Home Work Essay

1019 words - 5 pages

LOVELY PROFESSIONAL UNIVERSITY Form/LPUO/AP-3
(The format to be used for Planning the academic activities other than Lecturers/Tutorial/Practical like Assignments, Case study, Presentation, Quiz, Projects, Class tests, industrial visits, teaching practice, court visits etc. to be undertaken as a part of the continuous assessment for the Course)
Home-Work1

School : LSB Department of Management
Name of the faculty member : Neha Shandilya
Course No. ECO515 Course Title: Managerial Economics
Class: MBA Semester I Section: R1001 Batch 2010-12 ...view middle of the document...

1 Rohan consumes two commodities, wheat and rice. The marginal utility derived by him from rice is two and half time the utility derived from the marginal utility of wheat. If wheat is available for Rs.12 /kg, what price will he be willing to pay for rice in order to maximize his utility?

2 The fundamental economic problems of what to produce, how to produce and for whom to produce are solved differently by different economic systems. Discuss how a capitalist Economy solves these problems.
3 Tomatoes and potatoes are available for Rs. 7/kg and Rs. 10 /kg respectively. If you have an income of Rs. 35000, draw the budget line as graph.

4 Suppose you are the manager of California winey. How would you expect the following events to affect the price you receive for a bottle of wine?
a. The price of French wines decreases
b. One hundred new wineries open in California
c. The unemployment rate in USA decreases
d. The price of cheese increases
e. The price of a glass bottle increases significantly due to government anti-shatter regulations
5 Other things being the same what would happen to the supply of a particular product if
a. price of the product decreases
b. a technological breakthrough enables the good to be produced at a significantly lower cost
c. the price of inputs used to produce the product increases
d. the price of substitute commodity decreases
e. the managers of the firms that produce that good expect the rise in price of that product in near future

6 A) What is income consumption curve? Draw income consumption curve for a normal and inferior goods.

B) Suppose the supply curve for allu tikki passes through the point P= Rs.25 and Qs=500. Give two interpretations of this point on the supply curve.

7 In 2003, the Men`s Hair company increased the price of its shampoo and subsequently sold more shampoo than 2002. Is the demand curve for this company positively sloped? When the demand curve slopes positively? Give an example of a product in whose case demand curve slopes positively and also explain the exceptions of law of demand.
8 Shweta spends her whole weekly food allowance of $42 on...

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