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Tuesday, January 21, 2020

Gauhati University Question Papers: Business Economics (May-June' 2018)

Paper: 401
Full Marks – 80
Time – Three Hours
The figures in the margin indicate full marks for the questions
1. Answer the following questions:                                            1x10=10
a)         Define free market economy.
b)         Mention the basic economic problem faced by an economy.
c)          Draw a production possibility curve.
d)         What is production function?
e)         What is marginal productivity (MP) when total productivity (TP) is maximum?
f)          Mention one important assumption of the laws of returns to scale.
g)         What is the shape of total fixed cost curve (TFC)?
h)         Define average variable cost of a product.
i)           Draw a short run average cost curve (AC).
j)           Draw an average revenue curve under perfect competition.
2. Answer in brief within 30 words each:                                              2x5=10

a)         What do you mean by resource allocation problem of a business firm?
b)         Mention two causes of increasing return to scale.
c)          What do you mean by economic costs?
d)         Briefly explain the role of selling costs in monopolistic competitive market.
e)         Mention two important characteristics of monopoly market.
3. Answer any four of the following within 200 words each:                               5x4=20
a)         What is the relation between business economics and micro economics?
b)         Distinguish between micro and macro economics.
c)          Explain the point elasticity method of measuring price elasticity of demand.
d)         Show the relationship between marginal cost (MC) and average cost (AC).
e)         Differentiate between market price and normal price.
f)          Briefly explain the concept of Discriminating Monopoly.
4. What is elasticity of demand? Explain various types of elasticity of demand.                   2+8=10
Write short notes on:                                                     5+5=10
a)         Income elasticity of demand.
b)         Cross elasticity of demand.
5. Explain the law of variable proportion with a suitable diagram.              10
What is an iso-quant curve? Explain its various properties with appropriate diagram.          2+8=10
6. Define monopolistic competition. What are its basic features? Explain how price and output are determined under such market.                                   1+4+5=10
What do you mean by oligopoly market? Discuss various features of oligopoly market.       3+7=10
7. Critically discuss Knight’s uncertainty bearing theory of profit.                       10
Explain the dynamic theory of profit.                                               10

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