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Posted By: RAFI Member Level: Gold Posted Date: 22 May 2008
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2007 Indira Gandhi National Open University (IGNOU) M.B.A Business Administration MS-9 : MANAGERIAL ECONOMICS, December, 2006 Question paper
MANAGEMENT PROGRAMME
Term-End Examination
December, 2006
MS-9 : MANAGERIAL ECONOMICS
Time : 3 hours Maximum Marks : 100
(Weightage 70%)
Note : There are two Sections A and B. Attempt any three questions from Section A carrying 20 marks each. Section B is compulsory and carries 40 marks.
SECTION A
1. Discuss the relationship between Average Product and Marginal Product, and Average Variable Cost and Marginal Cost. 20
2. State the Law of Demand. Explain with examples the difference in demand curve for substitutes and complements. 20 ¦
2. What are the features of perfectly competitive market ? Explain the perfectly competitive industry when (a) firms enter the industry, (b) firms leave the industry.
4. How is the least cost combination arrived at with the help of isocost and iso-product curves ? Explain the significance
of the tangential point. 20
5. Write short notes on any four of the following : 4x5=20
(a) Value maximisation
(b) Price leadership
(c) Constraints of firm
(d) Barriers to entry
(e) Equi-marginal principle
SECTION B
6. Given the demand function Q = 100 — 0-2 P, determine : 10
(a) The total revenue equation as a function of Q.
(b) The marginal revenue equation as a function of Q.
(c) The value of Q that maximises total revenue. Also, the price and point elasticity at this point.
(d) If the firm is charging Rs. 60, should price be increased or decreased to increase total revenue ?
7. State True or False. 5x4=20
(i) Even if there are many buyers, imperfect competition can exist in a market.
(ii) In the long-run, there are no variable costs.
(iii) When an input's average product exceeds its marginal product, average product is increasing.
(iv) The long-run total cost curve is derived from the firm's expansion path.
(v) If more is demanded at the same price, the fact is known as increase in demand.
8. Indian Airlines have a capacity to carry a maximum of 10,000 passengers per month from Calcutta to Guhawati at a fare of Rs. 500. Variable costs are Rs. 100 per passenger and fixed costs are Rs. 30,000 per month. How many passengers should be carried per month to break even ?
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