- Seat No.

N24-107
December-2014
B.Com., (Sem-I)
C-101 : Economics
(Fundamentals of Business Economics - t)
Time: 3 Hoursl [Max. Marks: 70

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N24-107 I P.T"O.
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N24-107
 Seat No. :

N24-107
December'2014
B.Com., (Sem-I)
CC-101 : Economics
(Fundamentals of Business Economics - 1)

Time: 3 Hoursl lMax. Marks : 70

6
l. (A) Critically explain Samuelson's definition of Economics.

critically discuss the definition of Economics given by Robbins.

(B) Give the limitations of Micn : Economics and Macro Economics'

OR
Differentiate between notmative economics and positive economics'
4
(C) Explain the concept of wealth and welfare'
OR
State the distinguish between Cardinal utility and ordinal utility.

2. (A) Explain the meaning and types price elasticity of demand 6

OR
Explain the law of demand with exceptiotls'

(B) Give the meaning of income elasticity of demand 4

OR
Explain the concept of demand function'

demand tbr
(C) State the difference between demaud for consumer's goods and
4
producer's goods.
OR
Explain the concept of demand for perishable goods and durable goods.

3. (A) Explain the relationship between average revenue! marginal revenue and
6
elasticitY of demand
OR
Discuss the equilibrium of a firm producer through Isocost and lsoquant
cure'

(B)Explaintheconceptofaveragecostandmarginalcost.4
OR
. Write a note on an opportunity cost'

3
i

P'T.O.
N24-107
 (C) State the importance of cost analysis. 4
OR
Fxplain the concept of production possibility curve.

4. (A) Describe the characteristics of monopolistic competition.

OR
When is price discrimination profitable ?

(B) Explain the concept of Oligopoly.

OR
State the characteristics of perfect competition.

(C) Describe the type of Monopoly.

OR
Explain the concept of selling cost.

5. State whether the following statements are True or False. l4

(l) Perfect competition and pure competition are the same.
(2) In monopoly, firm has highest control on price.
(3) Price leadership is done through formal contract and agreement.
(4) Average cost curve is lrorizontal to X-axis
(5) The best alternative of a factor forgone is the monetory cost of factor.
(6) hr the perfect competition, average revenue and marginal revenue curve are
same.
(7) Utility means not only joy.
(8) Welfare of human is based only on stock of wealth.
(9) Sale of a commodity is same as supply of commodity.
(10) Robbins presented economics as a positive science.
(l l) There is correlation between demand and price of a commodity.
(12) Demand of luxurious good is income inelastic.
(13) Demand of cement is derived demarrd.
( l4) In economics, study of individual demand is in'rportant.

N24-107 4