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    micro economics 2021

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    micro economics 2021

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    micro economics 2021

    Uploaded by

    lalantapopbolte

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    MGT 203: Business Economics – I

    BBS 1st Year


    Model Question
    Full Marks: 100
    Pass Marks: 35

    Candidates are required to give their answer in their own words as far as practicable. The figures in
    the margin indicate full marks.

    Attempt All Questions


    Group 'A'
    Brief Questions Answer [2 x 10 = 20]
    1. Define Micro Economics.
    2. What is the difference between movement along a demand curve and shirt in demand curve?
    3. As a result of 5% fall in price of food its demand rises by 12%. Find out price elasticity of demand
    say whether demand is elastic or inelastic.
    4. Why indifference curve is convex to the origin?
    5. Why AR and MR curve is horizontal straight line in perfect competition market?
    6. Draw the diagram of iso-cost line.
    7. What is opportunity cost?
    8. If Qd = 100-20p and Qs = 10 + 40p. Find the equilibrium level of price and output.
    9. Define transfer earning with an example.
    10. What is oligopoly market?

    Group 'B'
    Descriptive Answer Questions (attempt any five) [5 x 10 = 50]
    11. What is price effect? Describe how consumer equilibrium changes due to the changes in the
    price of a commodity. (3 + 7)
    12. Explain the uses of microeconomics in making business decision. (10)
    13. Derive short-run supply curve of a firm and industry under perfect competition. (10)
    14. Complete the following table and answer the given question. (5 + 5)
    Output TFC TVC TC AFC AVC AC MC
    0 200
    1 50
    2 90
    3 120
    4 140
    5 175
    6 230
    7 310
    8 400
    From the given table explain the relationship between Average cost and Marginal cost.
    15. Profit is reward for innovation. Explain (10)
    16. You are given the following data of total product at different variable factors:
    Units of Variable factors 0 1 2 3 4 5 6 7 8
    Total product 0 20 50 90 120 140 150 155 150
    a) Calculate marginal product and average product from the above information.
    b) Draw a diagram and show the relationship between total product, average product and
    marginal product.

    Group 'C'

    Analytical Answer Questions (attempt any two) [2 x 15 = 30]


    17. What is monopoly? Explain how price and output are determined under monopoly in the long
    run? (3 + 12)

    18. What is iso-quant? Explain the various properties of iso-quant. (3 + 12)

    19. What is price elasticity of demand? Explain and illustrate the measu rement of price elasticity of
    demand with the help of point method. (3 + 12)

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