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1. A firm is said to be an equilibrium, if it attain profit maximizing level of output. How? Discuss your answer briefly 2. Individuals, organizations either profit or non-profit and nations attain their goals, by optimum use of limited resources. How? 3. Managerial Economics is economics applied in decision making. How? Discuss your answer. 4. The roots of Managerial Economics spring from Micro Economics, Do you Agree with that? Explain. 5. The Relation of Managerial Economics to Economic Theory is much like that of Engineering to Physics or Medicine to Biology; Do you agree with that? Explain. 6. Managerial economics can be used to understand logic of company, consumer, and government decisions. How? Discuss briefly. 7. Pricing is key to managerial decision making. How? Explain your answer. 8. Firms with market power can raise prices without losing all customers to competitor. How? Explain your answer. 9. Price discrimination occurs when firm changes different prices to different groups of customers. Do you agree? Explain. 10. If two groups have different elasticity of demand, the charge a higher price to the group with the more inelastic demand. How? Explain briefly