Gauhati University Question Papers
BUSINESS ECONOMICS (May-June’ 2017)
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) Define
Business Economics.
b) Mention
one factor affecting the individual demand for a commodity.
c) What
is equal-product curve?
d) What
are the two components of Business Economics?
e) What
is disposable income?
f) What
is cost function?
g) Mention
one characteristics of Monopoly Market which is not available in the Perfect
Competition.
h) What
is Marginal cost of product?
i)
Name a commodity which has inelastic demand.
j)
Define profit.
2.
Answer in brief (within 30 words each): 2x5=10
a) Mention
two characteristics of Business Economics.
b) Mention
two main causes of arising economic problems.
c) What
is normal price?
d) Define
price elasticity of demand.
e) Generally
the demand curve slopes downward from left to the right. Why?
3.
Answer any four of the following: (within 200 words each) 5x4=20
a) Explain
the scope of Business Economics.
b) Explain
the factors affecting price elasticity of demand.
c) Explain
the relationship between short-run average costs and short-run marginal costs.
d) Write
a note on demand forecasting.
e) Explain
the concept of cross-elasticity of demand.
f) Mention
the assumptions of the Law of Diminishing Returns.
4.
Answer the following questions (within 600 words each):
a) Explain
the Laws of Returns to scale with the help of diagrams. 10
Or
Define national income. Discuss its importance in Business
Economics. 3+7=10
b) What
is price elasticity of demand? Explain the different methods of measurement of
price elasticity of demand. 2+8=10
Or
What is Monopoly? Discuss the price and output determination
under monopoly market. 2+8=10
c) How
can LAC curve be derived from the SAC curve? Why is LAC curve U-shaped? 5+5=10
Or
What are the characteristics of Perfect Competition? How
price and output is determined under perfect competition?
d) Critically
discuss the Marginal Productivity Theory of Distribution. 7+3=10
Or
Critically discuss Schumpeter’s Innovation Theory of Profit.
7+3=10
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