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Questions:

1. What is law of supply?
2. What are the limitations of demand forecasting?
3. Discuss the scope of managerial economics. What do you understand by Break Even Analysis?
4. What is Law of variable proportions?
5. Why do demand curve slope downwards to the right?
6. Explain Normal Profit and Super Profit.
7. What do you understand by Perfect Competition? How are prices determined under it?
8. Profit is the reward for risk-taking and uncertainty bearing. Explain.
9. Define Monopoly and explain how price is determined under monopoly conditions?