An increase in ¢xed
What are the main assumptions about the objectives of the ¢rm in the Cyert and March behavioural model?
What factors determine the pro¢t constraint placed on managers in the managerial theories of the ¢rm?
Will the pro¢t-maximizing output ever coincide with the sales-maximizing output?
How does the price^output combination di¡er between a sales and pro¢tmaximizing¢rm?
What are the main assumptions about objectives in the managerial theory of Baumol?
What are the main criticisms of the pro¢t maximization hypothesis? Can it be defended as a reasonable description of the behaviour of ¢rms?
What rules must a ¢rm follow to maximize pro¢ts?
Companies A, B and C have the following share ownership structure:^ Firm A: the largest shareholder is an individual owning 10% of the equity, a further ¢ve members of the family own 25%, with the
Is football di¡erent? Is the listed company an appropriate organizational form or should they remain members’ clubs?
What are the main guidelines in the UK’s corporate governance codes? Have they improved corporate governance in the UK?
Compare and contrast the degree of managerial discretion of a chief executive of a large company in an insider and outsider system of corporate control.
How does the pattern of ownership and control vary between the UK and Germany?
Distinguish between ‘‘insider’’ and ‘‘outsider’’ systems of corporate control? What are the advantages and disadvantages of both systems?
How does the growth of institutional shareholdings in£uence the way managers run a company? Would we expect them to adopt a passive or active role in monitoring a company?
What size of ownership stake makes for control? How do we divide companies into managerial or owner-controlled? Is the use of a simple percentage cut-o¡ rule too simplistic?
What do you understand by the term ‘‘divorce between ownership and control’’?
What is understood by the terms ownership and control?

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