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  • Practice Quiz - Managerial Economics - Farrukh W. Khan Dt. 3/17/20: 7.15 PM Name - ID No.

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    Muhammad Wasil Khalil Pathan
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    This document contains an 8 question practice quiz on managerial economics concepts. The questions cover definitions of terms like managerial economics, the firm, and economic profit. They also ask the student to calculate equilibrium quantity and price from supply and demand equations, price elasticity of demand from total revenue tests and demand curve equations, and income elasticity from a demand function. The questions require the student to apply concepts like elasticity, shifts in supply and demand, and normal and inferior goods.

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    This document contains an 8 question practice quiz on managerial economics concepts. The questions cover definitions of terms like managerial economics, the firm, and economic profit. They also ask the student to calculate equilibrium quantity and price from supply and demand equations, price elasticity of demand from total revenue tests and demand curve equations, and income elasticity from a demand function. The questions require the student to apply concepts like elasticity, shifts in supply and demand, and normal and inferior goods.

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    30 views1 page

    Practice Quiz - Managerial Economics - Farrukh W. Khan Dt. 3/17/20: 7.15 PM Name - ID No.

    Uploaded by

    Muhammad Wasil Khalil Pathan
    This document contains an 8 question practice quiz on managerial economics concepts. The questions cover definitions of terms like managerial economics, the firm, and economic profit. They also ask the student to calculate equilibrium quantity and price from supply and demand equations, price elasticity of demand from total revenue tests and demand curve equations, and income elasticity from a demand function. The questions require the student to apply concepts like elasticity, shifts in supply and demand, and normal and inferior goods.

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    © All Rights Reserved
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    Practice Quiz - Managerial Economics – Farrukh W. Khan Dt. 3/17/20 : 7.15 PM


    Name ____________________________________________ ID No. _______
    Q1. Define

    Managerial Economics ______________________________________________________


    Firm ________________________________________________________________________
    Economic Decisions for the Firm ___________________________________________________
    Economics of a Business ______________________________________________________
    Optimal Decisions ____________________________________________________________
    Economic Profit ____________________________________________________________
    Law of Demand ____________________________________________________________
    Non Price Determinants of Supply ________________________________________________
    Rationing Function of Price ______________________________________________________
    Guiding function of Price ______________________________________________________
    Elasticity __________________________________________________________________
    Determinants affecting Demand Elasticity __________________________________________

    Q2. Suppose demand is P = 7 – 0.01Qd and Supply is P = 1 + 0.01 Qs, Find equilibrium Q* and P*
    _________________________________________________________________________________

    Q3. Suppose P1 = 7, P2 = 8, Q1 = 11, Q2 = 10, then Ed _________________________________

    Q4. If a rightward shift in the supply curve leads to an increase in Qd by 10 % as a result of a


    decrease in P by 5%. Calculate Ed. _______________________________________________

    How do you Interpret Ed?______________________________________________________


    What would be the increase in Qd if P decreases by 4%? _____________________________

    What would be the decrease in P if Qd increases by 6% _____________________________

    Q5. Calculate the elasticity of demand using the following equation: Qd = 50P-3
    ___________________________________________________________________________
    Q6. Qd = 50 – P3, is the demand curve equation for apples, calculate the price elasticity of
    demand when P =3 and Q = 9.__________________________________________________
    Q7. If Qd =200 - 300P + 120I + 65T – 250Pc + 400Ps, and if I=10, T=60, Pc =15, Ps =10, Find:
    a. Ed for the price range $10 and $11 __________________________________________
    b. Εd at P =$10 ____________________________________________________________

    Q8. If QA = 3 – 2PA +1.5Y + 0.8PB – 3PC, & PA= 2, Y=4, PB=2.5, PC=1. Calculate EY. Is the Good
    A a normal good or an inferior good?
    _________________________________________________________________________________
    Managerial Economics – IU Spring’20 – Farrukh Wazir Khan Submit by 8.00 PM

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