Degree 1st sem: Business Economics Important Questions

Business Economics Important Questions

UNIT 1: Introduction

Short Answer Questions:

1. Business Economics
2. Nature of Business Economics
3. Price Theory
4. Macro Economics (or) Micro Economics

Long Answer Questions:

1. Define Business Economics. Explain the nature and scope of Business Econommics.***
2. Define Businsess Econimcs? Scope and distinguish between Micro and Macro Economics. ***
3. Explain the Law of Diminishing Marginal Utility and its Importance with table and diagram. ***
4. Illustrate Consumer’s Equilibrium with the help of the Law of Diminishing Marginal Utility.***
5. Explain the Law of Equi-Marginal Utility with the help of a table and diagram.***

Business Economics Previous Question Papers – Click Here

UNIT 2: Demand Analysis

Short Answer Questions:

1. Demand Function
2. Types of Demand
3. Explain ‘Demand Curve in brief
4. Law of Demand
5. Elasticity of Demand
6. Income Elasticity of Demand

Long Answer Questions:

1. What is Demand? Explain the factors affecting Demand for a product. ***
2. What is the Law of Demand? Explain the factors influencing demand and write the exceptions to the Law of Demand.***
3. Explain Law of Demand. What are the reasons for the downward sloping Demand Curve?
4. What is Elasticity of demand? Explain the types of Elasticity of Demand. ***
5. What is Price Elasticity of Demand? Explain Types of Price Elasticity of Demand.***

UNIT 3: Supply Analysis

Short Answer Questions:

1. Law of Supply
2. Supply Function
3. Market Equilibrium
4. Consumer Surplus
5. Cardinal Utility

Long Answer Questions:

1. Define Supply. What are the factors influencing Supply?
2. Write about the Law of Supply. Explain its assumptions and exceptions to the Law of Supply.
3. What is consumer surplus? Explain how it is measured.
4. Define an indifference curve. Discuss its characteristics.
5. What is an indifference curve? Explain the properties of indifference curves.

UNIT 4: Production Analysis

Short Answer Questions:

1. Production Function
2. Returns to Scale
3. ISO COst
4. Isoquant
5. Distinguish between Isocost and Isoquant
6. Economies of Scale
7. Define External Economics
8. Internal Economies

Long Answer Questions:

1. Explain the Law of Variable Proportions with an illustration and a diagram.***
2. Explain the Law of Retruns to scale with an illustration and diagram.***
3. Explain the Economies and diseconomies of Scale.
4. What are Internal and External Economies of Large-scale Production?

UNIT 5: Cost & Revenue Analysis

Short Answer Questions:

1. Opportunity Costs
2. Explicit and Implicit Costs
3. Long Run Cost
4. Relationship between AC and MC
5. Break Even point
6. Market Equilibrium

Long Answer Questions:

1. Explain the short-run total and average cost curves with the help of a table and diagrams. 
2. Give the relationship between the various short-run costs and long-run costs curves.
3. Explain the uses and limitations of break-even analysis.
4. Explain the assumptions, importance, and limitations of break-even analysis.