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## Friday, April 18, 2014

### Dibrugarh University (2nd Semester) : Business Economics Important Questions and Answers

Q. What is Price Mechanism? Explain its importance and Limitations.
Q. Write short notes on:
Ø  Steps in business decision making process
Ø  Price mechanism
Ø  Basic problems of an economic system

Unit 2
Q. What is price elasticity of demand? What are its determinants? Explain the importance of price elasticity of demand.
Q. What is law of Demand? Mention the assumptions which are necessary for law of demand analysis. What are the exceptions to the law of demand?
Q. What is Elasticity of Supply? Mention its determinants .
Q. What are various types of elasticity of demand? Mention various degrees of elasticity with diagram.
Q. Write short notes on:
Ø  Methods of measurement of Elasticity of demand
Ø  Supply theory
Ø  Cross elasticity and Income Elasticity

Unit 3
Q. What is an lsoquant? Explain its properties. Identify the economic region of production with the help of lsoquant curve.
Q. Explain with diagram the law of variable proportion. In which stage output is decided?
Q. Discuss the laws of returns to scale.
Q. What do you mean by internal and external economics? Explain the different factors responsible for internal economics.
Q. Write short notes on:
Ø  Expansion Path
Ø  Why is marginal rate of technical substitution between factors (MRTSLK) always diminishing?

Unit 4
Q. What are the objectives of a business firm? Discuss Cyert-March hypothesis of Satisfying Behaviour as an objective of modern business firms.
Q. What is perfectly competitive market? What are its characteristics? Explain the process of price-output determination, under perfect competition.
Q. Analyse the equilibrium of a business firm under perfect competition with the help of suitable diagram.
Q. Write short notes on:
Ø  Profit maximisation  Hypothesis
Ø  Baumal’s sales maximization hypothesis

Unit 5  (Old Course Only)
Q. What is monopoly market? What are its features? How does a monopolist determine the price of his commodity under condition of price discrimination? Illustrate your answer with suitable diagram.
Q. Explain with diagram how price and output are determined under monopoly.
Q. Mention the main features of oligopoly. Explain how a cartel determines price and output under collusive oligopoly.
Q. What is oligopoly? What are its features? Explain the models applied for determining price under oligopoly market.
Q. Write short notes on:
Ø  Monopoly vs. oligopoly vs. perfect competition
Ø  Kinked demand curve
Ø  Conditions for price discrimination