University of Delhi 2009 B.A Economics -I, set-III, SOL, .-I, - Question Paper
This question paper contains 7 printed pages]
Your Roll No.................
3*TW ...................
5403
BA Progyi/(NS) J
(R)
ECONOMICSPaper I (Principles of Microeconomics)
(Admissions of 2005 and onwards)
Time : 3 Hours Maximum Marks : 75
WW : 3 : 75
(Write your Roll No. on the top immediately on receipt of this question paper.)
(W 7TQ; SPPTT 3sbHi<*> l)
Note : (i) Answers may be written either in English or in Hindi; but the same medium should be used throughout the paper.
(ii) The maximum marks printed on the question paper are applicable for the students of the regular colleges (Cat. A). These marks will, however, be scaled up proportionately in respect of the students of NCWEB at the time of posting of awards for compilation of result.
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Attempt any Five questions.
All questions carry equal marks.
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1. What are the determinants of quantity demanded ?
Explain the effects of the following on the demand for a commodity :
(a) A rise in the price of a substitute good.
(b) A fall in the income of the consumer if the commodity is an inferior good.
Use diagrams. 9,6
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() Define price elasticity of demand and cross elasticity of demand.
() Given a straight line demand curve, show that price elasticity of demand varies from zero to infinity.
(c) Draw supply curve showing elasticity of supply
(i) equal to one (ii) greater than one (iii) less than one. 6,6,3
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3. (a) Explain the concept of diminishing marginal rate of substitution between two goods and show how it affects the shape of indifference curve.
(b) Explain and draw price-consumption curve and income-consumption curve. How would you derive the demand curve from the price-consumption curve ? 6,9
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() Explain the Law of Variable Proportions through the behaviour of both total product and marginal product. Give reasons. Use diagram to illustrate your answer.
() Explain the concept of returns to scale. Use diagrams. 8,7
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5. Distinguish between monopoly and discriminating monopoly. Show the condition under which a multiplant profit maximizing firm will reach equilibrium. 15
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6. What is commercial policy ? Explain the concept of free trade and argument for and against it. 15
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7. Explain the concept of Economic Rent. Show how rent earned by a factor depends upon the elasticity of supply of a factor. 15
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Ci) Prisoners dilemma;
(ii) Consumers surplus;
(iii) Public goods.
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This question paper contains 4 printed pages.]
Your Roll No...........
3TTW 3TWTFF..........
ECONOMICS - Paper I (Principles of Microeconomics)
(NC - Admissions of 2006-2007 onwards)
Time : 3 Hours Maximum Marks : 100
TWT : 3 : 100
(Write your Roll No. oil the top immediately on receipt of this question paper.)
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Note : Answers may be wrillcn either in hnglish or in Hindi; but the same medium should be used throughout the paper.
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Attempt five questions in all.
All questions carry equal marks.
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(a) What happens to equilibrium quantity and price where there is (i) an increase in demand (ii) decrease in supply ?
(b) How does production possibility curve help in efficient allocation of resources in the economy ? (10, 10)
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(a) What is meant by pricc control ? What are the conscquenccs of absence of Government intervention in the markets ? Give examples.
(b) Differentiate between income and cross elasticity of demand.
(c) Suppose a producer is willing to supply 150 quintals of rice at the price of Rs. 700 per quintal. If price increases to Rs. 900 per quintal, he is willing to supply 180 quintals of rice. Calculate the elasticity of supply of rice. (10,4,6)
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(a) What are the shapes of indifference curves when :
(i) goods are perfect substitutes ?
(ii) goods arc perfect complements ?
(m) one good is an economic bad and other is an economic eood '
2
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Show how pricc effect is equal to the sum of income effect and substitution effect for a normal good.
Explain the concept of compensating and equivalent variation. (6, 8, 6)
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Explain the three stages of a production process. Why would a producer always produce in the second stage of production ? Explain the relationship between SRAC & SRMC curves. Why arc SAC curves U-shaped? (12,8)
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Explain equilibrium of a firm under oligopoly. How is a co-operative equilibrium different from non-co-operative equilibrium ?
What is pricc discrimination ? How is equilibrium output and price determined underprice discrimation ? (10, 10)
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How do public goods represent a case for market failure ? How can Government intervention help ? What is the public policy towards monopoly and competition ? (20)
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(a) Explain the law of comparative advantage.
By giving examples explain absolute and comparative cost differences.
(b) What is meant by protectionism ? (12, 8) (30 TPTfT FTPT % fRTR eft TPTTTt I
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Write short notes on any two of the following :
(a) Deadweight Loss under monopoly.
(b) WTO and GATT
(c) Economic Rent
(d) Long-run supply curve of a perfectly competitive industry. (10, 10)
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5603 4 3,000
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| Earning: Approval pending. |
