What is Managerial Economics-SolutionStudy of economic theories- logic.docx

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What is Managerial Economics? Solution Study of economic theories, logic and methodology for solving the practicalproblems of business. It is used to analyze business problems for rational businessdecisions. It is also called as Business Economics or Economics for firms.Relevance to engineers/Managers:Engineering and Management involves a lot of strategic decision making situations.Managerial economics helps in rational decision making. The various economic conceptshelp a manger to take right decisions. The scope of managerial economics is: I.The selection of the production or the service to be produced. II.The choice of production methods and resource combinations III.The choice of best price and quantity combinations IV. Promotional strategy and activities. V. The selection of location from which to produce. .

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What is entropy? What is its significance for engineering devices and processes? Solution Entropy is a thermodynamic quantity representing the unavailability of a system\'s thermal energy for conversion into mechanical work, often interpreted as the degree of disorder or randomness in the system. The entropy of a substance is real physical quantity and is a definite function of the state of the body like pressure, temperature, volume of internal energy. Significance- the significance of entropy revolves around the stability of a system/reaction. the higher the entropy, the more unstable the system/reaction. from the third law of thermodynamics we know that the entropy of a crystalline solid is zero at the absolute temperature (0 K). thus this is the most stable form of a substance. An increase in entropy implies a transition from on ordered to a less ordered state of affair. .

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What is an income statement and what information does it communicate? Solution Answer: Income statement:The income statement is one of the three primary financial statements used to assess a companyâ€™s performance and financial position (the two others being the balance sheet and the cash flow statement). The income statement summarizes the revenues and expenses generated by the company over the entire reporting period. Net income=Revenue-Expenses It communicates about: Revenue is the money that a company takes in. Expenses are the money that a company pays out. Net income is the amount of money that is left after a company subtracts their expenses from their revenue. .

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What is an intangible asset? Consider the characteristics. Provide an example of an intangible asset. How is it treated in accounting? Solution An Intangible assets is an asset which cannot be seen or touched. But it provides econmic benefits to the firm or company. Example of intangible asset are goodwill, Patent, Trademark. Brand recognition etc Characterstics Lack of physical existence They are not financial instruments Accounting Treatment If an intangible asset is purchased then they are recorded at cost If purchased in exchange of stock, fair value of consideration given or received whichever is more clear, should be recognised If it is developed then capitalised direct costs incurred in developing the intangible .

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What is Contingent Liabilities? Solution Contingent liabilities are those liabilities which are not liabilities as of now. In future they may become liabilities. They are called contingent because they are not real. Example: A bank shows all bank guarantees it has issued as contingent liabilities in its balance sheet. Reason: those bank guarantees may be invoked and may actually become liability in some unknown date in future. Contingent liabilities are mentioned in balance sheet and annual report. There is a solid reason for the same. Suppose any contingent liability becomes a real liability in future then the stake holders in the company should not get surprised by sudden expense by the company. Investors need to be informed of possible liabilities in future. .

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What is CORBA? Give a brief Overview. Solution The CORBA, which stands for Common Object Request Broker Architecture which was developed by the Object Management Group (OMG) which is a standard to provide communication among distributed objects. The communication between client and server is accomplished through a well-defined object-oriented interface. The Object Request Broker (ORB) determines the location of the target object, sends a request to that object, and returns any response back to the caller. An Interface Definition Language (IDL) is the OMG standard used define the interface definitions or APIs, which provides a platform independent flexibility. .

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What is black box testing? Solution Black Box Testing:- Black box testing refers to the testing of an application or software, it is actually used to test the functionality of the particular software without actually connecting the software to the actual peers,which it will use when it will actually start working. So in other words we can say that is a dummy kind of testing done before launching the Software or the Application to make sure that it is working up to the mark. It is also used to test different stages of the software while it is being build like unit, integration, system and acceptance,that is each virtual layer of testing can be done before the Software or the Application is Released. .

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