Indira Gandhi National Open University (IGNOU) 2005 B.Com Economic theory - Question Paper

Test Papers / Previous ques. Papers of IGNOU ECO6 Economic Theory December 2005
Bachelors Degree Programme

Term-End exam
December, 2005

Elective Course: Commerce
ECO6: Economic Theory
Time : two hours
Maximum Marks : 50 (Weightage 70%)

Note : The paper contains 3 parts A, B and C. Instructions are provided in every part along with marks.

part A

ans any 2 ques. from this part. (2x15=30)

l. (a) Distinguish ranging from price elasticity of demand and income elasticity of demand.

(b) define the point method of measuring elasticity of demand.

(c) discuss the importance of the concept of elasticig of dernand.

2. (a) What do you mean by indifferencec curves?

(b) elaborate the properties of indifferencec curves?

(c) Dslinsuish ranging from income consumption curve and price consumption curve

3. discuss how the firm reaches equilibrium under perfect competition in the short run. What happens when in the short run the avg. variable cost greater than the avg. revenue ?

4. explain the marginal productivity theory of distribution. I s it an incomplete explanation of the determination of factor prices ?

SECTTON B

ans any 2 ques. from this part. (2x7=14)

5. "Scarcity is the root reason of all economic problems" Dscuss.

6. What is price discrimination ? Under what necessary conditions can price discrimination be practiced?

7. How do you measure inequalities in the distribution of income ? Is complete quality desirable?

8. discuss with the help of a diagram the legal regulations of Variable Proportions.

Earning:   Approval pending.