Microeconomics for Business

Write any four scopes business economics.

Draw the production possibility curve.

What is consumer surplus?

Define the marginal rate of substitution.

State the Cobb-Douglas production.

Differentiate between explicit cost and implicit cost.

Write any four features of perfect competition market.

What is the meaning of rent?

Calculate the degree of economies of scope when total cost of production of goods A and B separately are $C_A$ = Rs. 50000, $C_B$ = Rs. 60000 respectively but total cost for producing both A and B is $C_{A+B}$ = Rs. 100000 while producing jointly.

State the areas of uses of the price elasticity of demand.