ENGINERRING ECONOMICSPart : AWhat is short run cost?Define marginal cost?Mention any 2 managerial uses of production function.Write the types of cost.Define isocost.What is the significance of isoquants?Define the factors of perfect competition.Write the difference between explicit and implicit cost.Define margin of safety.What do you mean by money cost and real cost?Differentiate opportunity vs outlay cost.Define break even point.Define MRTS

Part: BWhat is meant by least cost combination of inputs? Suggest a mechanism to determine the least cost combination of inputs.What are the determinants of cost function? Explain the managerial uses of cost function.Explain about the laws of returns to scale with suitable illustrate.Describe about short run cost and long run cost curve.1.Write short notes on isoquants and its types. 2. What are the factors affecting production function? Discuss.Distinguish between oligopoly, monopoly and monopolistic competitution.Define BEP. How do you determine it? Show graphical presentation of BEP.Define cost. Explain the different cost concepts used in the process of cost alalysis.Define production function. How can a production find it useful? Illustrate.Explain the cost benefit analysis.