Question 1) Answer all the questions:
(i) What do you mean by business economics.
(ii) What is meant by inductive method?
(iii) Explain consumer surplus in detail?
(iv) Briefly explain substitution effect?
(v) What is equi-marginal utility?
Question 2) Write down the difference between micro and macro economics.
Question 3) Explain substitution effect?
Question 4) What is IC-curve? Explain the characteristics of IC-Curve in detail.
Question 5) Answer all the questions:
(i) What is supply curve?
(ii) What do you mean by demand forecasting?
(iii) Explain short run production function.
(iv) What do you mean by return to scale?
(v) What are the characteristics of isoquants.
Question 6) Explain the law of demand in detail.
Question 7) Describe various cost curves.
Question 8) Explain the theory of kinked demand curve?