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00000HS200121901

Pages: 3

Name:
APJ ABDUL KALAM TECHNOLOGICAL UNIVERSITY

Third semester B.Tech examinations (S) September 2020

Course Code: HS200
Course Name: BUSINESS ECONOMICS

PARTA
Answer any three questions, each carries 10 marks.

What is a production possibility curve? Suppose a country's production is at a
point inside the PPC. What does it imply? Draw a diagram and explain?
State the law of diminishing marginal utility. Explain any three of its
limitations.
Define Economics in terms of scarcity of resources? Why does the problem of
choice arise in an economy?
Identify the type of goods from the sign of elasticity.
i) positive price elasticity ii) negative income elasticity iii) positive cross
elasticity iv) negative cross elasticity
Suppose population increases. How does it affect equilibrium price and
quantity? Draw a diagram and explain.
Suppose price of 'Y' increased from Rs.10 to 12 and the demand for its related
good 'X' increased from 50 units to 60 units. Estimate cross elasticity of
demand. What type of goods are 'X' and 'Y'?

State the law of variable proportion. Explain the law with the help of a schedule.

A production function is given as Q = AL°K®: What does a and B represent?
What is constant returns to scale? Cobb-Douglas production function represent
constant returns to scale. Why?
PART ‏تا‎
‎Answer any three questions, each carries 10 marks.
Suppose AVCDraw a diagram and explain.

What is social cost?

Duration: 3 Hours

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