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.
Discuss the role and responsibilities of a business manager in business
economics. 2016
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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.
Discuss about optimum factor combination/Producer's equilibrium of a business firm with the help of
diagram. 2017
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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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