ST. JOSEPH’S COLLEGE OF COMMERCE (AUTONOMOUS) |
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END SEMESTER EXAMINATION – SEPT/OCT. 2015 | ||
B.B.A. – I SEMESTER | ||
M1 15AR103: MICRO ECONOMICS | ||
Duration: 3 Hours Max. Marks: 100 | ||
SECTION – A | ||
I) | Answer ALL the questions. Each carries 2 marks. (10×2=20) | |
1. | Define Business Economics. | |
2. | Explain the concept of income elasticity of demand. | |
3. | Distinguish between a firm and industry. | |
4. | Is micro economics different from macro economics explain? | |
5. | Explain the term Opportunity cost. | |
6. | Define equimarginal utility. | |
7. | Explain marginal utility with an example. | |
8. | What is meant by full cost pricing? | |
9. | Explain selling cost. | |
10. | Explain monopolistic competition. | |
SECTION – B |
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II) | Answer any FOUR questions. Each carries 5 marks. (4×5=20) | |
11. | Distinguish between ordinal and cardinal utility. | |
12. | Explain the total outlay method of measuring elasticity only with help of mathematical problem. | |
13. | What are indifference Curves? State their properties. | |
14. | Explain the demerits of law of demand. | |
15. | Briefly explain the features of a oligopoly market. | |
16. | Distinguish between TC, AC and MC. | |
SECTION – C |
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III) | Answer any THREE questions. Each carries 15 marks. (3×15=45) | |
17. | Explain the law of variable proportion. | |
18. | What are short run and long run curves? State the relationship between the short run and long cost curves with suitable figures. | |
19. | State the equilibirium and price and output of a monopoly firm. | |
20. | Explain the different degrees of price elasticity with suitable figures. | |
21. | What is meant by the law of diminishing marginal utility? state its importance. | |
SECTION – D |
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IV) | Case Study (1×15=15) | |
22. | Case of Jaguar
In the early 1980s Jaguar launched the XJ12luxury sports car , having developed a product which was acknowledged to be of excellent quality and performance. The price has been set at £ 3726 compared with at least £6000 for comparable vehicles. At this price the company believed that the planned output of 2000 vehicles units could be sold but it continued to produce the jaguars at various factory units.. The price had been arrived at following the cost plus method, by estimating the cost per car at full capacity and then adding a satisfactory margin. The company however sold 6000 units, as expected demand exceeded supply. By the end of 1972 there was a two year waiting list for the product and second hand cars were being sold for price which exceeded the list price by more than 40%. It was also known that was sold at the higher price of £ 5226.
Questions:
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