Loyola College M.A. Economics April 2007 Micro Economic Theory-II Question Paper PDF Download

LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

M.A. DEGREE EXAMINATION – ECONOMICS

RF 22

SECOND SEMESTER – APRIL 2007

EC 2804/EC 2803/EC 2801 – MICRO ECONOMIC THEORY – II

 

 

 

Date & Time: 17/04/2007 / 1:00 – 4:00         Dept. No.                                                       Max. : 100 Marks

 

 

Part A

 

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

 

  • “In the Modern World the firm is a highly complex organization. It is characterized by separation of ownership and management” – Is it agreeable to the Neo-Classical Economists?
  • Outline the postulates of Sylos’s Model of Limit Pricing
  • Distinguish between Cartel and Price Leadership.
  • Explain the conditions of Pareto Optimality for promotion of Social Welfare
  • Explain the concept of Social Welfare Function
  • Explain the concept of Social Choice propounded by Amartya Sen
  • Define the concepts of Pay off Matrix, Strategies, Players. How are these concepts applied in Oligopoly?

Part B

 

Answer any FOUR questions in 250 words each                       (4 x 10 = 40 marks)

 

  • Bring out the differences between Andrew’s interpretation of Mark up Pricing and Hall and Hitch views of it.
  • Critically appraise the Maximization Utility Function Theory of Scitovsky.
  • Critically analyze Sylos’ Model of Limit Pricing.
  • What do you mean by Saddle Point? Explain it applying the concept of Pay off Matrix. How is it a deviation from the Nash Equilibrium?
  • “Social Choice Theory of Arrow is an improvement over Social Welfare Function Theory of Bergson” Substantiate it with reasons.
  • Compare Price Leadership with Limit Pricing
  • What are the features of Input – Output analysis? How is it fruitful to formulate economic policies in India?

 

Part C

 

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

 

  • “Neither the managerial discretion nor the managerial enterprise Model replaces the traditional Economic Theory of the firm” – Comment
  • Enumerate the conditions required for the success of Collusive Oligopoly. Do you consider that collusion is beneficial for Oligopoly firms?
  • What are the demerits of Input – Output analysis? Do you think that it is an extension of production function? How?
  • Critically examine Sen’s Social Choice Theory. Do you think that his interpretation is relevant to Indian Democracy? How?

 

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