B. A./B.Sc.(Pass/ Subsidiary) Second Semester Examination, May - 2019
(Faculty of Arts/Science)
ECONOMICS
FIRST PAPER
Micro Economics – I
Paper Code:- 2151 (Arts) 2641
Time Allowed: Three Hours
Maximum Marks: 70 (Arts)
(1) No supplementary answer book will be given to any candidate. Hence the candidates should write the answers precisely in the main answer book only.
(2) All the parts of one question should be answered at one place in the answer book.
(Attempt all five questions)
Part I (Question No. 1& 2) is compulsory & part II (Question No. 3, 4 & 5) has internal choice.
PART-I
1. Answer all the questions. All questions carry equal marks.
(Words limit upto 20 words each)
a) What is the major difference between Perfect Competition and Imperfect Competition?
b) Explain the concept of Quasi-Rent.
c) What is the Classical Theory of Interest?
d) What is Collective Bargaining?
e) What is Horizontal and Vertical Product Differentiation?
f) What is Marginal Productivity Theory of Distribution?
g) Does a monopolist always earn supernormal profit?
h) What are Wage Differentials?
i) Differentiate between Pure and Perfect Competition.
j) What is Lerner's Monopoly Power Measurement Formula?
2. Answer all the questions. Each question carries 2 marks.
(Words limit upto 50 words each)
a) Differentiate between Break-Even Point and Shut Down Point.
b) What is Kinked Demand Curve?
c) Explain Ricardian Theory of Rent.
d) What is Keynesian Theory of Interest?
e) What is Pareto's criteria of optimality.
PART-II
UNIT-I
3. Describe the meaning and conditions of monopoly price discrimination and explain price determination under monopoly discrimination.
OR
Explain determination of price and output of a monopolistic firm in short run and long run.
UNIT-II
4. Describe the Modem Theory of Wages in detail.
OR
Discuss the Modern Theory of Rent in detail with the help of diagram.
UNIT- III
5. Discuss the Modern Theory of Profit in detail.
OR
Describe the meaning of Welfare Economics and concepts for measuring welfare.
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