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Class notes Economics Managerial Economics and Business Strategy
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Solution Manual for Managerial Economics and Business Strategy 10th Michael Baye, Jeff Prince With Complete Solution.
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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
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