BCom In Accounting & Finance (BCAF) SEM I 2023 2024 Dec 2024 BUSINESS ECONOMICS I Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) State whether the following statements are true or false: (Any 8) 8 marks
2. Q1 Economics is the science of choices
3. Q2 Demand and Price are inversely related
4. Q3 Giffen goods have a positive but weak substitution effect
5. Q4 Extent of price change affects the elasticity of demand
6. Q5 Demand forecasts are essential to plan future production
7. Q6 Zero substitutability of factors is indicated by a kinked Isoquant
8. Q7 Average cost increases due to increasing return to scale
9. Q8 External economies may occur due to division of labour
10. Q9 In the short run, the firm has to only incur variable costs
11. Q10 When MC is greater than AC,AC will be falling
12. Q1 B) Match the column (Any (7) be
13. Q3 Total fixed cost are geometrical tools to study function
14. Q5 Firm enter and exit from market e. Single seller
15. Q6 Short run equilibrium f. Demand
16. Q7 Selling cost may increase g. With excess or sub-normal profit
17. Q9 Different price in different market i. Many sellers
18. Q2 A. Explain the meaning and scope of business economics. 8 marks
    • B. What are the factors determining elasticity of demand? Explain briefly 7
    • C. Explain different types of price elasticity of demand with suitable diagram. 8
    • D. What are the steps involved in demand forecasting ?Explain briefly . 2 Business Economics | Marks: 75 7
19. Q3 A. What is an isoquant? Explain its types using diagrams. 8 marks
    • B. Explain different types of production functions. 7
    • C. The Total Fixed Cost incurred by a firm is 100; Calculate the
    • D. Discuss the internal and external economies of scale. 7
20. Q4 A. Explain the meaning and features of perfect competition. 8 marks
    • B. Define market and explain the different types of market. 7
    • C. Discuss the different types of price leadership. 8
    • D. Explain short run equilibrium under monopoly. 7
21. Q5 A. Explain the different degrees of price discrimination. 8 marks
    • B. Discuss the conditions of price discrimination. 7
22. Q5 Short notes: (Any 3) 15 marks
    • A. Opportunity cost
    • B. Dumping
    • C. Transfer pricing
    • D. Selling Cost
    • E. Rigid lines

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