Course: Business Economics
June 2022 Examination
1. Assume that a consumer consumes two commodities X and Y and makes five combinations
for the two commodities:
TABLE BELOW
| Combination | Units of X | Units of Y |
| A | 25 | 3 |
| B | 20 | 5 |
| C | 16 | 10 |
| D | 13 | 18 |
| E | 11 | 28 |
Calculate Marginal rate of Substitution and explain the answer. (10 Marks)
2. Elaborate the term Total Revenue and Marginal revenue also calculate TR and MR in the
given table (10 Marks)
| Price | Output (In Units ) | Total Revenue | Marginal
Revenue |
| 20 | 1 | ||
| 18 | 2 | ||
| 16 | 3 | ||
| 14 | 4 | ||
| 12 | 5 |
3.a. From the given Demand Schedule for air tickets, calculate elasticity of demand.
(5 Marks)
| Price of Air Ticket
(Per Ticket) |
Quantity Demanded (Tickets per month) |
| 1,00,000 | 5,000 |
| 1,20,000 | 3,500 |
3.b. Elaborate the term Elasticity of Supply and explain any three factors that determines
elasticity of supply (5 Marks)
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