Managerial Economics Assignment, UON, Malaysia Explain the term Explicit and Implicit costs. Give examples. What is Economic Profit as compared to Financial Profit

University University of Nottingham (UON)
Subject Managerial Economics

QUESTION 1

(a) Explain the term Explicit and Implicit costs. Give examples.
(b) What is Economic Profit as compared to Financial Profit? To compute Economic Profits, which costs are used? Give example.

QUESTION 2

(a) What is Price Discrimination? Give examples.
(b) Determine the conditions for price discrimination to be effective

QUESTION 3

(a) Oligopoly Market Structure – discuss the main features and basis of firm competition
(b) What is Monopolistic Competition? Give examples.

QUESTION 4

(a) Explain the term inflation and how it is measured.
(b) Describe the fiscal and monetary measures that are normally taken to curb inflation.

QUESTION 5

Mr. Rahim is planning to pursue MBA studies. Initial inquiry shows that he will have to pay RM 25,000 as a tuition fee, buy books for RM 1,000, and pay for transport for RM1,000. The MBA study program will extend over 15 months. Mr. Rahim is working now with a salary of RM 2,500 per month. Being a full-time student, he will have to forego the income from his present job for the period of study.
Work out:
(a) Financial cost
(b) Economic Cost of doing an MBA

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