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Business Economics

 

Q1. “The technique of indifference curves has been used not only to explain consumer’s behaviour and demand but also to analyse and explain several other economic problems” in view to the above statement elaborate about indifference curve and its properties.

Q2. Find below hypothetical data for total production costs of a manufacturing firm at various levels of output. Complete the following:

Output	Total cost	Fixed Cost	Variable Cost	Average Fixed Cost	Average Variable Cost	Average Cost
0	1000	1000
20	1200	1000
40	1300	1000
60	1380	1000
100	1600	1000

 

Q3a. Large scale production is considered to be economical in the sense of per unit cost. Explain the statement by describing different types of economies of scale. Give examples to substantiate your answer.

Q3b. Elaborate Cross Demand, Composite Demand and Derived Demand and cite an example to enumerate these types of demand.

Business Economics

1. Calculate the following:

Quantity	Total Fixed Cost	Total Variable Cost	Total Cost	Average Cost	Marginal Cost
10	10	15	?	?	?
11	10	18	?	?	?
12	10	21	?	?	?
13	10	24	?	?	?

2. Determine the market equilibrium price for the following demand and supply equation:

D = 9p + 6

S = 10p – 5

Determine the equilibrium quantity if price is the same as above

D = 3p – 3q

S = 8q – 3p                                                     

3. Calculate the following:

a) Assume that a business firm sells a product at the price of ₹500. The firm has decided to reduce the price of the product to ₹350. Consequently, the demand for the product is raised from 30,000 units to 35,000 units. In this case calculate the price elasticity of demand.

b) Suppose the monthly income of an individual increases from ₹6,000 to ₹11,000. Now, his demand for clothes increases from 30 units to 60 units. Calculate the income elasticity of demand.

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