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(12) Yet eels uSai VA Gaver aioe da 8. @ del yevla () ald yer (© ay wea @) ayel yeorvla (13) Swreyset eels iSal Mua sel 24 sul eel 2 @ ela ) Birt WR (@ orkut @ waar (14) 2eLUet SwAel (Oligopoly) S24 we YM Gad well 3 2 @ SPaa @) wht OE @ ws NN-HL 4 | | | Time i Instruc he | © i i 0 | | 2 @ O} | © / @ IntSeat No. : NN-111 December-2015 | B.Com., Sem.-I CC-101 : Fundamentals of Business Economics-I Time : 3 Hours} [Max. Marks : 70 Instructions: (1) All questions are compulsory. (2) Figures to the right indicate marks, 1 (@) Explain the d OR Clarify the definition of economies given by Prof. tion of economics given by Prof. Marshall. 6 ‘emuelson, (6) Explain the concept of utility. 4 OR Discuss the concept of Micro and Macro economics. | (©) Explain the concept of Wealth and Welfare. 4 | OR Discuss the concept of consumer’s surplus, 2 (a) Explain the Law of Demand, 6 OR Describe the determinant factors of demand. |) Write a short note on Demand function 4 oR Explain the concept of price elasticity of demand, (©) Describe the concept of cross elasticity of demand. 4 oR Explain the concept of Individual demand and Market demand. (@) Explain the equilibrium of firm through Isocost and Isoquant curve. OR Discuss the concept of Isocost curve, IN-ILLAl b) () fa) (b) © Explain the concept of Production function. OR Explain the concepts of Fixed cost and Variable cost. Discuss the concepts of average cost and Marginal cost. oR Write a short note on concept of Opportunity cost. State the meaning and characteristics of perfect competition. oR Describe the meaning and characteristics of monopolistic competition. Discuss the possibility of Price discrimination. oR Write a short note on Selling cost. Explain the concept of Duopoly. oR Write a short note on Kinked Demand Curve. Choose the appropriate answer from the option given below : (1) 2) GB) @) Prof Marshall has considered economics as a (@ Science of Wealth () Science of Welfare (© Science of Scarcity (@)__ Positive Science According to Prof, Robbins, Economics is a (a) Positive Science (b) Normative Science (©) Natural Science (@ Social Science Utility isa concept. (@) Psychological (6) Economical (© Social (@) Political Study of firm equilibrium is in ‘economics. @ Micro (>) Macro © Agricultural (@) Industrial 4 a (8) o (10) ayuW (8) Giffen goods are (2) Luxury goods (b) Inferior goods (0) Capital goods () Prestige goods (6) What is the slope of Demand Curve ? (a) Parallel to y-axis (b) Parallel to x-axis (©) Positive (a) Negative (7) According to the law of demand, the relationship between Price and Demand is (a) Inverse (b) Direct (©) Positive (d) None of these (8) Inwhich case, all costs are variable ? (@) Short run (6) Longrun (©) Medium tem (@ None of these (9) What is Marginal Cost ? (@) Cost of the first unit of output. ©) Cost ofthe last unit of output. © Cost of the additional unit of output, (@_ Cost of the middle unit of output. (10) Which cost curve is parallel to horizontal ? (@ Marginal cost curve (b) Total cost curve (©) Total variable cost curve (a) Total fixed cost curve (11) Which of the following is not a characteristics of monopoly ? (a) There isa single firm i (b) The firm is price taker | (©) There are no close substitute (d) There is a large number of buyers NN-11 7 PTO.(12) Under perfect competition, demand for a firm’s product is (a) (c) Perfectly elastic More elastic. (b) (d) Less elastic Perfectly inelastic (13) Who has developed the concept of monopolistic competition ? (a) (c) Marshall Chamberlin (b) (d) Joan Robinson Stigler (14) From which language the word Oligopoly is derived ? NN-LIL (a) {c) English French (b) @ German Greek Tin aur (B) «© NO-108