Briefly explain the two major branches of economics q2 write down a 5 point of difference between macroeconomics and microeconomics. Q3 define engineering, science and technology? how does the three contribute to the economic development of a country. Q5.what is managerial economics? how does it differ from traditional economics? q6.

Critically evaluate the impact of technology on the economic development of a country. Explain the various functions and responsibilities of managerial economist q8 write short notes on: a engineering amp science b sloping downward of demand curve c various steps in demand forecasting. What do you mean by returns to a scale? what are the applications of this law? q10. What do you mean by market? briefly explain the various types of market structures. Explain the following concept: i price elasticity of demand ii income elasticity of demand q12. What is demand forecasting? what is its purpose amp significance in business organization? q13 state the law of variable proportion.

Economic development of any country is closely associated with science, engg amp technology. Elaborate this statement and elucidate the role of science, engg amp technology in the economic development. Q15 what useful information do these concepts of elasticity provide to the management? q16 explain internal economies of scale. What type of demand curve does a firm have under monopolistic competitive market? q19 define perfectly competitive market. What type of demand curve does a firm have under perfect competition? assignment questions q1 what useful information do these concepts of elasticity provide to the management? q2 explain internal economies of scale. What type of demand curve does a firm have under monopolistic competitive market? q5 define perfectly competitive market.

What type of demand curve does a firm have under perfect competition? time: 3 hours total marks: 100 note: attempt all questions. Attempt any two: 10 2 20 a managerial economics plays a very crucial role in engineering.comment. Attempt any two: 10 2 20 a plot a diagram showing total cost, fixed cost and variable cost. B what are the determinants of demand? c brief any two methods of demand forecasting. Attempt any two: 10 2 20 a a market is a body of persons in such commercial relations that each can easily acquaint himself with the rates at which certain kind of exchange of goods or services are from time to time made by others. B plot and describe about the short run equilibrium of a perfectly competitive firm.

C give a brief description of phases of business cycle with diagrammatic representation. Attempt any two: 10 2 20 a describe the application of tools, techniques and concepts of managerial economics in your engineering career. Which point shows the condition of boom? c what is inflation? describe about the causes of inflation.

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Gate preparation tips list of psu notification 17th oct important dates about gate exam gate 2014 schedule gate 2014 eligibilty gate 2014 syllabus gate 2014 pattern gate reference books gate cutoff marks gate 2014 exam material this book on the subject of managerial economics, none of them by themselves can adequately fulfill the requirements of this new syllabus. The present author, thus, make a humble attempt to fill up the `gap` and help the student community by giving them a suitable textbook catering to their special needs. This book is the outcome of over 40 years of long teaching and writing experience of the author. It thoroughly discussed the new syllabus of the uptu for the mba degree course paper on `managerial economics`. In the framework of the book, special care has been taken to avoid gaps in the sequential arrangement of topics and logical development of concepts and ideas of economic theory and their relevance to business economics.

Topics covered are discussed, as far as possible, in a fairly self contained manner. Case studies on demand forecasting, elasticity, pricing and several other topics have been interpromoted in relevant chapters. Dr.mithani has a long teaching experience of over threedecades serving in india at the university of mumbai besides his associationwith the university of utara malaysia uum at malaysia. He was an electedmember of the executive committee of the indian economic association during1988 1994. He has contributed widelyto many journals, national and international seminars and conferences.

Managerial economics and business economics are the two terms, which, at times have been used interchangeably. Of late, however, the term managerial economics has become more popular and seems to displace progressively the term business economics. The prime function of a management executive in a business organization is decision making and forward planning.

Decision making means the process of selecting one action from two or more alternative courses of action whereas forward planning means establishing plans for the future. The decision making function thus becomes one of making choices or decisions that will provide the most efficient means of attaining a desired end, say, profit maximization. Once decision is made about the particular goal to be achieved, plans as to production, pricing, capital, raw materials, labour, etc. A significant characteristic of the conditions, in which business organizations work and take decisions, is uncertainty. And this fact of uncertainty not only makes the function of decision making and forward planning complicated but adds a different dimension to it.

If knowledge of the future were perfect, plans could be formulated without error and hence without any need for subsequent revision. In the real world, however, the business manager rarely has complete information and the estimates about future predicted as best as possible. As plans are implemented over time, more facts become known so that in their light, plans may have to be revised, and a different course of action adopted. Managers are thus engaged in a continuous process of decision making through an uncertain future and the overall problem confronting them is one of adjusting to uncertainty.