What is a planned economy?
VIEW SOLUTIONWhen is a firm called price maker?
VIEW SOLUTIONDefine a budget line.
VIEW SOLUTIONWhat is ‘decrease’ in supply?
VIEW SOLUTIONDefine Production Function.
VIEW SOLUTIONHow is production possibility curve affected by unemployment in the economy? Explain.
VIEW SOLUTIONWhen price of a good is Rs 13 per unit, the consumer buys 11 units of that good. When price rises to Rs 15 per unit, the consumer continues to buy 11 units. Calculate price elasticity of demand.
VIEW SOLUTIONDistinguish between explicit cost and implicit cost and give examples.
VIEW SOLUTIONDraw in a single diagram the average revenue and marginal revenue curves of a firm which can sell any quantity of the good at a given price. Explain.
VIEW SOLUTIONExplain the implications of the feature ‘large number of buyers’ in a perfectly competitive market.
OR
Explain the implications of the feature ‘homogeneous products’ in a perfectly competitive market.
VIEW SOLUTIONA consumer consumes only two goods X and Y. At a consumption level of these two goods, he finds that the ratio of marginal utility to price in case of X is higher than in case of Y. Explain the reaction of the consumer.
VIEW SOLUTIONExplain how rise in income of a consumer affects the demand of a good. Give examples.
VIEW SOLUTIONDefine marginal cost. Explain its relation with average cost
OR
Define variable cost explain the behaviour of total variable cost as output increases.
VIEW SOLUTIONWhat is producer’s equilibrium? Explain the conditions of producer’s equilibrium through the ‘marginal cost and marginal revenue’ approach. Use diagram.
VIEW SOLUTIONExplain the conditions of consumer’s equilibrium with the help of the Indifference Curve Analysis.
VIEW SOLUTIONMarket for a good is in equilibrium. There is ‘increase’ in supply of the good. Explain the chain of effect of this change. Use diagram.
OR
Distinguish between ‘non-collusive’ and ‘collusive’ oligopoly. Explain the following features of oligopoly:
(i) Few firms
(ii) Non-price competition
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Syllabus