Class Test on Micro Economics Essay

September 21, 2017 Economics

I ) All inquiries in this subdivision are compulsory
two ) Marks for inquiries are indicated against each
three ) Answers for really short reply inquiries transporting 1 grade must be answered in ONE sentence each four ) Answers for short reply inquiries transporting 3 Markss each should non usually exceed 60 words V ) Answers for short reply inquiries transporting 4 Markss each should usually non transcend 70 words six ) Answers for long answer inquiries transporting 6 Markss each should non usually exceed 100 words each. seven ) Answers should be brief and to the point – The above word bounds should be adhered to every bit far as possible. 1. Name the characteristic which make monopolistic competition different from perfect competition [ 1 ]

2. Why is demand for H2O inelastic? [ 1 ]

3. State one characteristic of oligopoly [ 1 ]

4. In which market signifier is the demand absolutely inelastic? [ 1 ]

5. Distinguish between addition in demand and increase in measure demanded [ 3 ]

6. Goods X and Y are replacements. Explain the consequence of a autumn in monetary value of Y on the demand for X. [ 3 ]

7. At a monetary value of Rs. 5 per unit of a trade good A. entire gross is Rs 800. When its monetary value rises by 20 % . entire gross additions by Rs. 400. Calculate its rice snap of demand [ 3 ]

8. Explain the deduction of freedom to entry and issue of houses under perfect competition [ 3 ]

9. Given below is the cost agenda of a house. Its mean fixed cost is Rs 20 When it is bring forthing 3 units. |Output |1 |2 |3 | |Average Variable cost ( Rs. ) |30 |28 |32 |

Calculate its fringy cost and mean entire cost at each given degree of end product. [ 3 ]

10 Explain the characteristics of “What to produce”
OR Explain any two chief characteristics of centrally planned economic system. [ 4 ]

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12. When the monetary value of a trade good falls by Rs. 2 per unit. its measure demanded additions by 10 units. Its monetary value snap is ( – ) 1. Calculate its measure demanded on its equilibrium monetary value. [ 4 ]

13. Explain the consequence of addition in income of purchasers of a normal trade good on its equilibrium monetary value. [ 4 ]

14. State whether the undermentioned statements are true or false: Give grounds for your reply

( a ) When entire gross is changeless. mean gross will be changeless. ( B ) Average variable cost can fall even when fringy merchandise is lifting ( degree Celsiuss ) When fringy merchandise falls. mean merchandise will besides fall. [ 6 ]

15. Explain the jurisprudence of variable proportions with the aid of entire and fringy merchandise curves. [ 6 ]

16 Explain manufacturers equilibrium with the aid of a fringy cost and fringy gross agenda [ 6 ]

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