Loyola College M.A. Economics April 2008 Micro Economic Theory-I Question Paper PDF Download

LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

BC 29

M.A. DEGREE EXAMINATION – ECONOMICS

FIRST SEMESTER – APRIL 2008

    EC 1806 – MICRO ECONOMIC THEORY – I

 

 

 

Date : 28/04/2008            Dept. No.                                        Max. : 100 Marks

Time : 1:00 – 4:00

PART – A

Answer any FIVE questions in about 75 words each.                   (5 x 4 = 20 marks)

  1. What is meant by comparative statics?
  2. Distinguish between strong ordering and weak ordering.
  3. “Neuman-Morgenstern Utility Measure is not the same as Neoclassical Cardinal Measurement of Utility” – Explain.
  4. Write a short note on Private versus Social Cost.
  5. What is a Learning Curve?
  6. Establish the relationship between AR and MR.
  7. List out the features of monopolistic competition.

                                                               PART – B

Answer any FOUR questions in about 250 words each.               (4 x 10 = 40 marks)

  1. Analyse the merits and demerits of Deductive method.
  2. Critically examine Prof. Samuelson’s Revealed Preference theory of demand.
  3. Distinguish between economies and diseconomies of scale and explain the factors responsible for the same.
  4. Bring out the conditions for consumer equilibrium under indifference curve analysis.
  5. Explain the St.Petersburg Paradox and Bernoulli’s hypothesis.
  6. Illustrate the equilibrium of the firm using TR and TC approach. What are its limitations?
  7. There are two commodities X and Y on which a consumer spends his entire income in a day. He has utility function Find out the optimal quantities of X and Y if price of X and Y are Rs. 5 and Rs. 2 respectively and his daily income equals Rs. 500.

PART – C

Answer any TWO questions in about 900 words.                          (2 x 20 = 40 marks)

  1. Explain the simple dynamic model using Cobweb Theorem.
  2. Explain the method of decomposing price effect adopted by Hicks and Slutzky.
  3. Explain in detail the reasons for the behaviour of Risk Lover and Risk Averter in a risky and uncertain situation.
  4. Illustrate monopolist equilibrium. Are you in favour of a monopoly market?

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