LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034
M.A. DEGREE EXAMINATION – ECONOMICS
SECOND SEMESTER – APRIL 2012
EC 2808 – MICRO ECONOMIC THEORY – II
Date : 17-04-2012 Dept. No. Max. : 100 Marks
Time : 9:00 – 12:00
Section – A
Answer any Five questions not exceeding 75 words each: (5 x 4 = 20)
- Define ‘satisficing’ and markup pricing.
- Sketch out the features of oligopoly.
- Define price leadership.
- How is Baumol’s sales maximization model superior to the profit maximization model of the firm?
- Explain the concept of managerial utility of Williamson in his theory of the modern firm.
- What do you mean by financial constraint in Marris model of the firm?
- Explain the concept of the compensation criterion of the Kaldor – Hicks.
Part – B
Answer any Four questions not exceeding 250 words each. (4 x 10 = 40)
- Discuss the importance of Game Theory in showing oligopolistic market problems.
- Bring out the importance of input – output analysis in economic theory.
- Compare the marginalist theory with the Andrew’s theory of the modern firm.
- Critically assess the Sylos model of limit pricing.
- Explain the conditions of Amartya Sen for promotion of social welfare in a democratic country.
- Discuss the different types of price leadership with diagrams.
- What factors lead to market failure under Paretian welfare?
Part – C
Answer any Two questions in about 1200 words each. (2 x 20 = 40)
- Critically examine Baumol’s model of the modern firm.
- Explain price determination under conditions of price leadership in an oligopolistic market.
- Discuss the drawbacks of game theory in providing solutions to the complex economic problems.
- Bring out the advantages and disadvantages of Input-Output analysis in economic theory.
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