B.C.O.G-171
PRINCIPLES OF MICRO ECONOMICS
Note: Attempt all the questions.
Section-A
(This section contains five questions of 10 marks each)
Q.1 Explain the main determinants of demand of a commodity in the market. Distinguish between an Inferior good (commodity) and a Giffen good.
Q.2 Explain the Law of Supply. Point out its exceptions.
Q.3 Explain the concept of consumer's surplus. What are its limitations?
Q.4 What is full-cost pricing principle? How does it lead to a higher than optimum production?
Q.5 Explain the marginal productivity theory of distribution. Also state its assumptions. Why is the marginal productivity theory not considered a satisfactory theory of distribution?
Section-B
(This section contains five short questions of 6 marks each)
Q.6 Distinguish between positive and normative economics. Which one should be preferred and why?
Q.7 Explain the attainment of equilibrium position by a consumer with the help of an indifference curve.
Q.8 What is backward bending supply curve? Explain with an example.
Q.9 Explain the nature of Average Revenue Curve and Marginal Revenue Curve of a firm under Oligopoly.
Q.10 Discuss the concept of quasi-rent. How does it differ from the concept of economic rent?
Section-C
(This section contains four short questions of 5 marks each)
Q.11 ‘Scarcity is the mother of every economic system.’ Explain.
Q.12 What are the properties of an Isoquant?
Q.13 Distinguish between primary and intermediate inputs.
Q.14 Critically examine the Law of Equimarginal Utility.
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