BUSINESS ECONOMICS 2008
What is elasticity of demand? Describe the factors which determine elasticity
unit-I answer to question No.7.
2. Draw an isoquant and explain its properties.
Identify the economic region of production with the help of isoquant curve.
Discuss the laws of returns to scale.
3. Mention the objectives of a business firm.
Analyse the equilibrium of a business firm under perfect competition in the
short period with the help of suitable diagram.
What is monopoly market? How does a
monopolist determine the price of his commodity under condition of price
discrimination? Illustrate your answer with suitable diagram.
Critically examine the marginal
productivity theory of distribution.
What is rent? Explain the Ricardian
theory of rent.
5. What do you mean by interest? Describe the
liquidity preference theory of interest propounded by Keynes.
Discuss the uncertainty bearing theory
of profit. How is the risk theory of profit different from the uncertainty
bearing theory of profit?