Punjab Technical University 2010 B.B.A Micro economics [b0103] - Question Paper
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[Total No. of Pages : 02
Paper ID [B0103]
Roll No...........................
Total No. of Questions : 13]
(Please fill this Paper ID in OMR Sheet)
BBA (BB - 103) (S05) (O) (Sem. - 1st) MICRO ECONOMICS
Time : 03 Hours Instruction to Candidates:
Maximum Marks : 75
1) Section - A is Compulsory.
2) Attempt any Nine questions from Section - B.
Section - A
(15*2 = 30)
Qi)
a) Write a brief note on Indifference curve.
b) What do you know about price elasticity of demand?
c) Write a brief note on marginal utility.
d) Explain the law of equimarginal utility.
e) Explain the relationship between Total utility and marginal utility.
f) Define marginal rate of substitution.
g) Explain the law of diminishing returns.
h) Show how does demand curve (AR) slopes under monopoly?
i) Explain short run supply curve of a firm. j) Explain the law of constant returns.
k) Write a short notes on :
(i) Explicit cost.
(ii) Implicit cost.
l) Give assumptions of perfect competition.
m) Give relationship between Average cost and Marginal cost.
n) Compare the law of returns and returns to scale.
o) Explain Long run equilibrium under monopoly.
(95 = 45)
Q2) Why does demand curve slopes downward? Are there any exception to the demand curve?
Q3) What is marginal rate of substitution? Give its principle. Why does marginal rate of substitution fall?
Q4) What is price-elasticity of demand? Explain point and arc methods of measuring it.
Q5) State and explain the meaning of returns to scale. Explain in detail the three stages of returns to scale.
Q6) Why the short run cost curves U shaped? Also discuss the relationship between AC and MC.
Q7) How is monopoly price determined? Should monopolies be controlled and regulated?
Q8) What is monopoly equilibrium? State and explain how does monopolist fix his price in the Long period.
Q9) What is monopolistic competition? Determine short period equilibrium under monopolistic competition.
Q10) Explain the law of equimarginal utility? Explain the importance and limitations of this law.
QII) Explain with the help of Indifference Curve Analysis.
(a) Price Effect.
(b) Income Effect.
(c) Substitution Effect.
Q12) Define Income elasticity of demand? Give its degrees.
Q13) What is perfect competition? Explain its features.
A-11 P
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