BA 1st Semester Economics Question Paper for Honours Course 2014
TDC Odd Semester Exam., 2014
ECONOMICS
(Honours)
(1st Semester)
Paper No. : ECOH—1O1
(Microeconomics__I)
Full Marks: 50
Pass Marks: 17
Time: 2 hours
The figures in the margin indicate full marks for the questions
Answer five questions, taking one from each Unit
UNIT—I
1. What is microeconomics? Discuss the scope and limitations of microeconomics. 2+8=10
2. (a) What are the basic problems of an economy? 6
(1) How does a free enterprise economy solve them? 4
UNIT—Il
3. (a) Analyze the circumstances under which a demand curve slopes upward to the right. 5
(b) Explain linear market demand function and supply function with the help of an example. 5
4. (a) Distinguish between point method and arc method of measuring price elasticity or demand on a demand curve, 5
(b) What shape will the demand curve take if the elasticity of demand at all points on the demand curve is equal to infinity, zero and one? Elaborate. 5
UNIT—Ill
5. Define indifference curve. what are its properties? 2+8—10
6. (a) Distinguish between price effect and income effect. 5
(b) Explain briefly Slutaky's method or measuring income effect and substitution effect. 5
UNIT—IV
7. (a) Illustrate briefly the marginal rate of technical substitution.
(b) How does an isocost line determine the optimal combination or factors or production? Elaborate.
8. Discuss briefly the properties of Cobb- Douglas production function. -
UNIT—V
9. (a) what is the relation between average cost and marginal cost curves of a firm?
(b) Given the U-shaped nature or the short-run average cost curve, will the long-run average cost curve be necessarily U-shaped? Discuss.
10. Prove that the elasticity of substitution in CEs production function is , where p is 1+p the substitution parameter.
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