Total No of Questions: [02] SEAT NO.

[Total No. of Pages : 01 ]

The Poona Diocesan Education Society's
VIDYA BHAVAN COLLEGE OF COMMERCE, PUNE 
F.Y.B.COM [SEM-II] Mid- Semester, Examination- MAY,2023
Business Economics-II (Micro)
Date: 10/05/2023 Timing:8.00 a.m. to 9.00
a.m.
Max. Marks: 20 Time: 1 hours
Instructions to students:
1) All questions are compulsory.
2) Figures to the right indicate full marks.
3) Mobiles not allowed in exam halls
Q1) Complete the following Table and explain the relationship [10]
between Total Cost, Marginal Cost, and Average Cost.
Output TFC TVC TC AC MC
0 300 0
1 300 60
2 300 110
3 300 160
4 300 200
5 300 260
6 300 360
7 300 510
OR
Q1) Explain the short run equilibrium of a firm under perfect [10]
Competition.

Q2) Short notes. (Any two) [10]

a. Features of Perfect Competition

b. Types of costs
c. Price determination under Perfect Competition
d. Total Revenue, Average Revenue and Marginal Revenue