Sunday, July 15, 2012

ECO404 Important short Questions and Answers




Question: Differentiate between explicit and implicit costs.
Answer: Explicit costs: Explicit costs are the actual out of pocket
expenditures of the firm to purchase or hire the inputs it
requires in production. Implicit costs: Implicit costs refer
to the value of the inputs owned and used by the firm in
its own production processes.


Question: Differentiate between accounting profit and economic
profit.
Answer: Business or Accounting Profit: Total revenue minus the
explicit or accounting costs of production. Economic
Profit: Total revenue minus the explicit and implicit costs
of production.


Question: Differentiate between direct demand and derived
demand.
Answer: Direct Demand Individual’s demand for goods and
services that directly satisfy consumer desires is known
as direct demand. This is also known as consumer
demand. Derived Demand Goods that are demanded not
for direct consumption but rather for their use in
providing other goods and services are known as derived
demand. Their demand is derived from the demand for
the products they are used to provide. Input demand is
called derived demand. It is also called business demand.


Question: Differentiate between the situation of surplus and
shortage.
Answer: Surplus: A surplus is created when producers supply
more of a product at a given price than buyers demand.
Surplus describes a condition of excess supply. Shortage:
A shortage is created when buyers demand more of a
product at a given price than producers are willing to
supply. Shortage describes a condition of excess demand.


Question: Differentiate between short run and long run.
Answer: Short run: The short run is the period of time in which
sellers already in the market respond to a change in
equilibrium price by adjusting variable inputs. Buyers
already in the market respond to changes in equilibrium
price by adjusting the quantity demanded for the good or
service. Long run: The long run is the period of time in
which new sellers may enter a market, existing sellers
may exit from a market, existing sellers may adjust fixed
factors of production, and buyers may react to a change
in equilibrium price by changing their tastes and
preferences.

2 comments:

  1. kindly eco404 ki ak big file chaiya help me plz

    ReplyDelete
  2. Hey keep posting such good and meaningful articles.

    ReplyDelete

Solution Available for following Subjects

BBA, B.Com & BS Assignments Discussion
BA All Subjects Assignment Discussion
ACC501 - Business Finance
CS001 - Computer Proficiency License
CS101 - Introduction to Computing
CS201 - Introduction to Programming
CS304 - Object Oriented Programming
ECO401 - Economics
ECO402 - Microeconomics
ECO403 - Macroeconomics
ENG101 - English Comprehension
ENG201 - Business and Technical English Writing
ENG301 - Business Communication
ETH201 - Ethics (for Non-Muslims)
ISL201 - Islamic Studies
IT430 - E-Commerce
MCM101 - Introduction to Mass Communication
MCM301 - Communication skills
MCM304 - Mass Media in Pakistan
MCM310 - Journalistic Writing
MGMT611 - Human Relations (alt. code=HRM611)
MGT101 - Financial Accounting
MGT111 - Introduction to Public Administration
MGT211 - Introduction To Business
MGT301 - Principles of Marketing
MGT401 - Financial Accounting II
MGT501 - Human Resource Management
MGT502 - Organizational Behaviour
MGT503 - Principles of Management
MGT603 - Strategic Management
MTH302 - Business Mathematics & Statistics
PAK301 - Pakistan Studies
STA301 - Statistics and Probability
PSY101 - Introduction to Psychology
PSY403 - Social Psychology
PSY502 - History & Systems of Psychology
SOC101 - Introduction to Sociology
B.Com All Subjects Assignment Discussion
ACC311 - Fundamentals of Auditing
ACC501 - Business Finance
CS101 - Introduction to Computing
ECO402 - Microeconomics
ECO403 - Macroeconomics
ENG101 - English Comprehension
ENG201 - Business and Technical English Writing
ETH201 - Ethics (for Non-Muslims)
FIN611 - Advanced Financial Accounting
FIN623 - Taxation Management
ISL201 - Islamic Studies
MCM301 - Communication skills
MGT101 - Financial Accounting
MGT211 - Introduction To Business
MGT401 - Financial Accounting II
MGT402 - Cost & Management Accounting
MGT411 - Money & Banking
MGT503 - Principles of Management
MGT611 - Business & Labor Law
MTH302 - Business Mathematics & Statistics
PAK301 - Pakistan Studies
STA301 - Statistics and Probability
B.Sc (Computer Science)
CS101 - Introduction to Computing
CS201 - Introduction to Programming
CS301 - Data Structures
CS302 - Digital Logic Design
CS304 - Object Oriented Programming
CS401 - Computer Architecture and Assembly Language Programming
CS403 - Database Management Systems
CS504 - Software Engineering - I
CS601 - Data Communication
CS610 - Computer Network)
ECO401 - Economics
ENG101 - English Comprehension
ENG201 - Business and Technical English Writing
ETH201 - Ethics (for Non-Muslims)
ISL201 - Islamic Studies
MGT101 - Financial Accounting
MGT301 - Principles of Marketing
MTH101 - Calculus And Analytical Geometry
MTH202 - Discrete Mathematics
MTH301 - Calculus II
MTH401 - Differential Equations
MTH501 - Linear Algebra
PAK301 - Pakistan Studies
PHY101 - Physics
PHY301 - Circuit Theory
STA301 - Statistics and Probability
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ACC501 - Business Finance
CS001 - VU-Computer Proficiency License
CS101 - Introduction to Computing
CS507 - Information Systems
ECO401 - Economics
ENG301 - Business Communication
MCM301 - Communication skills
MGT101 - Financial Accounting
MGT201 - Financial Management
MGT211 - Introduction To Business
MGT301 - Principles of Marketing
MGT401 - Financial Accounting II
MGT402 - Cost & Management Accounting
MGT411 - Money & Banking
MGT501 - Human Resource Management
MGT502 - Organizational Behaviour
MGT503 - Principles of Management
MGT510 - Total Quality Management (alt. code=MGMT510)
MGT601 - SME Management
MGT602 - Entrepreneurship
MGT603 - Strategic Management
MGT610 - Business Ethics
MGT613 - Production / Operations Management
MKT501 - Marketing Management
MTH001 - Elementary Mathematics
MTH302 - Business Mathematics & Statistics
STA301 - Statistics and Probability
STA630 - Research Methods
IT430 - E-Commerce
MBA All Specializations
Marketing Specialization
MKT610 - Customer Relationship Management
MKT621 - Advertising & Promotion
MKT624 - Brand Management
MKT630 - International Marketing
Finance Specialization
FIN621 - Financial Statement Analysis
FIN622 - Corporate Finance
FIN623 - Taxation Management
FIN630 - Investment Analysis & Portfolio Management
HRM Specialization
MGMT611 - Human Relations (alt. code=HRM611)
HRM624 - Conflict Management
HRM627 - Human Resource Development
MGMT628 - Organizational Development (alt. code=HRM628)
Information Technology Specialization
CS201 - Introduction to Programming
CS403 - Database Management Systems
CS610 - Computer Network
CS615 - Software Project Management
Management Specialization
MGMT623 - Leadership & Team Management (alt. code=HRM623)
MGMT625 - Change Management (alt. code=HRM625 )
MGMT629 - Crisis Management
MGMT630 - Knowledge Management
Banking Specialization
BNK601 - Banking Laws & Practices
BNK603 - Consumer Banking
MGT604 - Management of Financial Institutions (alt. code=BNK604)
FIN625 - Credit & Risk Management
MCS all Semesters Assignments Discussion
CS201 - Introduction to Programming
CS301 - Data Structures
CS302 - Digital Logic Design
CS304 - Object Oriented Programming
CS401 - Computer Architecture and Assembly Language Programming
CS402 - Theory of Automata
CS403 - Database Management Systems
CS501 - Advance Computer Architecture
CS502 - Fundamentals of Algorithms
CS504 - Software Engineering - I
CS506 - Web Design and Development
CS601 - Data Communication
CS604 - Operating Systems
CS605 - Software EngineeringII
CS607 - Artificial Intelligence
CS609 - System Programming
CS610 - Computer Network
CS614 - Data Warehousing
ENG201 - Business and Technical English Writing
MTH202 - Discrete Mathematics
MTH603 - Numerical Analysis
STA301 - Statistics and Probability
MIT All Semesters Subjects Assignments Discussion
CS201 - Introduction to Programming
CS301 - Data Structures
CS304 - Object Oriented Programming
CS401 - Computer Architecture and Assembly Language Programming
CS403 - Database Management Systems
CS408 - Human Computer Interaction
CS410 - Visual Programming
CS502 - Fundamentals of Algorithms
CS504 - Software Engineering - I
CS506 - Web Design and Development
CS601 - Data Communication
CS604 - Operating Systems
CS610 - Computer Network
CS614 - Data Warehousing
CS615 - Software Project Management
ENG201 - Business and Technical English Writing
MGT101 - Financial Accounting
MGT301 - Principles of Marketing
MGT501 - Human Resource Management
MGT502 - Organizational Behaviour
MGT503 - Principles of Management
MGT602 - Entrepreneurship
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