2018 (May)
COMMERCE
(General/Speciality)
Course: 202
(Business Economics)
Time: 3 hours
The figures in the
margin indicate full marks for the questions
(NEW COURSE)
Full Marks: 80
Pass Marks: 24
1.
Answer the following as directed: 1x8=8
a)
Business economics is best defined as the
economic study of
1) How
maximum profit can be made in a business.
2) How
business can make maximum use of resources.
3) How
the problems of business can be solved.
4) How
most of the products can be sold. (Choose the correct answer)
b)
Price mechanism is based on supply and _____. (Fill in the blank)
c)
Demand is called _____ where demand elasticity
is infinity. (Fill in the
blank)
d)
Give an example of joint demand.
e)
“Isoproduct curve can never be a horizontal or
vertical line along OX-axis.” (Write True
or False)
f)
“When scale of production decreases with the
expansion of scale of production cost, it is known as economies.” (Write True or False)
g)
The classification of market depends mainly on
two factors (1) number of firms and (2) _____. (Fill in the blank)
h)
In long-run equilibrium, the price in perfectly
competitive market is equal to
1) Short-rum
marginal cost.
2) Short-run
average total cost.
3) Marginal
revenue.
4) None
of the above. (Choose the correct
answer)
2.
Answer the following questions in brief: 4x4=16
a)
Mention four chief characteristics of business
economics.
b)
Write the importance of elasticity of demand in
business management.
c)
Write short note on increasing retures to scale.
d)
Write a note on the short-run supply curve of a
firm.
3.
(a) Discuss the relationship between business economics and traditional
economics and also distinguish between them. 6+8=14
Or
(b) Discuss the nature, scope and
characteristics of business economics.
4.
(a) What is price elasticity of demand? Explain perfectly elastic and perfectly
inelastic demand with the help of diagrams. 2+6+6=14
Or
(b) 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. 2+4+8=14
5.
(a) Explain the law of variable proportions with diagram. In which stage of the
law a rational producer will produce and why? 10+4=14
Or
(b) What is Isoproduct curve? Discuss the
main characteristics of Isoproduct curve. 4+10=14
6.
(a) Mention the characteristics of perfectly competitive market. Discuss how
the price is determined under perfectly competitive market. 8+6=14
Or
(b) What is meant by equilibrium of firm? Explain how firm
attains equilibrium with the help of total revenue and total cost approach. 4+10=14
(OLD COURSE)
Full Marks: 80
Pass Marks: 32
1.
Answer the following as directed: 1x8=8
a)
Mention one characteristic of business
economics.
b)
A perfectly elastic demand curve is parallel /
perpendicular to the base. (Choose
the correct answer)
c)
Higher Isoproduct curve represents higher level
of production. (Write True or False)
d)
Mention one objective of a firm.
e)
Price of the substitute good is one of
determinants of demand. (Write True
or False)
f)
Mention one basic problem of an economy.
g)
Free entry and _____ is one of the important
characteristics of perfect competition. (Fill
in the blank)
h)
Very short-run price is known as normal price. (Write True or False)
2.
Answer the following questions in brief: 4x4=16
a)
Highlight the relationship between business
economics and traditional economics.
b)
Write the meaning and causes of internal
economics.
c)
Discuss the law of supply.
d)
Mention four properties of Isoquants.
3.
(a) What is business economics? Discuss the nature and scope of business
economics. 2+12=14
Or
(b) Discuss the role and responsibilities
of a manager in business economics. 14
4.
(a) What is elasticity of demand? Explain the factors that determine the
elasticity of demand. 4+10=14
Or
(b) Explain the following types of elasticity of demand: 7+7=14
1)
Price elasticity.
2)
Cross-elasticity.
5. (a) Explain the law of variable proportions with suitable
diagram. 14
Or
(b) Explain the characteristics of
Isoquants. 14
6.
(a) What is perfect competition? Mention four characteristics of perfect
competition. How is price determined in the long-term in this market? 2+4+8=14
Or
(b) Discuss the differences between perfect competition
market and monopoly market. 14
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