These Guess Papers are Prepared on the Basis of Five Year Solved Papers of B.Com Part 1, These are the Most Important Questions of Economics . According to Punjab University PU Syllabus, Computer Application in Business Paper Consists of Total Eight Questions , Students have to Attempt Five Questions.
According to Updated Punjab University Syllabus
Eight Selected Most Important Questions
Prepared From Analysis of Past Papers of Past Five Years including 2013 ,2014
Chance of Getting High Marks in B.Com Part 1 Exams. Inshallah 100% Success
Easy to Pass the B.Com Part 1 Papers 2015
Economics Guess Paper 2015 Solved Question No.1
Law of Diminishing marginal utility states , All other things being equal, the additional satisfaction derived from consuming additional units o a commodity tends to decrease with each successive unit consumed. Total satisfaction continues to increase but at a decreasing pace.
Assumptions of Law of diminishing marginal utility includes, reasonable quantity and time, income remains constant, taste and fashion should remains constant,
Exceptions of Law of Diminishing marginal utility includes, money and monetary assets, hobbies and rare antique things, liquor and music , things of display
Economics Guess Paper 2015 Solved Question No.2
Law of equi marginal utility is the tendency on the part of a consumer to equate the utility from all marginal uses, When utility from all marginal uses is same, the consumer will get the maximum satisfaction, A prudent consumer in order to get maximum satisfaction from his limited income compares not only the utility of a particular commodity and price but also the utility of other commodities.
If he finds that the particular expenditure on one use is yielding ess utility than that of other, He will try to transfer a unit of expenditure from a commodity yielding less expenditure to a commodity yielding high marginal utility. The consumer will reach his equilibrium when it is not possible to increase utility by tranferring from less advantageous use to more advantageous use, this position of equilibrium is reached when the utility from all marginal uses is same.
Schedule for law of diminishing marginal utility, Marginal utility of Tea and cigarettes.
Diagram for marginal utility Limitations of Diminishing MU includes, Unrealistic assumptions, careful calculation, taste or fashion and indivisibility.
Economics Guess Paper 2015 Solved Question No.3
Indifference Theory Considers, What change in consumption of one good is required to compensate for a change in consumption of a second good, to leave the total utility unchanged,
Indifference Curve diagram
Characteristics / Properties of indifference curves IC Curves are negatively sloped
IC Curves are convex to the origion
IC Curves never intersects each other
Economics Guess Paper 2015 Solved Question No.4
Price elasticity of demand is the percentage change in the quantity demanded of a product in response to change in its price.
Price Elasticity of demand is measured by expenditure, proportional and geographic method.
Economics Guess Paper 2015 Solved Question No.5
Law of variable proportions comprises of three stages ,i.e increasing returns, constant returns and declining returns.
Economics Guess Paper 2015 Solved Question No.6
Measuring National Income, Gross Domestic Product, Three methods of measurement of national income, expenditure method, Income method and output method.
Difficulties in measurement of National Income, Problem of double counting, Underground economy, Public services, transfer Payments.
Economics Guess Paper 2015 Solved Question No.7
Cannon of taxation includes, canon of equality of ability, canon of certainty, canon of convenience, economy, productivity, elasticity and simplicity.
Economics Guess Paper 2015 Solved Question No.8
Taxes may be direct or indirect, Direct tax is usually paid on income above a specified amount, while indirect tax is levied upon the seller , which is transferred to ultimate consumers in the price of the product itself.