Business economics exam

Cima ba1 fundamentals of business economics: coursebook

But micro economics as a branch of economics deals with both economics of the individual as well as economics of the firm. What are its limitations? Durable Goods and Non-Durable Goods: Durable products present more complicated problems of demand analysis than products of non-durable nature. The differentiation between a consumer good and a capital good is based on the purpose for which it is used, rather than, the good itself. He is clearly very experienced with dealing with students, and extremely familiar with the exam curriculums and specifications. For example, at an output of 13 units, the average cost is the lowest at Rs. March, March 8. This is exemplified in Table 3. What are the types of demand determinants? What are the Difficulties in national income?

He completely delivered on his promise to us. Explain the different forms of Price Elasticity of Demand. An industry demand schedule represents the relation of the price of the product to the quantity that will be bought from all the firms.

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Explain how Price is determined under Perfect Market? For example, at an output of 5 units, the total cost is initial cost to which the firm is committed irrespective of the quantity produced. Dave always believed that he could get our son to pass his exam… and he made sure that he did.

Business economics mcq with answers

Then there will be a need to expand the production of capital goods in order to produce the consumer goods. A car or a refrigerator may provide fairly useful service for 10 to 15 years. Obviously, firms producing distant substitutes would be excluded from the purview of the industry. Under micro-economics as a branch of economics, distribution theories, viz. Industry Demand and Company Demand: The term industry demand is used to denote the total demand for the products of a particular industry, e. What is Monopoly? What Is Oligopoly? Consumer goods are further classified as durable and non-durable goods. The total cost is equal to the sum of fixed cost and all the marginal costs uncured. My 18 year old son is not an easy student. Explain law of Equi Marginal Utility? March, May, Mar.

Diminishing returns to Scale? These goods are used in the production of other goods.

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March, May, May , May, March 7. Demand analysis for durable goods is complex. Under micro-economics as a branch of economics, distribution theories, viz. This currently includes students from Belgium, Azerbaijan and the UK. March 9. Explain the classifications of Markets? Industry demand can be classified customer group-wise; for example, steel demand by construction and manufacture, airline tickets by business or pleasure and geographic areas by states and districts. Economic theory makes certain assumptions whereas managerial economics introduces certain feedbacks on multi-product nature of manufacture, behavioral constraints, environmental aspects, legal constraints, constraints on resource availability, etc. Short-Run Demand and Long-Run Demand: Short-run demand refers to the demand with its immediate reaction to price changes, income fluctuations, etc. March, May. For example, at an output of 13 units, the total cost is Rs. For example, at an output of 13 units, the average cost is the lowest at Rs. However, it is hard to find a product in modern civilization whose demand is wholly and has supposed to have less price elasticity than autonomous demand.

Where marginal cost falls, total cost will be rise at a declining rate; on the other hand, where marginal cost is rises, total cost will rise at an increasing rate.

What is Monopoly? A loaf of bread used by a household is a consumer good, whereas used by a sweet shop is a producer good.

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Price Elasticity Of Demand? Sales of non-durables are made largely to meet current demand which depends on current conditions.

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