Friday, February 15, 2019

Gauhati University Question Papers:BUSINESS ECONOMICS (May-June’ 2014)

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 the root cause of economic problems?
b)      Mention one characteristic of Business Economics?
c)       What is excess capacity of a firm?
d)      Define gross domestic product of a country.
e)      Mention one determinant of demand.
f)       Draw a demand curve showing cross elasticity of demand for substitutes.
g)      What is marginal cost of production?
h)      Law of variable proportions is relevant to _____ period.
i)        The optimum size of a firm can exist only under _____.
j)        According to “Profit Maximisation theory” of a firm, management decides output level which maximizes the difference between _____ and _____.
2. Answer in brief (within 30 words):                                       2x5=10
a)      What are the two types of managerial problems?
b)      Mention two properties of Isoquants.
c)       What is selling cost?
d)      What is discrimination monopoly?
e)      Give two reasons for the need of a separate theory of factor pricing.
3. Answer any four of the following: (within 200 words)                                 5x4=20
a)      Explain the scope of Business Economics.
b)      Write a note on Opportunity Cost.
c)       Discuss the differences between monopoly and perfect competition.
d)      What is marginal revenue productivity of a factor? Explain.
e)      Distinguish between gross profit and net profit.
f)       Explain the marginal uses of cost function.
4. Answer the following within 600 words.
a)      Explain the different types of elasticity of demand. State the importance of the study of elasticity of demand in Business Economics.                                                       6+4=10
b)      State and explain the law of variable proportion with the help of diagram.                    10
Discuss the modern approach of Cost.                           10
c)       What is Oligopoly? Explain the price and output determination process under oligopoly with the help of a model.  4+6=10
How is an equilibrium price determined in a perfectly competitive market? Explain with the help of diagram.                                `                                                                                                                                                                   10
d)      What is profit? Discuss the different profit policies to be followed by the public enterprises.                                10
Explain Hawley’s theory of profit.                     10


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