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Questions:

1. What is economies of scale? Illustrate with the help of a diagram.
2. Explain the various determinants of demand.
3. Write short notes on break-even analysis.
4. Why is there a need for demand forecasting?
5. Define indifference curve with its major properties.
6. How would you apply the knowledge of economics to managerial decision-making?
7. Explain and illustrate the cost curves of the firm in the short run and long run.
8. Explain in detail the concept of price elasticity of demand.
9. Define managerial economics. Discuss its nature, scope, and importance in detail.
10. What do you mean by inflation? Distinguish between GDP and GNP.
11. What do you mean by discounting principle? Elaborate upon its importance in managerial decision-making.
12. Explain opportunity cost.
13. Explain the terms T.C., A.C., and M.C. with examples. Why is the long-run average cost curve bowl-shaped?
14. What are the various types of elasticity of demand? How can price, income, and cross elasticity of demand be measured mathematically?
15. Explain the statement: 'An oligopolist follows its cartel.'
16. What is a kinked demand curve in oligopoly?