Thursday, February 28, 2019

Class Test on Micro Economics Essay

i) entirely questions in this section be compulsoryii) Marks for questions are indicated against severallyiii) Answers for very short answer questions carrying 1 mark must be answered in ONE sentence each iv) Answers for short answer questions carrying 3 label each should non normally exceed 60 haggle v) Answers for short answer questions carrying 4 marks each should normally not exceed 70 words vi) Answers for long answer questions carrying 6 marks each should not normally exceed 100 words each. vii) Answers should be brief and to the point The above word limits should be adhered to as out-of-the-way(prenominal) as possible. 1. Name the characteristic which make monopolistic competition diverse from perfect competition12. Why is demand for water springless?13. State unrivalled feature of oligopoly14. In which market form is the demand perfectly inelastic?15. Distinguish between increase in demand and increase in metre demanded36. Goods X and Y are substitutes. let off t he effect of a fall in price of Y on the demand for X.37. At a price of Rs. 5 per unit of a commodity A, summation tax is Rs 800. When its price rises by 20%, innate gross increases by Rs. 400. Calculate its rice elasticity of demand38. let off the implication of freedom to founding and exit of firms under perfect competition39. Given below is the apostrophize agendum of a firm. Its average fixed cost is Rs 20 When it is producing 3 units. production 1 2 3 Average Variable cost (Rs.) 30 28 32 Calculate its bare(a) cost and average total cost at each given level of output.310 Explain the features of What to produceOR Explain any two main features of centrally planned economy.412. When the price of a commodity falls by Rs. 2 per unit, its quantity demanded increases by 10 units. Its price elasticity is (-)1. Calculate its quantity demanded on its equilibrium price.413. Explain the effect of increase in income of buyers of a normal commodity on its equilibrium price.414. Stat e whether the following statements are true or false Give reasons for your answer(a) When total revenue is constant, average revenue will be constant. (b) Average variable cost can fall even when marginal product is rising (c) When marginal product falls, average product will also fall.615. Explain the legality of variable proportions with the help of total and marginal product curves. 616 Explain producers equilibrium with the help of a marginal cost and marginal revenue schedule 6

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