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Thursday, February 14, 2019

Gauhati University Question Papers:BUSINESS ECONOMICS (May-June’ 2013)

Gauhati University Question Papers
Full Marks: 80
Time Allowed: 3 hours
Answer either in English or Assamese
The figures in the margin indicate full marks for the questions
1. Answer the following questions:                          1x10=10

a)      Define business economics.
b)      What is the slope of an average fixed cost curve?
c)       Mention one factor affecting the individual demand for a commodity.
d)      What is isoquants?
e)      What is per capital income?
f)       If supply is fixed, market price is determined by _____.
g)      Total revenue is maximum, when marginal revenue is _____.
h)      Give one reason for the need of a separate theory of distribution.
i)        Name a commodity which has inelastic demand.
j)        Define Profit.
2. Answer in brief (within 30 words):                       2x5=10
a)      Mention two importance of national income in Business Economics.
b)      What is normal price?
c)       Define production function.
d)      What is dumping?
e)      The demand curve slope downwards. Why?
3. Answer any four of the following (within 200 words):                                                 5x4=20
a)      Explain the nature of business economics.
b)      Distinguish between accounting cost and economic cost.
c)       Write a note on demand forecasting.
d)      Explain the law of diminishing marginal rate of technical substitution.
e)      What are the possibilities of price discrimination?
f)       Explain the concept of cross elasticity of demand.
4. Answer the following (within 600 words):
a)Explain the laws of returns to scale with the help of isoquants.                                   10
b)      What do you mean by ‘national income’? Discuss its importance in business economics.                            10
        What is price elasticity of demand? Explain different methods of measurement of price elasticity of demand.                                                                                                                                                                                             2+8=10
c) What are the characteristics of monopolistic competition? Discuss the price and output determination process under monopolistic competition.                                              4+6=10
            “The problem before a firm under conditions of perfect competition is to determine its output only.” – Explain.                                                                                                                                                                                                    10
d)      What is marginal revenue productivity of a factor? What does it play in determination of price of a factor of production? Explain.                                       4+6=10
            Discuss the dynamic theory of profit.                                                          10


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