BBA103/ BCH105 Principles of Economics BBA/ B.Com Question Paper : tmu.ac.in
University : Teerthanker Mahaveer University
College : Teerthanker Mahaveer College of Management & Computer Applications
Degree : BBA/ B.Com
Subject : BBA103/ BCH105 Principles of Economics
Semester : I
Document Type : Question Paper
Website : tmu.ac.in
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Principles of Economics :
BBA/B.Com. Hons. I SEMESTER EXAMINATION 2010-11
Course Code : BBA103/BCH105
Paper ID : 0061105
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Time : 3 Hours Max. Marks: 75
Note : Attempt six questions in all. Q. No. 1 is compulsory.
1. Answer any five of the following (limit your answer in 50 words). (3×5=15)
a) Distinguish between actual cost and opportunity cost.
b) Define the law of supply.
c) With the help of a diagram, explain unit elasticity of demand.
d) What do you mean by marginal rate of substitution-
e) Write short notes on average and marginal product-
f) Why does the marginal cost curve intersect below the average variable and average total cost curves at their minimum points-
g) Explain the features of a monopoly market.
h) Define a budget line.
2. ‘Marginal economics is the integration of economic theory with business practices for the purpose of facilitating decision-making and forward planning by management.’ Explain the statement. (12)
3.a) Define relative elastic demand and relative inelastic demand. (4)
b) Suppose that the price of a commodity falls from Rs. 10.00 to Rs. 8.00 per unit. As a result of this change in price of the commodity, the quantity demanded of the commodity increases from 120 units to 180 units. Calculate the price elasticity of demand. (8)
4. What do you mean by ‘demand forecasting’- Enumerate the factors involved in forecasting demand. Briefly discuss few important techniques which are used for forecasting. (2+4+6)
5. Discuss consumer’s equilibrium through the technique of indifference curve analysis. How consumer equilibrium changes with the change in money income and price of either of the two goods- (6+3+3)
6. Explain the concept of Returns to scale. Illustrate different stages of returns to scale with the help of Isoquant curves. (4+8)
7. Given the market demand function for the commodity-X as Qx = f(Px, Py, Pz, I,….), where, Px = price of the commodity-X, Py = price of the substitute commodity –Y, Pz = price of the commodity –Z which is complement to commodity-X and I = level of per capita income of the consumers. With the help of appropriate diagrams, explain how will the consumer demand changes (3×4=12)
a) If price of the commodity-X rises
b) If price of the substitute commodity-Y rises
c) If price of the complementary commodity – Z falls
d) If per capita income (I) of the consumer rises
8. ‘In the long-run equilibrium, every firm in a competitive industry earns zero profit. Why do not these firms leave the industry and go else where to make some positive economic profits’- Explain this statement by pointing out how the price-output are determined in long-run under perfect competition. (12)
BBA/B.Com. (Hons) I (First)Semester Examination 2015-16 :
Course Code : BBA103/BCH105
Paper ID : 0501203
Time : 3 Hours
Max Marks : 75
Note : Attempt six questions in all. Q. No. 1 is compulsory.
1. Write short notes on any five of the following (limit your answer in 50 words). (4×5=20)
a) Concept of Macro Economics
b) Law of Demand
c) Importance indifference curves
d) Monopoly
e) Factors of Production
f) Economics of Small Scale Production
g) Opportunity cost
h) Market equilibrium
2. Explain the scope and relevance of managerial economics in business decisions. (10)
3. What do you understand by the concept of micro economics? Discuss its importance and limitations. (10)
4. Explain the concept of the Elasticity of Demand. Explain how elasticity of demand is measured? (10)
5. Discuss the law of supply. What factors affect the supply functions? (10)
6. Explain the significance and techniques of demand forecasting. (10)
7. Discuss the Law of Diminishing Return in Production. What is its importance in the economics? (10)
8. What do you understand by perfect competition? How prices are determined under it? (10)