BFW041 Business Economics B.Sc Question Paper : ignou.ac.in

Name of the University : IGNOU The People’s University
Department : Fashion Merchandizing And Retail Management
Degree : B.Sc
Subject Code/Name : BFW-041 : Business Economics
Year : December, 2011
Website : ignou.ac.in
Document Type : Question Paper

Download Model/Sample Question Paper : https://www.pdfquestion.in/uploads/ignou.ac.in/6263-BFW-041.pdf

Business Economics Question Paper :

B.Sc. Fashion Merchandizing And Retail Management : (BSCFMRM)
Term-End Examination :
BFW-041 :
Time : 3 hours
Maximum Marks : 70

Related : IGNOU The People’s University BFW040 Manufacturing Technique-I B.Sc Question Paper : www.pdfquestion.in/6262.html

Note.: Attempt any five questions from the following. Each questions carries equal marks.
1.(a) What is demand ? Why demand curve 14 slopes downwards from left to right ?
(b) The total cost function of the steel industry is estimated to be TC =182 + 56 Q. Prepare a table showing Total cost, Average cost, Marginal cost over the output range 0 to 4.

2.(a) Explain the various methods of demand 14 forecasting.
(b) “Profit maximization is theoretically the most sound but practically unattainable objective of business firms”. Do you agree with this statement ? Give reasons for your answer.
Discuss the various factors which affect the 14 demand of product.
What is perfect competition ? Explain how equilibrium price is determined under perfect competition ?

c. Why forecasting is important in the 14 management of business firms ? Explain with suitable illustrations.

d.Differentiate between price elasticity of demand and income elasticity of demand. Why do public utility service have low price and income elasticity of demand ?

e.Distinguish between fixed cost, variable cost 14 and opportunity cost.
Explain price and output determination under monopolistic competition in the short and long run.

6. Write short notes on the following : 14
(a)Law of diminishing marginal utility
(b)Cross elasticity of demand.
(c)Monopoly
(d)Oligopoly competition

7. Tick mark the correct option on (Answer any seven) 2×7=14
(a) The quantity that a consumer is planning to buy depends on all of the following Except
Income of consumer
Price of product
Future expectation of price. Technology.
(b) In case the length of an arc on the demand curve is infinitesimal, then arc elasticity coincides with :
(i)unit elasticity
(ii)point elasticity
(iii)zero elasticity
(iv)negative elasticity

(c) Elasticity of demand is determined by all the following Except :
Nature of commodity Proximity of substitute. Time Government policy.
(d) When AC = MC, then AC is :
(1) maximum (ii) minimum
(iii) constant (iv) none of these

(e) Profit is maximum when :
(i) MR > MC (ii) MR < MC
(iii) MR = MC (iv) None of these
(f) Which of the following statement is true if Q = O.
(i) TC = TVC (ii) TC > TVC
(iii) TC < TVC (iv) None of these.

(g) Demand of a product depend on :
(i)Price
(ii)Advertising
(iii)Income
(iv)All of the above.
(h) A monopoly can earn abnormal profit in short run and in long run period.
(i) True (ii) False.

(i) For essential goods, the elasticity of demand is :
(i) less than 1 (ii) more than 1
(iii) equal to 1 (iv) equal to 0.
(j) In perfect competition :
(i) AR > MR (iii) AR < MR
(ii) AR = MR
(iv) None of these

B.Sc. FOOTWEAR TECHNOLOGY (BSCFWT)
Term-End Examination December, 2014
BFW-041 : Business Economics
Time : 3 hours
Maximum Marks : 70
Note : Attempt any seven questions. All questions carry equal marks.
1. Explain the three stages of production. 10
2. Describe the various methods of measuring National Income. 10
3. Define the following : 5+5=10
(a) Unemployment
(b) Internal trade and International trade
4. What are the determinants of cost of production ? Give examples. 10
5. Which are the various methods of price discrimination ? Explain with examples. 10
6. What in your opinion is the market structure of footwear stores and why ? 10
7. What would be the effect of technological change in the long run under perfect competition ? 10
8. Discuss the relevance of perfect competition and monopoly in the present context. 10
9. What is the difference between real and nominal rates of interest ? 10
10. Which types of wage rates prevail in the market ? Explain briefly. 10