LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.A. DEGREE EXAMINATION – ECONOMICS

RF 56

FIRST SEMESTER – APRIL 2007

EC 1500 – MICRO ECONOMICS – I

 

 

 

Date & Time: 24/04/2007 / 1:00 – 4:00   Dept. No.                                             Max. : 100 Marks

 

 

PART  – A

 

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

 

1. Define economics in the words of Alfred Marshall.
2. Distinguish between static and comparative static analysis with suitable examples.
3. Briefly explain the concept ‘Dumping’.
4. What is meant by ‘discriminating monopolist’?
5. Bring out the Marshallian Time element.
6. Briefly explain the basic problems of an economy.
7. ‘Utility is ethically neutral’ – Comment.

 

PART – B

 

Answer any FOUR questions in about 300 words each.                  (4 x 10 = 40 marks)

 

8. Explain the properties of indifference curve.
9. Explain the law of increasing returns to scale using production indifference curve technique.
10. Discuss the concept ‘income elasticity of demand’ with suitable examples.
11. Derive demand curve using indifference curve analysis.
12. Bring out the mathematical treatment of cardinal utility principle.
13. Briefly discuss the equi-marginal utility principle.
14. Explain the law of supply.

 

PART – C

 

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

 

15. Discuss the price-output determination of E.H.Chamberlin’s imperfect market model.
16. Examine the law of variable proportion.
17. Evaluate the perfectly competitive market model.
18. Compare and contrast cardinal and ordinal utility approaches to demand.

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