LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.A. DEGREE EXAMINATION – ECONOMICS

FIRST SEMESTER – APRIL 2011

EC 1500 – MICRO ECONOMICS – I

 

 

 

Date : 12-04-2011              Dept. No.                                                    Max. : 100 Marks

Time : 9:00 – 12:00

 

Part – A

 

Answer any FIVE of the following                                                              5×4=20

 

1. Define Micro Economics
2. Bring out the central economic problems of an economy.
3. State the factors determining elasticity of demand.
4. What are the basic properties of the indifference curve?
5. Explain Marginal Rate of Substitution.
6. What is meant by product differentiation?
7. What are selling costs?

 

 

Part – B

 

Answer any FOUR of the following                                                                        4×10=40

 

8. Differentiate between positive and normative economics.
9. Bring out the price and output determination under monopoly.
10. Explain the reasons for the downward sloping demand curve.
11. Distinguish between price effect and substitution effect.
12. Bring out the importance of Time element in price Theory.
13. Explain the main causes leading to the emergence of Oligopoly.
14. Explain the nature and shape of different cost curves.

 

Part – C

 

Answer any TWO questions.                                                                                    2×20=40

 

15. Explain with the help of a diagram the concept of indifference curves and examine the statement that indifference curve approach is superior to cardinal utility approach.
16. Discuss the law of variable proportion and explain the conditions of its applicability.
17. Explain how price and output are determined under Oligopoly market situation through kinked demand curve approach.

Analyse the conditions in which the firm and the industry will be in equilibrium in the short and the long periods under perfect competition.

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