University of Delhi 2005 B.Com Economic System and Micro Economic Thory- - Question Paper

Economic System and Micro Economic Thory-2005
(Paper-IV)
(External)

Time three Hours Maximum Marks:100

Attempt 5 ques. in all.
All ques. carry equal marks

ques. one Briefly define the following:
a. The central issues of ‘How to produce’ and its solution in a market economy.
b. Marginal rate of transformation.

ques. two discuss the concept of ‘transfer earning’ with the help of an example. Represent transfer earning ad economic rent of a factor on a diagram when supply of a factor is:
a. Perfectly elastic and
b. Perfectly inelastic

ques. three discuss any 2 of the concepts:
a. Marginal rate of Substitution
b. Marginal rate of tecnical Substitution
c. Marginal productivity
d. Cardinal and ordinal utility.

ques. four discuss the process of deriving long run avg. cost curve from short run avg. cost curves.

ques. five discuss equilibrium of a firm under conditions of monopolistic competition both in short run and in the long run.

ques. six elaborate the common property resources. discuss them as 1 of the factors causing market failures

ques. seven What is an OPEC. provide reasons for its successful formation

ques. eight Derive the long run supply curve under the conditions of
a. Constant cost
b. Increasing cost
c. Decreasing cost industries

ques. nine
a. How does Game theory represent behaviour of oligopoly
b. Distinguish ranging from Nash and Dominant equilibrium

ques. 10 Write short notes on any two:
a. Characteristics of indifference curves
b. Factor affecting price elasticity of demand
c. Factor determining international specialization
d. Optimum combination of factor inputs

Earning:   Approval pending.