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Monday, February 17, 2014

Dibrugarh University - Business Economics (May' 2013)

2013 (May)
Commerce (General/Speciality)
Course: 202
Full Marks: 80
Time: 3 Hours

1.       Answer as directed:
(a)    Defining the problems is one of the steps of business decision making process.(true/false)
(b)   Business Economics is specially associated with the business firms.  (true/false)
(c)    Demand for commodity means
(i)      Desire for a commodity
(ii)    Need for a commodity
(iii)   Desire for a commodity backed by ability to pay for it
(iv)  Ability to pay for a commodity (choose the correct answer)
(d)   ‘Income of people’ is one of the factors determining market demand. (true/false)
(e)   If all factors of production would have been perfectly divisible, increasing return to scale would not have occurred.  (true/false)
(f)     Isoquants, like indifference curves does not slop downwards from left to right. (true/false)
(g)    The price at which quantity demanded equals quantity supplied is called____ price.
(h)   Which rule of revenue and cost is followed by the monopolist to earn maximum profit?

2.       Answer the following questions:
(a)    What are the basic problems of an economic system?
(b)   Mention four chief determinants of price elasticity of demand.
(c)    Discuss briefly four characteristics of Isoquants.
(d)   What do you mean by minimum support price?

3.       (a) What do you mean by business decision-making process? Discuss the various phases or steps of business decision-making process.
Or
(b) Discuss the relationship between Business Economics and Traditional Economics.

4.       (a) What is cross-elasticity of demand? Discuss the importance of cross-elasticity of demand in business decision making.    
Or
(b) What is price elasticity of demand? Explain perfectly elasticity demand with the help of diagrams.

5.       (a) Discuss the causes of increasing return to scale and decreasing return to scale.
Or
(b) Discuss about internal economies and external economies.

6. (a) Explain Baumal’scales maximization hypothesis as an objective of modern business firm.
Or
(b) State the features of a perfectly competitive market. Explain the conditions of short-run equilibrium of a firm under perfect competition.

7. (a) How does a businessman fix his equilibrium price in monopoly market? For the fixation of this price, what are the influences of different factors? Discuss.  
Or
(b) What is meant by price leadership? Discuss how the oligopolists determine price with the help of price leadership.