Seat No.: ________ Enrolment No.

___________

Chimanbhai Patel Institute of Management and Research

MBA SEMESTER 01 REMEDIAL EXAMINATION WINTER 2016
Subject Code: 2810002 Date: 02/12/2016
Subject Name: Economics For Managers Time: 10:00 AM 1:00 PM
Total Marks: 70
Instructions:
1. Attempt all questions.
2. Make suitable assumptions wherever necessary.
3. Figures to the right indicate full marks.

Q-1 (a) Choose the correct option 06

1 For a firm in perfect competition,
A. P = AR = MR B. P>AR>MR
C. P<AR<MR D. P>MR=AR
2 Oligopoly means
A. One Seller and Many Buyers B. One Buyer and Many Sellers
C. Few Sellers and Many Buyers D. Many Sellers and Many
Buyers
3 According to the Law of Demand, the demand curve for a good will
A. Shift leftward when the price B. Shift rightward when the price
of the good increases. of the good increases.
C. Slope downward. D. Slope upward.
4 The cost for producing an extra unit of output is called
A. Variable Cost B. Fixed Cost
C. Marginal Cost D. Average Total Cost
5 The slope of the ATC is
A. U shaped B. Inverted S Shaped
C. Rectangular Hyperbola D. Linear
6 Price Discrimination is the feature of
A. Monopoly B. Monopolistic Competition
C. Perfect Competition D. Oligopoly

(b) Explain the following terms 04

1. Elasticity of Demand
2. Marginal Cost
3. Law of Supply
4. Consumer Surplus

(c) Briefly explain movement along the demand curve and shift in the demand curve. 04

Q-2 (a) Define ATC, AVC, AFC and MC. Discuss the relationship between MC and ATC. 07
(b) What is prisoners dilemma and how it is related with oligopoly? 07
OR
(b) Define Price discrimination. Why does a monopolist want to discriminate? Explain. 07

Q-3 (a) 07
(b) 07
OR
Q-3 (a) 07
(b) 07

Q-4 (a) 07
 (b) 07
OR
Q-4 (a) 07
(b) 07

Q-5 14
OR
Q-5 14
 Answer Keys

Question
Answer Question No. Answer Question No. Answer Question No. Answer
No.

1 C 26 D 51 C 76 C

2 A 27 D 52 C 77 B

3 A 28 D 53 A 78 B

4 A 29 C 54 C 79 B

5 D 30 B 55 B 80 A

6 C 31 A 56 C 81 A

7 A 32 B 57 B 82 A

8 B 33 B 58 B 83 A

9 A 34 C 59 D 84 C

10 D 35 C 60 C 85 A

11 C 36 B 61 D 86 A

12 C 37 D 62 B 87 C

13 B 38 C 63 C 88 C

14 C 39 D 64 D 89 D

15 B 40 A 65 D 90 A

16 A 41 C 66 B 91 B

17 A 42 D 67 A 92 D

18 C 43 B 68 B 93 A

19 D 44 A 69 C 94 B
 20 B 45 B 70 A 95 D

21 A 46 C 71 D 96 A

22 A 47 D 72 C 97 D

23 B 48 B 73 C 98 D

24 B 49 C 74 B 99 B

25 A 50 A 75 C 100 D

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