Q.1. What are basic problems of an economy ? Which problems of an economy constitute the subject matter of microeconomics ? (20) An economic problem generally means the problem of making choices that occurs because of the scarcity of resources. It arises because...
Q.1. Define scarcity and opportunity cost. What role do these two concepts play in the making of management decisions? (20) Scarcity Scarcity is simply a situation where resources are limited and wants are unlimited. It can be defined as a condition in which human...
Q.1. How is managerial economics related to different disciplines ? Also discuss the role of managerial economics in preparing managers to work effectively. (20) Managerial economics has its relationship with other disciplines for propounding its theories and concepts...
Q.1. What is the role of managerial economise in preparing managers ? Give suitable examples. (20) Role of managerial economics in preparing managers to work effectively Successful mangers make good decisions, and one of their most useful tools is the methodology of...