B.A./B.Sc. (Sem. I)
B.A./B.Sc.(Pass/Subsidiary) First Semester Examination, Dec - 2019
(Faculty of Arts/Science)
ECONOMICS
FIRST PAPER
Micro Economics
Paper Code:-11103
Time Allowed: Three Hours
Maximum Marks 70 (Arts)
- 80 (Science)
No supplementary answer book will be given to any candidate. Hence the candidates should write the answers precisely in the main answer book only.
(Attempt all fiv e questions.)
Part I (Question No. 1& 2) is compulsory & Part II (Question No. 3, 4 & 5) has internal choice.
PART-I
10X1= 10 Science
10X1.5= 15 Arts
1. Answer all the questions. All questions carry equal marks.
(Words limit upte 20 words each)
a) Define Cross Elasticity of Demand.
b) What is Production Possibility Curve?
c) Distinguish between Micro-Economics and Macro-Economics.
d) Distinguish between inferior and giffin goods.
e) s the slope of demand curve an index of its elasticity?
f) What is Marginal Rate of Substitution?
g) What is meant by returns to a factor?
h)„Distinguish between internal and external economics.
i) Explain least cost combination of factors.
j) Explain Opportunity Cost.
2. Answer all the questions. Each question carries 2 marks.
(Word limit upto 50 words each)
(Arts/Science 5X2-10)
a) What is meant by Break Even Point?
b) Write a short note on Law of Variable Proportion.
c) Write a short note on the Ridge Lines.
d) What is an Indifference Curve? Explain.
e) What is Price Elasticity of Demand?
PART-II
UNIT-I
3. What is Law of Demand? Explain the difference between increase in demand and extension of demand and decrease in demand and contraction an of demand. Discuss the conditions under which increase in price leads to increase in demand.
OR
Define the Micro and Macro Economies. Explain the static and dynamic analysis with the help of diagrams.
UNIT-II
4. Distinguish between total and marginal utility with the help of diagram. Explain the Law of Diminishing Marginal Utility.
OR
How Slutsky's approach differs from Hicks approach to consumer equilibrium? Esplain with the diagrams.
UNIT- II
5. What is meant by Returns to Scale? Explain its various phases with diagrams.
OR
Why is short – run average cost curve U shaped? Describe the relationship between average cost and marginal cost.
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