Explain the consumers equilibrium

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Reference no: EM13659327

ASSIGNMENT A

Question 1

What are indifference curve? Explain the consumer's equilibrium under the assumptions of ordinal approach.

Question 2

Examine the concept and relationship of total, relationship of total costs with the help of suitable diagram.

Question 3

Differentiate and elaborate the concepts of returns to scale and the law of variable proportions.

Question 4

Why is demand forecasting essential? What are the possible consequences if a large sale firm places its product in the market without having estimated the demand for its product?

Question 5

Discuss the various steps involved in a managerial decision making process. Explain, in detail, any two group decision making techniques.

ASSIGNMENT B

Question 1

Why a firm is price taker not a price maker under perfect market conditions?

Question 2

Profit maximization is theoretically the most sound but practically unattainable objective of the business firms. In the light of this statement critically appraise Baumol's sales revenue maximization as an alternative objective of the firm.

Question 3

Distinguish between skimming price and penetration price policy. Which of these policies is relevant in pricing a new product under different competitive conditions in the market?

Reference no: EM13659327

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