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IGNOU MCO 21 Assignment 2024 Question Paper
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Q. 1 Managerial Economics serves as a link between traditional economics and decision sciences for business decision-making.’ Elucidate the statement considering the role of managerial economics in optimizing resource allocation, forecasting, pricing strategies, and overall organizational performance.
Q. 2 a) In a world of just two goods where all income is spent on the two goods, both goods cannot be inferior. True or False? Explain.
b) Explain the law of diminishing marginal returns and provide an example of the phenomenon.
Q. 3 Production is related to costs. In fact, cost function can be derived from estimated production function. In view of empirical determination of production function, can you think of some limitations of statistical analysis relating to cost function? Apart from limitations also explain how these estimated cost function is useful to a manager.
Q. 4 Classify and explain different market structures based on certain factors and support your answer with the help of examples.
Q. 5 Write short notes on the following :
a) Opportunity cost
b) Marginal cost
c) Monopoly power
d) Determinants of Price Elasticity
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