MANAGERIAL ECONOMICS

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First Semester Examination, 2014-15 MANAGERIAL ECONOMICS

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. AU-6424M.B.A. (First Semester) Examination, 2014-15MANAGERIAL ECONOMICSModel AnswerSection AMicroeconomics is the study of particular markets, and segments of the economy. It looks atissues such as consumer behaviour, individual labour markets, and the theory of firms.Micro economics is concerned with:Supply and demand in individual marketsIndividual consumer behaviour.Individual labour markets e.g. demand for laborExternalities arising from production and consumption.Macro economics is the study of the whole economy. It looks at aggregate variables, suchas aggregate demand, national output and inflation.Macro economics is concerned with:Monetary / fiscal policy. e.g. what effect does interest rates have on whole economy?Reasons for inflation, and unemploymentEconomic GrowthInternational trade and globalisationReasons for differences in living standards and economic growth between countries.Government borrowing2.Demand ScheduleThe demand schedule illustrates the relationship between price and quantity demanded byusing a table of figures. The demand schedule generally consists of two columns: one forthe price of a product and one for the quantity demanded at that price. The price columndisplays different price levels, arrayed from lowest to highest, or vice versa, while thequantity demanded column displays the quantity of that good or service demanded at eachprice leve

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