Class notes
Class notes Economics Managerial Economics and Business Strategy
- Course
- Institution
- Book
This document provides in-depth of the content and information. Don't miss this material.
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Solution Manual for Managerial Economics and Business Strategy 10th Michael Baye, Jeff Prince With Complete Solution.
-
Cases 3 antwoorden
-
Cases 3
Seller
Follow
Raja05
Content preview
KARPAGAM ACADEMY OF HIGHER EDUCATIONI MBA - FIRST SEMESTER
MANAGERIAL ECONOMICS - 21MBAP103
UNIT - I
Multiple Choice Questions ( Each Questions carries ONE Mark)
S.N QUESTIONS OPTION 1 OPTION 2 OPTION 3 OPTION 4 ANSWERS
o
The subject matter To ensure To run To satisfy To mobilise To satisfy
of economics is economic business unlimited resources unlimited
progress wants with and to use wants with
of the limited them limited
1 People means means
In economicsthe Money Production Consumptio Scarcity Scarcity
central problem is n
2
Modern approach Sales Cost andrevenue Welfare Market share Sales
of firms, prefer revenue revenue
maximization
Of
3
Trade-offs are Scarce. Economical. Efficient. Marginal. Scarce.
requiredbecause
wants are
unlimited and
resources are
4
‘Utility’ in Provide Earn an Satisfy Satisfy Satisfy
economics comforts income human human human
means the wants motives motive
5 capacity to s
Utility is Wealth Price Value or Income Value or
6 measured by Worth Worth
The extra utility Marginal Surplus Addition Bonus utility Marginal
fromconsuming utility utility alutility utility
one more unit of
a commodity
is called
7
, A consumer MUx= Px MUx>Px MUx<Px MUx<Px MUx= Px
attains
equilibrium,
in case of
one
commodity,
8 when:
Consumer MUx/Px= MUx/Px> MUx/px = MUx/Px<M MUx/px =
equilibrium MUm MUy/Py muy/py = Uy/Py muy/py =
in case of Mum Mum
two
commodities(
say X and Y)
is struck
9 when:
Additional Average Total Marginal Consumer
utility utility utility utility utility
derived from
the
consumption
of an
additional
unit of a
commodity
10 is called:
If marginal Total An Consumption Total utility Total utility
utility is zero utility is additional will increase is maximised is
zero unit of total utility maximised
consumpti
on will
decrease
11 total utility
The area Marginal Total Disutility Marginal Total utility
which lies Utility utility cost of
under the production
demand
curve for a
goood
measures
12
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Raja05. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67232 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now