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business
managerial economics

Questions and Answers of Managerial Economics

‘Prisoner’s dilemma is a game theory model, which shows how rivals could act in a way, which could be mutually disadvantageous to both of them’. Comment.
What is price leadership? Analyse the model of price leadership by a dominant fi rm.
What is a cartel? How is the equilibrium price and output determined in a cartel?
Explain Sweezy’s kinked demand curve model? Why does the demand curve have a kink?
Explain Cournot’s Duopoly model. What are reaction curves?
What is the prisoner’s dilemma? Explain briefl y.
In the kinked demand curve model, why do fi rms match only price decreases and not price increases?
‘Cournot equilibrium exists at the point, where the two reaction curves intersect’. Comment.
Discuss the characteristics of oligopoly?
What are the causes of oligopoly? Discuss.
Under collusive oligopoly, fi rms cooperate and work together to determine the output and the price levels in a particular market.
Th e Kinked demand curve model attempts at explaining as to why prices are rigid or sticky.
Under collusive oligopoly, there are no implicit or explicit agreements relating to price or to the sharing of the market.
Under oligopoly since there are only a few fi rms in the industry, the actions of one fi rm do not infl uence the other fi rm in the industry.
Oligopoly is a market structure, where there are a few sellers of the product, which may be homogenous or diff erentiated.
What are selling costs? How can a fi rm under monopolistic competition determine the optimum amount of selling costs that it should undertake such that its profi ts are maximized?
(a) Does a fi rm under monopolistic competition make profi ts in the long run?(b) What is excess capacity? Does it lead to wastage of the economy’s scarce resources?
What are the diff erent degrees of price discrimination? Discuss.
‘Th e monopolist produces a larger output at a lower price and earns larger profi ts in the long run than it does in the short run’. Comment.
Analyse the fi rm’s revenue curves under monopoly.
Write short notes on the(a) Proportionate demand curve(b) Perceived demand curve
What are the characteristics of monopolistic competition? Discuss.
Does there exist a relationship between AR, MR and elasticity of demand? Explain.
What are the diff erent types of monopoly? Discuss.
What are the characteristics of monopoly?
In the long run a fi rm under monopolistic competition faces a no-economic profi t no-loss situation.
Th e proportionate demand curve of the fi rm depicts the demand for the good of one fi rm assuming that the other fi rms in the group do not change the price of their good.
Under monopolistic competition in the short run, the fi rm may earn supernormal profi ts.
If EP < 1, demand is elastic and MR is positive.
Monopoly is a market structure, where there is a single seller of the good in the market with no close substitutes for the good.
Discuss the applications of perfect competition in the context of(a) Price controls(b) Impact of taxes and subsidies
‘A perfectly competitive fi rm is in the long-run equilibrium when it is earning the normal profi ts’. Comment.
Analyse the short-run equilibrium of the fi rm under perfect competition.
Analyse the fi rm’s revenue curves under perfect competition.
What are the characteristics of perfect competition? Discuss.
What is the impact of taxes on the equilibrium price and output?
What are the minimum and maximum price policies?
Show the short-run equilibrium of a fi rm when it is making super normal profi ts.
‘Th e objective of the fi rm is to maximize the profi ts. Th ere are two approaches to profi t maximization.’Comment.
Write short notes on the following market structures:(a) Perfect competition(b) Monopoly(c) Monopolistic competition(d) Oligopoly
At the equilibrium point, the marginal revenue curve should intersect the marginal cost curve from below.
A fi rm is said to achieve the equilibrium when its profi ts are a minimum.
Th ere exists under perfect competition a free entry and exit of fi rms.
Under monopoly, there is a single seller of the good in the market with no close substitutes for the good.
Under perfect competition, the fi rm exercises a great deal of control over the price of the good.
Analyse the break-even point when revenue and cost functions are non-linear.
Analyse the break-even point when revenue and cost functions are linear.
What are diseconomies of scale? Discuss.
What are economies of scale? Discuss.
‘Th e long-run average cost curve is called the envelope curve as it envelops the SAC’s’. Comment.
What is the relationship between long-run average cost and long-run marginal cost? Discuss.
‘Th e long-run marginal cost curve can be derived from the short-run marginal cost curves’. Discuss.
Analyse the relationships between the short-run cost curves.
Write a short note on average cost.
Write a short note on total cost.
It is due to these external economies that the long-run average cost curve shift s upwards.
It is due to the internal economies that the long-run average cost curve rises.
When a fi rm increases its output by changing its scale of operations, the benefi ts that it experiences are called the economies of scale.
Social cost is the real cost, which the society incurs in the production of a good.
Fixed cost is the cost, which varies with the level of output.
Analyse increasing, constant and decreasing returns to scale.
How does a producer reach equilibrium? Discuss.
What is an isocost line? What does it show?
What are characteristics of an isoquant? Discuss.
What are the three stages of production? Discuss.
What is the economic region of production?
What does the expansion path show? Analyse.
What is an isoquant?
Write a short note on the production function.
Write short notes on the following:(a) Production(b) Input and output(c) Fixed and variable factors(d) Short run and long run
A fi rm experiences increasing returns to scale because of economies of scale.
Ridge lines are the locus of points formed by the isoquants on which the marginal product of the factors is zero.
When capital and labour are perfect complements, the isoquant is linear.
Th e short run is that time in which the supply of most of the factors of production is elastic, though the production technology is assumed to remain unchanged.
An input is in the form of a service or a good that is used in the process of production.
Write a short note on the revealed preference theory.
‘Th e total eff ect can be split up into two eff ects: quasi-substitution eff ect and quasi-income eff ect’. Comment.
Evaluate the revealed preference theory by showing its contributions and limitations.
‘Using the revealed preference theory, Samuelson derived the law of demand’.
What is the revealed preference theory? What are the assumptions on which the theory is based?
What are the limitations of the revealed preference theory?
What are the contributions of the revealed preference theory?
What is the quasi-income eff ect? Discuss.
What is the quasi-substitution eff ect? Discuss.
What is the revealed preference theory?
Th e revealed preference theory is based on a behaviourist approach.
Th e theory can explain the law of demand in the case of normal goods, inferior and Giff en goods.
Th e revealed preference theory derives the demand curve by making use of the utility concept.
Th e consumer can choose any combination, which lies outside the budget set.
Th e revealed preference theory is a ‘behaviourist–ordinalist’ approach.
By using the indiff erence curve analysis, derive the demand curve in the case of:(a) Normal good.(b) Inferior good and Giff en good.
‘Th e price eff ect can be split into two eff ects, substitution eff ect and income eff ect’. Comment.
Defi ne the income consumption curve. Analyse the shape of the income consumption curve for a normal good and an inferior good.
As far as the indiff erence curves are concerned, what are the exceptional cases?
What are the characteristics of an indiff erence curve? Discuss.
Analyse the shift s in the budget line of the consumer.
Write a short note on the budget line of the consumer.
‘An indiff erence curve is convex to the origin’. Comment.
What is an indiff erence schedule? How is it related to the indiff erence curve?
What are the assumptions on which indiff erence curve theory is based?

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