2019
(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 specially associated with the business firms. (Write True or
False)
b) The
main problems faced by the business managers can be divided into two parts, (1)
______ and (2) forward planning. (Fill in the blank)
c)
Price elasticity of demand can be defined as (Choose
the correct answer)
1) Changes in quantity demanded/Changes in prices
2) Changes in quantity demanded/changes in the price
3) Percentage change in the price/ Percentage change in
quantity demanded
4) Percentage change in quantity demanded/ Percentage
change in the price
d) Elasticity
of demand at the midpoint of a straight line demand curve is > 1 / 1 / <
1. (Choose the correct answer)
e) Higher
Isoproduct curve represents _______ levels of production. (Fill in the blank)
f) If
factors would have been perfectly divisible, increasing returns to scale would
have occurred. (Write True or False)
g) The
short-run supply curve of firm under perfect competition always slopes
downward/upward. (Choose the correct answer).
h) Under
perfectly competitive market, AR is not equal to MR (Write True or False)
2.
Answer the following questions in brief: 4x4=16
a)
What are the basic problems of an economic
system?
b)
Write a short note on price elasticity of
demand.
c)
What are the properties of Isoquants?
d)
“ A firm is a price-taker in perfect competition.”
Write briefly.
3.
(a) What do you mean by business decision-making process? Discuss the various
phases or steps of business decision-making process. 2+12=14
Or
(b) What is price mechanism? Discuss the importance of
price mechanism in business economics. 4+10=14
4.
(a) What are the different types of elasticity of demand? Discuss the
importance of elasticity of demand in business decision-making. 6+8=14
Or
(b) Give the definition of elasticity of supply. What is
the practical importance of elasticity of supply in business decision-making
process? Discuss the factors determining the elasticity of supply. 4+3+7=14
5.
(a) Discuss about internal and external economies of a business firm. How does
it affect production function? 8+6=14
Or
(b) Discuss the optimum factor combination of a firm with
the help of suitable diagram. 14
6.
(a) What is a firm? Explain how a firm maximizes its profit under perfect
competition with the help of suitable diagram. 2+12=14
Or
(b) State the features of a perfectly competitive market.
Explain how a firm attains equilibrium in short run under perfect competition. 6+8=14
(OLD COURSE)
Full Marks: 80
Pass Marks: 32
1.
Answer the following as directed: 1x8=8
a)
Business economics is
microeconomics/macroeconomics in nature. (Choose the correct answer)
b)
Business economics is also called _______
economics. (Fill in the blank)
c)
Give an example of joint demand.
d)
What will be the marginal product when total
product is maximum?
e)
Draw a perfectly inelastic demand curve.
f)
Isoproduct curve can never be horizontal or
vertical along base or OX-axis. (Write True or False)
g)
Write one characteristic of the perfectly
competitive market.
h)
Under which market condition a firm is a
price-taker?
2.
Answer the following questions in brief: 4x4=16
(a) Write in brief about business decision-making process.
(b) Explain four factors affecting price elasticity of
demand.
(c) (1) Write a short note on internal economies of business
firm.
Or
(2) Write a short note on perfectly competitive market.
(d) Write short note on:
1)
Price leadership.
Or
2)
Price discrimination.
3.
(a) Discuss the various problems of business economics. 14
Or
(b) Explain how economic theories are applied to business
economics. 14
4.
(a) What is the difference between individual demand and market demand? How is
the market demand curve derived from the individual demand curve? 5+9=14
Or
(b) What is price elasticity of demand? How is the price
elasticity of demand measured on linear demand curve? What are the factors that
affect price elasticity of demand? 3+8+3=14
5.
(a) Explain the law of variable proportions with the help of suitable diagram.
In which stage of the law, a rational producer will produce and why? 9+5=14
Or
(b) Discuss the external economies and diseconomies of a
business firm. 14
6.
(a) What are the features of perfectly competitive market? Explain the process
of price output determination in short-run under such market. 5+9=14
Or
(b) What do you mean by oligopoly market? Discuss how the
oligopolists determine price with the help of price leadership. 3+11=14
***
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