DEPARTMENT OF BUSINESS ADMINISTRATION GOMAL UNIVERSITY, D. I. KHAN. BBA (HONS) 1st TERM TERMINAL EXAMINATIONS.

MICRO ECONOMICS
Total Marks 50 Time Allowed: 3 Hours

Question # 1. Write SHORT answers of the following: a. b. c. d. e. Define Explicit and Implicit Cost What do you mean by Equilibrium of Industry? Define Utility. What is MP? Define Economic Profit.

Question # 2. Explain Law of Diminishing Marginal Utility With the help of proper schedule and graph. Question # 3. (a) Define Equilibrium of firm. (b) What are the Conditions of equilibrium of firm? How a perfect competitive firm determines equilibrium in short run period. Question # 4. With the help of proper schedule and graph, explain the various Stages of Production. Question # 5. Explain various types of cost curves in Short Run Period. Support your answer with proper schedule and graph.