Q.1. what are indifference curves? Explain the consumers’ equilibrium under the assumptions of ordinal approach.
Q.2. Examine the concept and relationship of Total, Average and marginal costs with the help of suitable diagram.
Q.3. Differentiate and elaborate the concepts of returns to scale and law of variable proportions.
Q.4. Why is demand forecasting essential? What are the possible consequences if a large scale firm places its product in the market without having estimated the demand for its product?
Q5) Discuss the various steps involved in a managerial decision making process. Explain, in detail, any two group decision making techniques.
Q.1. Why a firm is price taker and not a price maker under perfect market conditions?
Q.2. Profit maximization is theoretically the most sound but practically unattainable objective of business firms. In the light of this statement critically appraise the Baumol’s sales revenue maximization theory as an alternative objective of the firm.
3) Distinguish between skimming price and penetration price policy. Which of these policies is relevant in pricing a new product under different competitive conditions in the market?
Que. Give your opinion on outsourcing and its impact on the prospects of growth of the economy of home Nation and host nation.
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Year: 2015