problem 1) Describe the concept of price elasticity of demand, income elasticity of demand and price cross-elasticity of demand.

problem 2) describe the concept of Marginal cost. What is the relationship between average cost and marginal cost?

problem 3) Describe the characteristics of monopolistic competition. What are the similarities and dissimilarities in equilibrium of firm in monopolistic competition and perfect competition?

problem 4) What do you mean by income inequality? Describe the technique of Lorenz curve for measuring income inequality?

problem 5) Distinguish between the followings:

a) Micro Economics and Macro Economics

b) Capitalist Economy and Socialist Economy

c) Positive Economics and Normative Economics

problem 6) What do you mean by nature and scope of management? describe the functions of management in details.

problem 7) describe meaning, types of organisation and describe in detail the types of organizations’ Structure.

problem 8) What is staffing? describe the process of staffing in details.

problem 9) What do you understand by motivation? Describe the Herzberg Hygiene theory of motivation.

problem 10) prepare brief notes on the following :

a) Approaches of management.

b) Techniques of control.

c) Plan, policies, schedule & procedures.

d) Qualities of an effective leader.