4. Explain the concept and types of elasticity of demand. How is it measured ? Explain the characteristics of indifference ‘curve, How is consumer's equilibrium decided by indifference curve approach in short run ? 6. Explain the law of variable proportion with the help of diagrams and illustrations 7. Is usefulness same a utility ? Explain the law ‘of diminishing. marginal utility. What is the importance of this concept in business 8. What are the characteristics of perfect ‘competition market ? How is the equilibrium price decide in short run in such a market ? 9. Highlight the differences between monopoly, oligopoly and monopolistic competition Explain kinked demand curve H-s01103(PG583) 2 _ (P6583) Rall No. S.C.No.—501103 M. Com. EXAMINATION, 2021 (rst Semester) (Main) (2020) BUSINESS ECONOMICS tmic103 Time : 3 Hours Maximum Marks : 80 Note : Attempt any Four questions, All questions cary equal mark. Explain the scope of business economics in detail Compare the relevance of the various objectives of business in the present scenario, 1 fe the factors affecting demand for goods 3 Wi are the various types of dem 7 nd services ? ann SO110,PGSES) Pro.