M.A-M.A Economics 1st Sem EC-101 : Micro-Economic Analysis–I(University of Pune, Pune-2013)
M.A. (Part I) (First Semester) EXAMINATION, 2013
ECONOMICS
EC-101 : Micro-Economic Analysis–I
(2008 PATTERN)
Time : Three Hours Maximum Marks : 80
N.B. :—
(i) Attempt All questions.
(ii) Figures to the right indicate full marks.
(iii) Answers should be precise and to the point.
(iv) Draw neat diagrams wherever necessary.
1. Answer any one of the following questions in 500 words : [20]
(i) Explain the concepts of Deductive and Inductive Methods of economic analysis. Discuss their merits and demerits.
(ii) What is Indifference Curve ? Explain the income, substitution and price effects with the help of Indifference Curve.
2. Answer any one of the following questions in 500 words : [20]
(i) Define Iso-quants. What are the properties of Iso-quants ? Explain the producer’s equilibrium with the help of Iso-quants.
P.T.O.[4304]-101 2
(ii) What is Consumer’s Surplus ? How is consumer’s surplus measured with the help of indifference curve ? Evaluate the concept
of consumer’s surplus.
3. Answer any two of the following questions in 250 words each : [20]
(i) Derive long-run average cost curve from short-run average cost curve of a firm. Why is it ‘U’ shaped ?
(ii) Give the meaning of average, marginal and total revenue. Illustrate these concepts with the help of suitable diagrams and numerical examples.
(iii) Explain the Hicksian revised theory of demand.
(iv) State and explain the Law of Diminshing Marginal Utility.
4. Write any four of the following short notes in 100 words each : [20]
(i) Importance and limitations of micro-economics
(ii) External economies and diseconomies
(iii) Linear homogenous production function
(iv) Basic economic problems
(v) Income elasticity of demand
(vi) Fixed and variable cost
| Earning: ₹ 7.05/- |
