2013 (May)
Commerce
(General/Speciality)
Course:
202
Full
Marks: 80
1.
Answer as directed:
(a)
Defining the problems is one of the steps of
business decision making process.(true/false)
(b)
Business Economics is specially associated with
the business firms. (true/false)
(c)
Demand for commodity means
(i)
Desire for a commodity
(ii)
Need for a commodity
(iii)
Desire for a commodity backed by ability to pay
for it
(iv) Ability
to pay for a commodity (choose the correct answer)
(d)
‘Income of people’ is one of the factors
determining market demand. (true/false)
(e)
If all factors of production would have been
perfectly divisible, increasing return to scale would not have occurred. (true/false)
(f)
Isoquants, like indifference curves does not
slop downwards from left to right. (true/false)
(g)
The price at which quantity demanded equals quantity
supplied is called____ price.
(h)
Which rule of revenue and cost is followed by
the monopolist to earn maximum profit?
2.
Answer the following questions:
(a)
What are the basic problems of an economic
system?
(b)
Mention four chief determinants of price
elasticity of demand.
(c)
Discuss briefly four characteristics of Isoquants.
(d)
What do you mean by minimum support price?
3.
(a) What do you mean by business decision-making
process? Discuss the various phases or steps of business decision-making
process.
Or
(b) Discuss the relationship between Business
Economics and Traditional Economics.
4.
(a) What is cross-elasticity of demand? Discuss
the importance of cross-elasticity of demand in business decision making.
Or
(b) What is price elasticity of demand?
Explain perfectly elasticity demand with the help of diagrams.
5.
(a) Discuss the causes of increasing return to
scale and decreasing return to scale.
Or
(b) Discuss about internal economies and external economies.
6. (a) Explain Baumal’scales maximization hypothesis as
an objective of modern business firm.
Or
(b) State the features of a perfectly competitive market.
Explain the conditions of short-run equilibrium of a firm under perfect
competition.
7. (a) How does a businessman fix his equilibrium price
in monopoly market? For the fixation of this price, what are the influences of
different factors? Discuss.
Or
(b) What is meant by price leadership? Discuss how the
oligopolists determine price with the help of price leadership.
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