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Friday, February 15, 2019

Gauhati University Question Papers:BUSINESS ECONOMICS (May-June’ 2016)

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)      What is business economics?
b)      Define demand.
c)       What is marginal cost of production?
d)      Define GDP at factor cost.
e)      What do you mean by dumping?
f)       What do you mean by marginal physical productivity of a factor?
g)      What is shut-down point of a firm?
h)      What is selling cost?
i)        Draw a total fixed cost curve.
j)        What is demand forecasting?
2. Answer in brief (within 30 words each):                            2x5=10
a)      What is production possibility curve?
b)      State the determinants of demand.
c)       What is excess capacity of a firm?
d)      What is production function?
e)      Give two differences between normal profit and supernormal profit.
3. Answer any four of the following:                                       5x4=20
a)      Discuss the scope of Business economics.
b)      Analyse the basic problems of an economy.
c)       Discuss the main features of monopolistic competition.
d)      Explain the cost-output relation in short run.
e)      Analyse the different profit policies followed by public enterprises.
4. What is elasticity of demand? Discuss different methods of measurement of elasticity of demand.                      2+8=10
What do you mean by national income? How is it computed?                                 3+7=10
5. Explain the laws of returns to scale.                    10
Discuss the modern approach of cost.                                10
6. What is perfect competition? Discuss price and output determination process under different market periods in perfectly competitive market.                                   2+8=10
What are the characteristics of oligopoly? Determine price and output under oligopoly with the help of kinked demand curve model.                                     4+6=10
7. Explain the dynamic theory of profit.                                                 10
Profit is the reward for taking risk and bearing uncertainty. Explain.                                     10


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