We will look after BBS 1st-year microeconomics question paper 2077 with their answer
BBS 1st-year microeconomics question paper 2077
Candidates are required to give their answers in their own words as far as possible. The figures in the margin indicate full marks.
Group- ‘A’ – Brief Answer Questions:
1. What are the uses of microeconomics? Answer: CLICK HERE
2. Define consumer surplus.
3. Write the formula for the calculation of the elasticity of surplus by using the average method.
4. Derive the budget line if the budget of the consumer is Rs. 10,000, the price of good X is Rs. 100 and the price of Good Y is Rs. 200.
5. What is the production function?
6. Differentiate between economic cost and accounting cost.
7. What is meant by predatory pricing?
8. Calculate the equilibrium level of output of the firm when marginal revenue is MR= 300-0.002Q and marginal cost is MC= 20+ 0.008Q.
9. What are the dynamic changes to raise the profit?
10. Write any four principles of economics.
Group ‘B’ – Descriptive Answer Question
11. Explain the scope of business economics. Answer: CLICK HERE
12. a) The demand function of Chokobite Chocolate is Qd = 100-20P and the supply function of Chokobite Chocolate Qs= 100+40P, find the equilibrium price and quantity of Chokobite chocolate. Also, compute the price elasticity of demand at the equilibrium price.
b). Fill the following table by using the demand and supply function of Chokobite chocolate and find the equilibrium price and quantity of Chokobite chocolate in the table.
| Price | Quantity Demanded (Qd) | Quantity Supplied (Qs) | Supply/Shortage |
|---|---|---|---|
| 5 | |||
| 10 | |||
| 15 | |||
| 20 | |||
| 25 |
13. Explain the consumer’s equilibrium by using the indifference curve approach.
14. Explain the laws of return to sale.
15. Complete the following table, Graph AR and MR, and explain the relation between AR and MR curve.
| Quantity (Q) | Price (P) | TR | AR | MR |
|---|---|---|---|---|
| 0 | 22 | |||
| 1 | 20 | |||
| 2 | 18 | |||
| 3 | 16 | |||
| 4 | 14 | |||
| 5 | 12 | |||
| 6 | 10 | |||
| 7 | 8 |
16. How price and output is determined under the joint profit maximization goal of a cartel?
Group ‘C’ – Analytical Answer Questions
17. What is a monopoly? How the price and output are determined under it?
18. Aradhy’s demand schedule of ice cream is given as:
| Quantity Demanded | Quantity Demanded | |
| Price (Rs) | Income = Rs. 20,000 | Income = Rs. 25,000 |
| 180 | 80 | 100 |
| 220 | 60 | 80 |
a. Calculate the price elasticity of demand for ice cream for Aadhya when the price of ice cream increases from Rs. 180 to Rs. 220 at both income levels Rs. 20,000 and Rs. 25,000.
b. Calculate the income elasticity of demand for ice cream for Aaradhya’s income increases from Rs. 20,000 to Rs. 25,000 at prices of Rs. 180 and Rs. Rs. 220.
c. Compare and interpret the above results.
19. Explain the liquidity preference theory of interest. What are its criticisms?
Other Important Links
a. BBS 1st year all subject notes: CLICK HERE
b. BBS 1st Year Microeconomics Notes: CLICK HERE
