B.Com First Year Question Papers (Distance): Business Economics' 2018

Paper: 105
(Business Economics)
Full Marks: 90
Time: 3 hours
The figures in the margin indicate full marks for the questions
1. (A) Answer the following as directed:                1x10=10

1)         Write one feature of Business Economics.
2)         Price elasticity of demand measures the responsiveness of amount demanded to change in price of that commodity.
3)         There are three stages in the Law of Variable Proportion. These are –
a)         Increasing return stage.
b)         Diminishing return stage, and
c)          _______ return stage.
(Fill in the blank)
4)         Draw a short run total cost curve.
5)         Sales Maximization is one of the objectives of a business firm. (Write True or False)
6)         Write one characteristic of monopoly market.
7)         Who is the profounder of the concept of ‘Exploitation of Labour’?
a)         Adam Smith.
b)         David Ricardo.
c)          Karl Marx.
d)         Samuelson.
(Choose the right answer)
8)         Economic rent in the price paid for the use of Land. (Write true or false)
9)         Write one difference between gross profit and net profit.
10)      “Profit can be negative”. Write true or false.
(B) Write short notes on: (any four)                        5x4=20
1)         Subject matter of Business Economics.
2)         Income Elasticity of Demand.
3)         Expansion Path.
4)         Oligopoly.
5)         Quasi-rent.
6)         Insurable and Non-insurable risk.
2. (a) Elaborately discuss the basic problems of Economy.              12
(b) “A part from price there are several factors that determine elasticity of demand”. – Discuss.                        12
3. (a) What is Production Function? Describe the Long Run Production Functions (Returns to Scale) with the help of equal product curve.                2+10=12
(b) Write a note on Internal Economies and External Economies of scale of production.        12
4. (a) “A monopolist may charge different prices for the same product from different buyers”. – Explain the statement with the help of price discrimination.                 12
(b) Bring out the difference between perfectly competitive market and monopoly market with the help of suitable diagram.                   12
5. (a) Critically examine the Marginal Productivity theory of factor pricing.          12
(b) What rent arises? Explain the Modern theory of rent.             4+8=12
6. (a) What is ‘Liquidity Preference’? Discuss the Liquidity Preference theory of Interest with the help of a suitable diagram.         3+9=12
(b) Why entrepreneurs earn profit? Explain Hawley’s Risk bearing theory of profit.  3+9=12


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