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

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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