Define Microeconomics?
VIEW SOLUTIONGive one reason for shift in demand curve.
VIEW SOLUTIONWhat is the behaviour of Total Variable Cost, as output increases?
VIEW SOLUTIONWhat is the behaviour of Marginal Revenue in a market in which a firm can sell any quantity of the output it produces at a given price?
VIEW SOLUTIONWhat is a price-maker firm?
VIEW SOLUTIONDefine Production Possibilities Curve. Explain why it is downward sloping from left to right.
VIEW SOLUTIONA consumer consumes only two goods X and Y and is in equilibrium. Price of X falls. Explain the reaction of the consumer through the Utility Analysis.
VIEW SOLUTIONDraw total Variable Cost, Total Cost, and Total Fixed Cost curves in a single diagram.
VIEW SOLUTIONA producer starts a business by investing his own savings and hiring the labour. Identify implicit and explicit costs from this information. Explain.
VIEW SOLUTIONExplain the implications of large number of sellers in a perfectly competitive market.
OR
Explain why there are only a few firms in an oligopoly market.
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Define an indifference map. Why does indifference curve to the right show more utility? Explain.
VIEW SOLUTIONA consumer buys 10 units of a commodity at a price of Rs. 10 per unit. He incurs an expenditure of Rs 200 on buying 20 units. Calculate price elasticity of demand by the percentage method. Comment upon the shape of demand curve based on this information.
VIEW SOLUTIONWhat does the Law of Variable Proportions show? State the behaviour of marginal product according to this law.
OR
Explain how changes in prices of inputs influence the supply of a product.
VIEW SOLUTIONExplain the difference between (i) inferior goods and normal goods and (ii) cardinal utility and ordinal utility. Give example in each case.
VIEW SOLUTIONExplain the distinction between “change in quantity supplied” and “change in supply”. Use diagram.
VIEW SOLUTIONMarket for a good is in equilibrium. There is simultaneous “decrease” both in demand and supply but there is no change in market price. Explain with the help of a schedule how it is possible.
OR
Market for a good is in equilibrium. Explain the chain of reactions in the market if the price is (i) higher than equilibrium price and (ii) lower than equilibrium price.
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