National Open University of
Nigeria
14-16 Ahmadu Bello Way, Victoria Island
Lagos
School of Management Science
MARCH/APRIL 2015 Examination
COURSE CODE: MGS303
COURSE TITTLE: MANAGERIAL
ECONOMICS
TIME ALLOWED: 2hrs
Instructions: ANSWER QUESTION
1 AND ANY OTHER 2 QUESTIONS
Q1 ISCOMPULSORY AND CARRIES 30MARKS WHILE OTHER 2 CARIIES 20MARKS EACH
PRESENT ALL YOUR POINTS IN COHERENT AND ORDERLY MANNER
1a. suppose that the unit price of a commodity is defined
by
p=100-2Q
then TR=PQ=(100-2Q)
100Q-2Q raise to power 2
suppose all so that the total
cost of producing this commodity is defined by the cost function TC = 100+0.5Q2
i. you are required to apply the
first – order condition for profit maximization
ii.determine the profit –maximizing
level of output
1b. state and describe the 2
scope of managerial economics
2. let the profit of an hypothetical
firm be given as
π=f(X,Y) = 100X – 2Xraise to power2 – XY + 180Y – 4Yraise to power 2
where X and Y represent to
products X + Y =30
HINT:
a. Express one of the
variables (X or Y in this case ) in terms of the other and solve the constraint
equation for one of them (Xor Y)
b. substitute the solution obtained
into the objective function (that is the
function to be maximized or the profit function) and solve the outcome for the
other variable
3. List and explain the
importance features of decision making in business
4. state and discuss the 5
theories of profit
5.explain the marginal
conditions of profit maximization
6. list and describe the 4
types of demand encountered in business
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you can also attend Online Classes,Online Colleges,online tutorials. to be well prepared for exam Goodluck.
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you can also attend Online Classes,Online Colleges,online tutorials. to be well prepared for exam Goodluck.
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