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University of Lucknow 2009 B.Com APPLIED ECONOMICS (Micro Economics) - Question Paper

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C-912
B.Com.(Part 1) Examination,2009
APPLIED ECONOMICS
(Micro Economics)

C-912

A

B. Com. (Part I) Examination, 2009 APPLIED ECONOMICS (Micro Economics)

Time Allowed: Three Hours Maximum Marks: 100

Note: Answer Five questions in all. Question No. 1 is compulsory. Answei' four more questions selecting one question from each Unit.

C-912

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C-912

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1. Answer the following in short: 4x10=40

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(i) Briefly explain the nature of economic laws.

(2)

marginal utility. Find consumer's surplus at a price ofRs. 12:

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(yf) Given below are the units of consumption and

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Units MarginalUtility(Rs.)

wi (.)

1 20

2 18

15

12

10

4

5

6

8

iguish between increase/decrease of

ucmand and expansion/contraction of demand.

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(iv) Draw indifference curves if the two goods are perfectly complementary and if the two goods are perfect substitutes and explain them.

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,. (v) Given below are the prices and quantities demanded of a commodity. Calculate elasticity by average method. Also explain the advantage of average method.

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Price (Rs.) Quantity Demanded (kg)

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20 100 15 140

(vi) What do you understand by 'mobility of labour' ?

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C-912

(vii) What do you mean by 'expansion path' ?

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(viii) Draw five supply curves with different elasticities.

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(ix) What is meant by 'Quasi-Rent' ?

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] Distinguish between risk and uncertainty.

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Unit-I

15

What do you understand by the terms 'micro' and

'macro' economics ? What is their importance and haw are they related to cach other ?

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Explain deduction and inductive methods of economic analysis. Why is there greater use of inductive method these days ?

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Unit-II

l-n 15

What do you understand by 'elasticity of demand ? What are its different types ? What are the different factors which affect price elasticity of demand ?

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(6)

5. Explain the different properties of indifference curves. How is price line drawn ? Explain consumers equilibrium.

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Unit-Ill

15

6. Distinguish between internal and external economies of scale. Explain these economies. How do economies become diseconomies ?

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Explain the equilibrium of a monopolist firm with the help of marginal and average cost and revenue curves. Can a monopolist suffer losses ?

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Unit-IV

15

8. What is the significance of marginal land in Ricardian theory of rent ? How do we use this concept in rent determination ? Explain with a suitable illustration.

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(8)

9. Write short notes on any two of the following: 7/4+7 Vz (i) Innovations theory of profit '4$) Marginal productivity theory

Demand and supply of loanable funds.

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(ii) vicMldl RMlxT

(iii) I

C-912-8-12,000