LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034
M.A. DEGREE EXAMINATION – ECONOMICS
FIRST SEMESTER – NOVEMBER 2012
EC 1806 – MICRO ECONOMIC THEORY – I
Date : 01/11/2012 Dept. No. Max. : 100 Marks
Time : 1:00 – 4:00
Part – A
Answer any FIVE questions in 75 words each: 5 x 4 = 20
- Define Stable and unstable equilibrium.
- Distinguish between Simple and Discriminating Monopoly.
- Explain the ‘Learning curve’ in modern theory of the cost curve.
- Define Opportunity cost and Social cost.
- What is meant by Linear homogeneous production function?
- Explain Price effect and income effect with the help of Ordinal utility approach of Hicks .
- Explain the postulates of the N-M Utility analysis.
Part – B
Answer any FOUR questions in 300 words each: 4 x 10 = 40
- Discuss the advantages of Economic Dynamic analysis.
- What is Return to Scale? Elaborate the three types of it with suitable diagrams.
- What is Price discriminations? How is it justifiable for promotion of social welfare?
- Critically evaluate the Markowitz hypothesis of modern utility analysis.
- Distinguish between Perfect competition and Monopolistic competition.
- Explain Output effect and Substitution effect with the help of iso-quant and Iso-cost curves.
- How does Cobb-web model explain cyclical movement in price and quantity of agricultural products?
Part – C
Answer any TWO questions in 900 words each: 2 x 20 = 40
- Discus the merits and demerits of Deductive analysis in economics.
- Elucidate the Superiority of the modern utility analysis over the Cardinal utility analysis.
- Discuss the different sources of Monopoly. Does it promote efficiency and social welfare?
- Distinguish between production costs and Selling costs. How does Monopolistic firm determine output under Selling costs?
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