Gujarat University 2007 B.A Economics-I Old ) - Question Paper

(Old Course)
Time : three Hours] [Max. Marks : 70
Instruction : All ques. carry equal marks.
1. explain critically Prof. Robin’s definition of Economics.
OR
Briefly discuss (any two) :
(1) Utility
(2) Expansion of demand and Increase in demand.
(3) define the legal regulations of Supply.
2. discuss the legal regulations of Demand with the help of a diagram and also explain its main
exceptions.
OR
discuss the legal regulations of Diminishing Marginal Utility with its exceptions.
3. What is Indifference Curve ? explain the characteristics of Indifference Curve.
OR
Briefly discuss (any two) :
(i) Concept of Fixed Cost and Variable Cost.
(ii) discuss the factors affecting price elasticity of demand.
(iii) The characteristics of Perfect Competition.
4. Mention the characteristics of monopolistic competition and discuss the equilibrium of a
firm in monopolistic competition.
OR
explain the Marginal Productivity Theory of Distribution with its limitations.
5. Write short notes on (any two) :
(1) Recardian Theory of Rent.
(2) Economic effects of the minimum wage.
(3) discuss the Innovations Theory of Profit.
(4) discuss the concept of consumer’s surplus.
FC-

Earning:   Approval pending.