Gauhati University Question Papers
BUSINESS ECONOMICS (May-June’ 2015)
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) What
is micro economics?
b) What
is demand function?
c) If
48 units of output are produced and the total fixed cost is Rs. 180/- along
with a total variable cost Rs. 300/-, what would be the average cost of
production?
d) What
is meant by equilibrium quantity?
e) What
is Iso-quant?
f) Who
bears cost?
g) If
a firm produces two goods X and Y with given resources and price of good Y
falls, supply of good X will _____.
h) Any
individual production unit of a commodity is called _____.
i)
The resources used in production are called
_____.
j)
What is rent?
2.
Answer in brief (within 30 words each): 2x5=10
a) Mention
two points of importance of national income in business economics.
b) Mention
two methods to solve the basic problems of an economy.
c) What
is meant by demand forecasting?
d) What
happens to the price of the commodity when quantity demanded of a commodity is
greater than its quantity supplied at a given price?
e) Mention
two possibilities of price discrimination.
3.
Answer any four of the following: 5x4=20
a) What
are the characteristics of business economics?
b) Distinguish
between accounting cost and economic cost.
c) Discuss
the different types of production function.
d) Explain
the concept of cross elasticity of demand.
e) Write
a note on dumping.
4.
Answer the following (within 600 words each):
a) What
is price elasticity of demand? Discuss different kinds of price elasticity of
demand. 4+6=10
b) What
is cost function? Explain the cost output relation in short run.
Or
Explain the law of returns to scale. 10
c) What
is monopolistic competition? Explain the price and output determination process
under monopolistic competition. 4+6=10
Or
Discuss the differences between perfect competition and
monopoly. 10
d) Discuss
the marginal productivity theory of factor pricing. 10
Or
Explain Innovations theory of profit. 10
***
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