B.Com 1st TDC Business Economics Berhampur University 2009 Question Paper

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University : Berhampur University
Course : B.Com 1st TDC Business Economics
Exam Year 2009
Time: 3 hours
Full marks: 100
The question are equal value
Answer all questions

1. What is price elasticity of demand? Explain,how would you measure price elasticity of demand at a point on the on the demand curve.
Or
What is cross elasticity of demand ? Explain the importance of the concept of cross elasticity of demand in formulating proper price strategy by a firm.

2. Explain the three stage of the short run production Function. why does it make an economic sense to produce in stage on 1 or 3.
Or
Distinguish between Short run and long run. explain how the long run envelope cost curve is derived from short run average cost curves.

3. What is meant by firms equilibrium?Explain the conditions of short run equilibrium of a firm under perfect competition equally of marginal revenue with marginal cost sufficient condition for equilibrium for the firm.
Or
What is collusive Oligolopy? How are price and out put determined under it?

4. '"A monopolists demand curve for labour will be downward slopping even if marginal physical product of labour is constant"Explain.
Or
"Rent is a differential surplus" Discuss.

5. Explain the Keeynesian Theory of interest.How is it different from classical theory?
OR
"Profit is reward for uncertainty bearing" Discuss.