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    This document contains a 10 question multiple choice assignment on managerial economics concepts. The questions cover topics like factors that influence demand, price ceilings and floors, elasticity of demand, indifference curve analysis, effects of price changes on sales, marginal utility, determinants of demand, substitution and income effects, elasticity of demand and marginal revenue, and income elasticity. The assignment tests understanding of key microeconomics principles as applied to business decision making.

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    This document contains a 10 question multiple choice assignment on managerial economics concepts. The questions cover topics like factors that influence demand, price ceilings and floors, elasticity of demand, indifference curve analysis, effects of price changes on sales, marginal utility, determinants of demand, substitution and income effects, elasticity of demand and marginal revenue, and income elasticity. The assignment tests understanding of key microeconomics principles as applied to business decision making.

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    23 views2 pages

    Me MCQ-2

    Uploaded by

    Rohan Srivastava
    This document contains a 10 question multiple choice assignment on managerial economics concepts. The questions cover topics like factors that influence demand, price ceilings and floors, elasticity of demand, indifference curve analysis, effects of price changes on sales, marginal utility, determinants of demand, substitution and income effects, elasticity of demand and marginal revenue, and income elasticity. The assignment tests understanding of key microeconomics principles as applied to business decision making.

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    Managerial Economics (NOC20MG67)

    Week 3 Assignment

    1) Which one of the following would most likely increase the demand for a good?
    a. a decrease in consumer income
    b. a decrease in the price of the product
    c. an increase in the price of a close substitute
    d. a decrease in the supply of good

    2) If the market has a shortage that persist, economist will look for price

    a. ceiling above equilibrium price


    b. ceiling below equilibrium price
    c. floors above equilibrium price
    d. floors below equilibrium price

    3) You have planned to spend Rs. 100 per month on browsing the internet. Your demand for
    net browsing can be said to be
    a. perfectly elastic
    b. perfectly inelastic
    c. relatively elastic
    d. relatively inelastic

    4) Continuity in consumption is prerequisite for:


    a. Law of diminishing marginal utilities
    b. Revealed preference
    c. Indifference curve analysis
    d. Marginal rate of substitution

    5) At a price of Rs.495, a novel is expected to sell 9,000 copies. If the novel is offered for sale
    at a price of Rs.395, then the publisher can expect to sell
    a. less than 9,000 copies.
    b. 9,000 copies.
    c. more than 9,000 copies.
    d. It is impossible to predict the effect of a lower price on sales.
    6) The falling part of a TU curve shows
    a. Zero marginal utility
    b. Decreasing marginal utility
    c. Increasing marginal utility
    d. Negative marginal utility

    7) Which of the following is not a determinant of a consumer's demand for a commodity?


    a. Income
    b. Population
    c. Price of related goods
    d. Tastes

    8) If a good is normal, then a decrease in price will cause a substitution effect that is
    a. positive and an income effect that is positive.
    b. positive and an income effect that is negative.
    c. negative and an income effect that is positive.
    d. negative and an income effect that is negative.

    9) If the price elasticity of demand for a firm's output is elastic, then the firm's marginal
    revenue is
    a. positive, and an increase in price will cause total revenue to increase.
    b. positive, and an increase in price will cause total revenue to decrease.
    c. negative, and an increase in price will cause total revenue to increase.
    d. negative, and an increase in price will cause total revenue to decrease.

    10) If a good is inferior, then


    a. the income elasticity of demand will be negative.
    b. the income elasticity of demand will be zero.
    c. the income elasticity of demand will be positive.
    d. a decrease in income will cause demand to decrease.

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