BCOG-171 PRINCIPLES OF MICRO ECONOMICS in English Solved Question Paper December 2023

BCOG-171 PRINCIPLES OF MICRO ECONOMICS in English Solved Question Paper December 2023

PRINCIPLES OF MICRO ECONOMICS
Course Code: BCOG-171

1. (a) What do you understand by factors of
production ? Briefly explain each of the
four main factors. 4+6
(b) Explain the exceptions to the law of
demand using the distinction between
substitution and income effect. 10
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2. (a) State the law of diminishing marginal
utility (or the law of satiable wants) and its
limitations. 10
(b) Distinguish between total utility, average
utility and marginal utility. 10
3. Explain the properties of indifference curves
and show that a budget price line is tangent to
one and only one indifference curve. 10+10
4. What is a market ? Explain the conditions of
market equilibrium with the help of a diagram.
Explain the marginal and average revenue of a
firm in perfect competition. 2+8+10
5. What is interdependence in an oligopolistic
market ? What kind of problems does it create
for an oligopoly equilibrium ? 10+10
6. What is the concept of rent ? Can rent be
earned by factors other than land ? Discuss the
Ricardian theory of rent. 2+8+10
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P. T. O.
7. Write short notes on any four of the following :
4×5=20
(a) Statics and Dynamics
(b) Determinants of supply
(c) Consumer’s surplus
(d) Characteristics of perfect competition
(e) Competitive wages