problem 1: Describe the importance of managerial economics in latest business environment.

problem 2: What do you mean by elasticity of demand? Describe its types.

problem 3: In brief describe the law of variable proportions.

problem 4: Describe the behavioral theory of the firm.

problem 5: Describe the Traditional methods of capital budgeting.

problem 6: Describe the process of price determination under monopoly.

problem 7: Define the terms given below:

a) Demand function
b) Scope of managerial economics
c) Opportunity cost
d) Pricing tactics
e) Profit maximization
f) Risk and uncertainty.