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DIBRUGARH UNIVERSITY - B.COM 2ND SEM: BUSINESS ECONOMICS IMPORTANT QUESTIONS FOR UPCOMING EXAM

Business Economics Important Questions for Upcoming Exams (May’ 2019)

Unit 1: Nature and Scope of Business Economics
Q. What is business economics? Discuss the nature (2012, 2014, 2016, 2018SN) and scope (2017SN) of business economics.         2015, 2018
Q. Discuss the relationship between Business Economics and Traditional Economics. Or Explain how economic theories applied in business economics.                2012, 2013, 2018


Q. Explain the basic problems of an economic system.  2012, 2013(SN), 2014, 2015(SN), 2016, 2017
Q. What is Price Mechanism? Explain its importance and Limitations. How price mechanism helps in solving basic economic problem?       2014, 2015, 2017
Q. Discuss the role and responsibilities of a business manager in business economics.                 2016
Unit – 2: Demand and Supply theory and their Elasticity
Q. What is law of Demand? Mention the assumptions which are necessary for law of demand analysis (2012). What are the exceptions to the law of demand?
Q. What are various types of elasticity of demand? Mention various degrees of elasticity with diagram.             2013, 2017, 2018
Q. What is price elasticity of demand? What are its determinants (2013, 2016SN)? Explain the importance of price elasticity of demand.                     2012, 2014, 2015, 2016
Q. What is cross elasticity of demand (2015SN)? Discuss the importance of cross elasticity of demand in business decision making (2018SN).          2013, 2017
Q. What is Income elasticity of demand? Discuss the importance of income elasticity of demand in business decision making.                2015
Q. What is law supply? What are the assumptions necessary for explanation of the law of supply? Explain the individual supply curve and the market supply curve with diagram.        2018
Q. What is Elasticity of Supply? Mention its determinants.         2014, 2016
Q. Write short notes on:
Ø  Demand curve          2014, 2017
Ø  Calculation of price elasticity of demand                     2012
Ø  Factors affecting supply                       2012
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Unit – 3: Production Function
Q. Explain with diagram the law of variable proportion. In which stage output is decided?          2012, 2015, 2018
Q. What is an Isoquant? Explain its properties. Identify the economic region of production with the help of Isoquant curve.                   2012, 2013(SN), 2014, 2015(SN), 2016, 2018
Q. Discuss the laws of returns to scale. Discuss the causes of increasing return to scale (2016SN, 2018SN) and decreasing return to scale. 2013
Q. What do you mean by internal (2012SN) and external economies (2017SN)? Explain the different factors responsible for internal economics.                2013, 2015


Q. What do you mean by economies and diseconomies of large-scale production? Discuss the different factors influencing economies and diseconomies of large-scale production.     2017
Q. What is called production expansion path (2017SN)? Discuss how it can be expressed with the help of budget line and iso-product curve.                  2014, 2016
Q. Discuss about optimum factor combination/Producer's equilibrium of a business firm with the help of diagram.        2017
Unit – 4: Market Structure – Perfect Competition
Q. What are the objectives of a business firm? Explain the Profit maximisation Hypothesis. 2012, 2016
Q. Explain Baumal’sales maximization hypothesis as an objective of modern business firm.      2013, 2015
Q. What is perfectly competitive market? What are its characteristics and importance? Explain the process of price-output determination, under perfect competition.         2012, 2014, 2015, 2017, 2018
Q. Analyse the short run and long run equilibrium of a business firm under perfect competition with the help of suitable diagram.    (Especially equilibrium with the marginal cost and marginal revenue)        2013, 2014, 2016, 2017, 2018
Q. Write Short notes on:
Ø  MSP 2013
Ø  Normal and supernormal profit                        2015

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