BBS First Year Microeconomics For Business Model Question 2019-2020 | TU | Set A | Download in PDF.
Group A
Brief Answer Questions (Attempt all Questions) [10x2=20]1. What is incremental analysis in economics?
2. What is the effect of increase in tax in equilibrium price and quantity?
BBS First Year Business English Model Question 2019-2020 | TU | Download in PDF.3. Define cross elasticity of demand?
4. Differentiate between cardinal approach and ordinal approach for demand analysis.
5. Draw the budget line if income of consumer is Rs. 20,000, price of good X is 100 and Price of good Y is 200.
6. Why does isoquant slope downward?
7. Differentiate between explicit cost and implicit cost.
8. Define predatory pricing.
9. Calculate the equilibrium level of output of the firm when marginal revenue is MR = 300 – 0.002Q and marginal cost is MC = 20 + 0.0008Q
10. Prepare a list of factors that cause wage differentials.
Group B
Descriptive Answer Questions (Attempt any five) [5x10 = 50]12. What is demand function? Explain its types.
13. Explain the degrees of price elasticity of supply. Value of price elasticity of demand of milk is calculated as -0.7 and price elasticity of demand of coffee is calculated as -2.0, interpret the result and explain the nature of the goods. (6+2+2)
14. Explain the law of returns to scale.
15. Explain the consumer's equilibrium in cardinal approach under one-commodity model. Find the consumer's equilibrium if the price of apple is Rs 20, price of banana is Rs. 10 and the consumer spends whole income Rs. 110 on apple and banana with following marginal utility (MU) schedule: (4+6)
| Costumer's Equlibrium | |||||||
|---|---|---|---|---|---|---|---|
| Units of consumption | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| MU of apple | 800 | 700 | 600 | 500 | 400 | 300 | 200 |
| MU of banana | 500 | 450 | 400 | 350 | 300 | 250 | 200 |
16. Consider the following table of labor productivity:
| Labor Productivity | ||||||
|---|---|---|---|---|---|---|
| Labor | 0 | 1 | 2 | 3 | 4 | 5 |
| Total product | 0 | 10 | 18 | 24 | 28 | 30 |
Group C
Analytical Answer Questions (Any Two) (2x15=30)18. Consider the following schedule of a competitive firm: (10+5)
| Schedule of a competitive firm | ||||||||
|---|---|---|---|---|---|---|---|---|
| Output | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| AVC | 30 | 27 | 24 | 24 | 30 | 39.9 | 53.1 | 67.5 |
| AC | 300 | 117 | 123.9 | 99 | 90 | 90 | 96 | 105 |
| MC | 30 | 24 | 18 | 24 | 54 | 90 | 132 | 168 |
b. Using the cost schedule, explain the relationship of AC with AVC and AFC.
19. "Price effect is the sum of income effect and substitution effect." Explain with the example of Giffen goods.
BBS First Year Microeconomics For Business Code-MGT207 Model Question Set A 2019-2020 TU | Download in PDF.
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