The Indian audio market pyramid is featured by the traditional radios forming its lower bulk. Read the case given below and answer the questions given at the end. Write short notes on any four of the following : A Multi National Company faces barriers to entry, when it opens its branch in a country. (b) Describe the relationship between Marginal cost and Average costs.Ĥ. (a) What are Short - run Cost Functions, and the costs incurred in the short run ? (a) Define and explain Point Price Elasticity of demand.Ĭalculate Point Price elasticity when P = 40 and Q = 240 and Interpret the result.ģ. Discuss this statement in context of Three Choice problems of an Economy.Ģ. Economics has developed several concepts and analytical tools to deal with the question of allocation of scarce resources.
(b) When would the firm operate at the point where demand curve is unitary elastic ?ġ.
(a) Explain why a firm facing a downward sloping demand curve would never produce the inelastic (ep < 1) portion of the demand curve. (b) The level of output at which total revenue will be maximum.ħ. (a) The level of output at which the firm will be maximizing profits Assume a firm has the following total revenue and total cost functions : What is Oligopoly ? Explain the important characteristics of Oligopoly.Ħ. Explain the production function with two variable inputs i.e. Discuss any five variables, which can be included in the demand function and can have a major impact on the demand.ģ. (iii) Section-B is compulsory and carries 40 marks.ġ. (ii) Attempt three questions from Section-A carrying 20 marks each. Note : (i) There are two Sections : Section-A and Section-B.
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