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Answer Sheet of this Question paper
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Business Economics
1.
Calculate the following:
|
Quantity
|
Total Fixed Cost
|
Total Variable Cost
|
Total Cost
|
Average Cost
|
Marginal Cost
|
|
25
|
10
|
18
|
?
|
?
|
?
|
|
26
|
10
|
10
|
?
|
?
|
?
|
|
27
|
10
|
21
|
?
|
?
|
?
|
Analyse
the changes in the calculated costs as quantity produced increases.
2.
Assume that a consumer consumes two commodities X and Y and makes five combinations
for the two commodities:
|
Combination
|
Units of X
|
Units of Y
|
|
A
|
25
|
3
|
|
B
|
20
|
5
|
|
C
|
16
|
10
|
|
D
|
13
|
18
|
|
E
|
11
|
28
|
Calculate
Marginal rate of Substitution and explain the answer.
3.
a) Suppose the monthly income of an individual increases from Rs 20,000 to Rs 35,000
which increases his demand for clothes from 40 units to 50 units. Calculate the
income elasticity of demand and interpret the result.
b)
Quantity demanded for tea has increased from 300 to 450 units with an increase in
the price of the coffee powder from Rs 25 to Rs 30. Calculate the cross
elasticity of demand between tea and coffee and explain the relationship
between the goods.
Need
Answer Sheet of this Question paper
PRAKASH - 09741410271/ 08722788493
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