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Economics and Management Assignment Guide

The document outlines an assignment for the Economics and Management course at Harcourt Butler Technical University for the 2024-2025 session, detailing questions for Units 1 and 2. Unit 1 includes definitions, explanations of economic concepts, and calculations related to income elasticity and inflation. Unit 2 consists of multiple-choice questions covering topics such as returns to scale, market competition, and cost calculations.

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18 views2 pages

Economics and Management Assignment Guide

The document outlines an assignment for the Economics and Management course at Harcourt Butler Technical University for the 2024-2025 session, detailing questions for Units 1 and 2. Unit 1 includes definitions, explanations of economic concepts, and calculations related to income elasticity and inflation. Unit 2 consists of multiple-choice questions covering topics such as returns to scale, market competition, and cost calculations.

Uploaded by

sankhwarashish95
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Harcourt Butler Technical University, Kanpur

Humanities Department, SoHSS

Session: 2024-2025 Semester: 4 M.M: 10


Course Code: NHS 202 Course Name: Economics and Management
Program: IInd B. Tech Branch: ET & ME

Assignment Unit 1 & Unit 2


[Last Date of Submission: 10 April 2025]

Unit 1 Questions
Sr. No. Questions
Q1. Define the following:
a. Economics
b. PPC
c. Opportunity cost
d. CPI & WPI
e. Unemployment

Q2. Draw a GDP business cycle curve and explain its all phases.

Q3. Explain various types of employment as mentioned below.


i. Functional employment
ii. Structural employment
iii. Seasonal employment
iv. Cyclic employment

Q4 a. Explain Law of Demand. Also explain, demand function, demand schedule and demand curve.
Note: draw tables and curves wherever required.

b. Explain exceptions to the law of supply.

Q5a. Your annual income increases from $30,000 to $40,000. As a result, you increase your purchases of
good X from 2 to 6 units, and you decrease your purchases of good Y from 20 to 10 units.

a. Using the midpoint method, calculate your income elasticity of demand for good X and good Y.
b. Referring to the values of income elasticity of demand, explain what kind of goods are X and Y.

b. Briefly explain inflation. If the GDP deflator rises from 185 to 190, what is the rate of inflation
between the two years?

Course Instructor: Ms.Sonal Mehrotra Page 1 of 2


Unit 2 Questions [MCQ ]
(Note: Just write answers in assignment next to Q. Number)

Q1. If a firm doubles all its inputs and finds that its output less than doubles, what type of
returns to scale is it experiencing?
a) Constant returns to scale
b) Increasing returns to scale
c) Decreasing returns to scale
d) Diminishing returns to a factor

Q2. Sellers selling homogeneous products in the perfect competition market indicate?
a) A huge amount of loss for all the sellers.
b) Buyers will not buy the products.
c) Sellers will become price makers.
d) Sellers cannot influence the prices of the products.

Q3. The market demand curve for a perfectly competitive industry is QD = 12 - 2P. The
market supply curve is QS = 3 + P. The market will be in equilibrium if
a) P = 6 and Q = 9
b) P = 5 and Q = 2.
c) P = 4 and Q = 4
d) P = 3 and Q = 6

Q4. What is the correct formula for calculating average total cost (ATC)?
a) ATC = Total Cost / Total Fixed Cost
b) ATC = Total Cost / Total Variable Cost
c) ATC = Total Cost / Total Output
d) ATC = Total Fixed Cost / Total Output

Q5. The average fixed linear costs curve of a firm


a) Is parallel to the X axis
b) Is parallel to the vertical axis
c) Is a ‘L’ shaped curve
d) Is a downward slopping curve from left to right

Course Instructor: Ms.Sonal Mehrotra Page 1 of 2

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