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Questions:

1. Explain the discounting principle and its role in intertemporal choices.
2. How does managerial economics differ from pure economics?
3. How can replacement demand of consumer durables be predicted?
4. Explain the staircase type cost curve with an example and derive its average cost curve.
5. Discuss the equilibrium condition of a monopolist when elasticity is greater than one.
6. Distinguish between penetration pricing and skimming pricing.
7. Discuss the types of inflation.
8. Explain equimarginal principle and its role in efficient resource allocation with an example.
9. What is derived demand and how does it differ from direct demand?
10. Enumerate different methods of demand forecasting.
11. Discuss the economies and diseconomies of scale with the help of a long-run average cost curve.
12. What is the relationship between margin of safety and profit-volume ratio?
13. Explain the statement: "Profit is an essential payment and without this, the entire economy will come to a standstill."
14. Discuss the relationship between average cost (AC) and marginal cost (MC) and their 'U' shaped curves.