Q.1(a) “Economics is the science of scarcity and choice.” Elucidate.
(b) Explain Micro and Macro approach to the Economic Analysis.
(c) what is the importance of economics in our daily life?
(d) Describe the scope and nature of Economics.
(e) Describe the methodologies of Economics.
Q.2(a) Explain Marginal Rate of Substitution.
(b) Explain why consumer’s Indifference Curves have
(i) negative slope (ii) do not intersect and (iii) Convex to the ongin.
(c) “ How does a consumer achieve Equilibrium”? Explain with the help of Indifference Curves Technique.
(d) what will be the effect on Consumer’s Equilibrium of
(i) Income (ii) Price (iii) Substitutes
Q.3(a) Distinguish between Monopoly and Monopolistic Competition.
(b) Explain with the help of diagrams the determination of short run and long run Equilibrium of a firm under Monopolistic Competition.
Q.4(a) Differentiate between PURE COMPETITION and PERFECT COMPETITION.
(b) Explain with the help of diagrams the determination of short run and long run Equilibrium of a firm under Monopolistic Competition.
(c) Under what conditions a firm under PERFECT COMPETITION stops its production. Explain with the help of a suitable diagram.
Q.5(a) Explain Law of diminishing marginal returns with the help of schedule
and diagram.
(b) Why is it especially applicable in the field of agriculture?
Q.6(a) Explain the concept of ELASTICITY OF DEMAND.
(b) Explain different degrees of Elasticity of demand.
(c) What are the different methods for the measurement of Elasticity of demand?
(d) Explain:
(i) Price elasticity of demand (ii) Income elasticity of demand
(iii) Cross elasticity of demand
Q.7(a)State and explain Law of diminishing Marginal Utility with its assumptions
(b) State and explain Law of Demand and Supply with its assumptions
Q.8(a)Write notes on any Two of the following:
(i) Micro and Macro Economics
(ii) Change in Quantity Demanded and Change in Demands
(iii) Point Elasticity and Arc Elasticity of demand
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