BC05 Business Economics B.Com Question Bank : vmou.ac.in

Name of the University : Vardhman Mahaveer Open University
Degree : B.Com
Subject Code/Name : BC-05 – Business Economics
Year : I
Document Type : Question Bank
Website : vmou.ac.in

Download Model/Sample Question Paper : https://www.pdfquestion.in/uploads/vmou.ac.in/3510.-BC-05_230.pdf

VMOU Business Economics  Question Paper

Time: 3 Hours
Max. Marks: 80
Note: The question paper is divided into three sections A, B & C. Write Answers as per the given instructions.

Related / Similar Question Paper : VMOU B.Com Business Communication Question Bank

Section – A

Very Short Questions :
1. Define business economics.
2. Why business economics is said to be an economics of firm.
3. Does business economics solve practical problems –
4. Write any two importance of business economics.
5. What is utility –
6. Is utility measured –
7. Explain different types of utility.
8. What do you understand by marginal utility –
9. What are the types of marginal utility –
10. Write the formula of average utility.

11. What is total utility-
12. Write the name of gossen’s first law.
13. Why does the law of dirinishing marginal utility apply –
14. What is the law of dirinishing marginal utility –
15. Write other four name of law of substitution.
16. Write two essential condition for maximum satisfaction
17. Which law is known as gossen’s second law –
18. Explain the meaning of consumer of surplus.
19. Give the formula of measurement of consumer surplus.
20. What is the basis of the concept of consumer surplus –

Section – B

Short Questions :
1. Explain in brief the chief characterstics of business economics.
2. Describe the nature of business economics.
3. Throw light on the scope of business economics.
4. Explain the importance of business economics.
5. What is the law of dirinishing marginal utility –
6. Define utility and explain its characterstics in brief.
7. Explain the relationship between total utility and marginal
8. Explain the assumptions and exceptions of the law of diminishing marginal utility.
9. Describe the importance of law of diminishing marginal utility in short.
10. Explain the law of diminishing marginal utility

Section – C

Essay type Questions :
1. Define business economics and explain its chief characterstics in detail.
2. Discuss in brief the scope and nature of business economics.
3. Describe in brief the main characterstics of business economics
4. Is utility is measurable- Clear this statement through ordinal approach –
5. Distinguish between marginal utility and total utility.
6. Critically examine the law of diminishing manginal utility.
7. Explain the law of diminishing marginal utility
8. Explain the law of diminishing marginal utility
9. Explain the law of equi marginal utility
10. Critically examine the concept of consumers surplus and give its importance.
11. Explain characterstics of indifference curves and give main criticism of it.
12. Define demand and described its characterstics and factors affecting demand.
13. What factors other than price influence the demand of a commodity?
14. Explain the concept of elasticity of demand and discuss its importance.
15. Define advertisement elasticity of demand and explain its determinats.-

16. Differentiate between the law of demand and elasticity of demand and explain the factors affectivity price elasticity of demand.
17. What are different methods of measuring the price elasticity of demand ? Elaborate any one method.
18. Define production function and state its general characterstics.
19. Explain with the help of a diagram the law of diminishing returns. give its scope and limitaitions also.
20. State and explain the law of variable proportions. how does it apply ?

21. Explain the modern version of law of diminishing returns. which is economically the best stage of production and why ?
22. Explain the circumference under which the law of increasing returns operates. can it operate without limit ?
23. Write a detailed note on law of constant returns.
24. What are iso product curves ? Give their characterstics and explain the producers equilibrium with the help of iso product curves.
25. what is the difference between laws of returns and returns to scale ? Enumerate the factors that cause decreasing returns to scale.
26. What is long term production function ? Explain in brief the various returns to scale which is based on long term production function.
27. What are increasing returns to scale ? what are the reasons for their applications?
28. Explain diminishing returns to scale and describe the reasons for diminishing returns to scale application.

29. Explain in detail the constant returns to scale.
30. What is least cost combinaition ? Explain least cost combination or equilibrium of the produce with the help of diagrams.