BCom FY BCom Sem 1 BCom Sem 1 (2016 2017) March 2017 ATKT ECONOMICS Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q2 All questions have internal choice
2. Q4 Use of simple calculators is permitted
3. Q5 Figures to the right indicate full marks
4. Q1 A) Select the best answer from the given options and rewrite the statement. (Any Ten) 10 marks
   • i. Allother things being equal if strawberries and cream are complementary goods, a fall in the price of
   • a. Shift the demand curve for strawberries to the right
   • b. Cause a movement along the demand curve for cream
   • c. Cause a fall in the price of cream ( d. Shift the demand curve for cream to the right
   • ii. The supply curve shifts due to
   • a. Changes in technology
   • b. Change in input prices
   • c. Change in the prices of related goods (0 All of the above
   • iii. coordinate the decisions of producers and consumers in the market,
   • c. Governments
   • d. Prices, (0 iv. The price elasticity of demand measures
   • a. The change in quantity demanded of a good toa change in income, (08 b. The change quantity demanded of a good to a cha nge in price of another good The of a g0od to a change in price of the geod
   • d. The change in the quantity demanded ofa good change in price elasticity of supply
   • v. change in price-leads toa 1% change in quantity demanded We say demand is
   • d. None of
   • vi. The moving average technique a, Compensates:for fluctuations
   • c. Botha and b
   • d. None of the above the ammount produced, L denotes the number of units of labour used. So, =
   • d. Total profit,
   • Q.P. Code :000489 Viii. The law of variable proportions
   • a. Pertains to the short run Assumes one factor as fixed Is also known as law of diminishing returns
   • d. All of the above,
   • ix. ‘U’ shaped isoquants imply that the inputs a, Are perfect substitutes Are perfect complements Cannot be used together
5. Q4 Must be used together in a certain Proportion
   • x. The payment of interest on loans taken is an example of
   • a. Variable costs
   • b. Fixed costs
   • c. Both a and b
   • d. Neither a norb
   • a. MC+AC
   • c. FC+MC
   • xii. One of the following formulae is correct Match the concepts and their definitions. Write the concept with its appropriate definition. (Any Ter
6. Q1 Caw of demand . a. Measures responsiveness of quantity demanded to a change in income
7. Q2 Changé in demand b. Shows the maximum Output that can be produced with a given quantity price c. Cost which cannot be recovered if the firm
8. Q4 Income elasticity of demand d. Perfectly inelastic demand curve demand curve Total fixed cost divided by total output
9. Q6 Kinked demand curve f. As the price of a good decreases, buyers ter to buy more and vice versa
10. Q7 Production function g. Those inputs that can be changed in the she
11. Q8 Marginal product h, The extra output produced by adding an additional unit of an input to the production
    • Q.P. Code :000489 Capital i. When market demand is equal to market
12. Q10 Variable inputs j. Demand curve of firms in oligopoly
13. Q11 Average Fixed cost k. A fixed input to Production in the short run
14. Q12 Sunk cost | |. A total shift in the demand curve
15. Q2 Attempt A and BOR Cand D
    • A) Define business economics and explain its scope. 8
    • B) Opportunity cost? Explain its significance in business economics. With the help of a diagram determination of equilibrium market price and quantity. (08) 7
    • D) The table below shows hypothetical demand schedules for T-shirts. 7
    • (ii) Explain the determinants of demand
16. Q3 Attempt A and
    • A) Using diagrams explain the difference in demand curves of firms in perfect competition and monopoly. 8
    • B) When price is Rs.5 quantity demanded is 10 units, When price increases to Rs.7 quantity demanded is 5 7
    • (i) Calculate price elasticity of demand. |s demand elastic or inelastic?
    • (ii) Explain the various degrees of elasticity of demand
    • (10) demand forecasting? What is the significance of demand forecasting? 8
    • D) Given the following demand function. = 200 ~ what is your forecast for Qpx when P, is 40, 50, 60? 7
17. Q4 ORC
    • B) Using a diagram explain the three Stages of the law of variable proportions. 3 C) external economies and diseconomies of scale. (08) 7
    • D) Using diagrams the law of returns to scale, 7
    • A) <Distinguish between a (i) Explicit and implicit costs 8
    • (ii) Fixed-and variable costs
    • Q.P. Code :000489
    • C) Derive the LAC curve using the short run average cost curves of a firm
    • D) What is the learning curve? Explain with a diagram
18. Q6 Attempt A and B OR Write short notes on any four “A) Using an isoquant map and isocost line explain producer’s equilibrium as the least cost combinat
    • B) What is the breakeven point? Using diagrams explain how the breakeven point changes when the changes in price and fixed cost
19. Q6 Write short notes. (Any four)
20. Q1 Functions and equations
21. Q2 Income and cross elasticity of demand
22. Q3 Internal economies of scale
23. Q4 Economies of scope & 5. Relationship between average cost and marginal cost
24. Q6 Uses of breakeven analysis

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