LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034
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M.A. DEGREE EXAMINATION – ECONOMICS
FIRST SEMESTER – APRIL 2007
EC 1806 – MICRO ECONOMIC THEORY – I
Date & Time: 25/04/2007 / 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)
- “The deductive method is a mere arm chair analysis” (Lerner) comment.
- Distinguish between economic static and economic dynamic analysis.
- Define ‘”Introspective ordinalist” approach and “Behaviourist ordinalist approach”
- What is meant by income effect and price effect?
- What are the similarities between N-M utility analysis and Friedman-Savage hypothesis?
- Distinguish between Iso-quants and Iso-cost lines.
- Distinguish between personal price discrimination and group price discrimination.
Part – B
Answer any FOUR questions in about 300 words each. (4 x 10 = 40 marks)
- Do you think that economic statics is superior to economic dynamics to analyse modern economic issues? Why?
- Compare and contrast indifference curve analysis with production function analysis.
- Critically examine N-M utility analysis.
- Discuss the different kinds of costs in production.
- Compare the Laws of variable proportions with the laws of returns to scale.
- Discuss the three degrees of price discrimination with diagrams.
- Critically analyse the reformulated demand theory of Hicks.
Part – C
Answer any TWO questions in about 900 words each. (2 x 20 = 40 marks)
- “The indifference curve analysis is the old wine in a new bottle” – Robertson. Discuss.
- “Maximization of expected utility is the goal that consumers pursues in uncertain situations” – Newmann. How is it applied to analyze the behaviour of investors in the case of insurance and gambling?
- Compare and contrast the concept of Returns to scale and the short-run and long-run production functions. How is the long-run production operative in modern firms?
- Outline the features of monopolistic competition. Examine the short-run and long-run equilibrium of a firm under monopolistic competition with suitable diagram.
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