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Q. 1. Given the profit function of a firm in the form of table, calculate total profit, average profit and marginal profit and differentiate between incrementalism and marginalism.
| Unit of Output | Total Revenue | Total Cost | Total Profit | Average Profit | Marginal Profit |
| 1 | 10 | 5 | |||
| 2 | 30 | 18 | |||
| 3 | 50 | 29 | |||
| 4 | 70 | 38 |
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Q. Define Price Elasticity. Explain the determinants of Price Elasticity.
Answer. Price elasticity of demand refers to the way prices change in relationship to the demand,.....
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Price elasticity of demand is determined by the price of the item or service, availability of alternative goods......FOR ANSWERS BUY THE HELP MATERIAL.....
Q. ‘To an economist the fixed costs are overhead costs and to an accountant these are indirect costs.’ Substantiate this statement with the help of an example.
Answer. Fixed costs are business expenses that are not dependent on the level of goods or services produced by ............
What accountants call variable costs, are roughly the same as what economists call ............
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Q. What effect does change in demand have on price and quantity? Discuss with reference to pricing analysis of markets by giving illustrations.
Answer. Change in demand refers to changes in factors other than price, such as consumers' income. Change in quantity demanded refers to a change in the amount of goods purchased
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Q.Write short notes on the following:
a) Market Experiments
b) Bundling of services
c) Product Differentiation
Answer. A test area is selected, which should be a representative of the whole market in which the new product is to be launched. The test area may include several ......FOR COMPLETE ANSWERS BUY THE HELP MATERIAL......