1.
Answer as Directed: 1x8=8
a)
Business Economics is micro/macro economics in
nature.
b)
Business Economics is also know as
________________.
c)
Draw a perfectly inelastic demand curve.
d)
Give an example of Joint Demand.
e)
If marginal product is zero, how much will be
the total product?
f)
Total revenue = price x ________________.
g)
Mention the type of market where a particular
commodity is sold at uniform price.
h)
Give an example if selling cost.
2.
Answer the following questions in brief: 4x4=16
a)
Mention four chief characteristics of Business
economics.
b)
What is demand? Mention the assumptions which
are necessary for law of demand analysis.
c)
Write four factors on which supply of a
commodity depends.
d)
Write short notes on internal economics.
3.
Explain how economic theories are applied to
Business Economics. 11
Or
Explain
the basic problems of an economic system. 11
4.
Explain the percentage or proportional method of
measuring price elasticity of demand. The price of per kilogram mango is Rs. 20
and demand for it is 40 kilograms. Now price of mango falls to Rs. 16 per
kilogram and demand for mango increases to 44 kilograms. Find out price
elasticity of demand using percentage or proportional method. 5+6=11
Or
What
is price elasticity of demand? Explain the importance of price elasticity of
demand. 4+7=11
5.
What is the law of variable proportions? Explain
the law of variable proportions with the help of suitable diagram. 4+8=12
Or
Explain
the iso – product curve with the help of suitable diagram. Mention the properties
of iso – product curve. 6+6=12
6.
What are the objectives of a business firm?
Explain the profit maximization hypothesis. 4+7=11
Or
What
are the characteristics of perfect competition market? Explain how price is
determined under perfect competition market. 4+7=11
7.
What are the necessary conditions for price
discrimination? How does a discriminating monopoly determine output and price? 4+7=11
Or
Explain
any two models applied for determining price under Oligopoly market. 11