Dibrugarh University Question Papers - Business Economics (May' 2014)

2014 (May)
(General / Speciality)
Course: 202
(Business Economics)
Full Marks: 80
Pass Marks: 32
Time: 3 hours

The figures in the margin indicate full marks for the questions.
1.    Answer as directed:                                                                                                       1x8=8
a)      Making successful forecast is one of the responsibilities of a Managerial Economist.  (Write True / False)
b)      Price mechanism is based on two strong opposite forces.     (Write True / False)
c)       Perfect elasticity of demand curve is parallel / vertical to the base.(Choose the correct answer )
d)      ‘Nature of the commodity’ is not a factor which determines elasticity of supply. (Write True / False)

e)      Iso-product curve should never be horizontal or vertical along base or OX-axis. (Write True / False)
f)       What is production function?
g)      How many production firms are there in a monopoly market?
h)      Under which market form a firm is a price taker?

2. Answer the following questions in brief:                                                                                                                4x4=16
(a) Mention four characteristics of Business Economics.
(b) Give four justifications of downward slope of demand curve.
(c) Explain the concepts of short-run and long-run in production function.
(d) What do you mean by ‘price leadership’?

3.    (a) What is price mechanism? Discuss the importance of price mechanism in business economics.                             4+7=11
(b) Discuss the various problems of business economics.                                                                      11

4.    (a) Define price elasticity of demand. Discuss the factors determining the price elasticity of demand.                      4+7=11
(b) Define elasticity of supply. Discuss the factors determining the elasticity of supply.                   4+7=11

5.    (a) What is iso-product curve? Discuss its main characteristics.                    4+7=11
(b) What is called production expansion path? Discuss how it can be expressed with the help of budget line and iso-product curve.                                  4+7=11

6.    (a) State the features of a perfectly competitive market. Explain the importance of perfect competitive market.                                                                                                6+6=12


(b) Discuss the equilibrium price determination in the long-run under perfect competition with the help of suitable diagram.                                                              12

7.    (a) What is price discrimination? Discuss the possibilities of price discrimination under monopoly market.                              3+8=11

(b) What is oligopoly market? Discuss how the price is determined under oligopoly market with the help of kinked demand curve model.                                   3+8=11

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