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Economic Theory

BACHELOR'S DEGREE PROGRAMME


Term-End Examination


June, 2010


ELECTIVE COURSE: COMMERCE


ECO-6: ECONOMIC THEORY


Time: 2 hours                                                                                   Maximum Marks : 50


                                                                                                             (Weightage 70%)

Note : The paper contains three sections, A, B, and C. Instructions  are given in each section along with marks.

SECTION- A


(Long Answer Question)


Attempt any two questions from this section :

  1. What do you understand by Production Possibility Curve ? Illustrate it with the help of a suitable example. What are its assumptions ?



  1. What is meant by income inequality ? Distinguish between personal and functional distribution of income. Suggest measures to reduce inequality of income and wealth.



  1. Why should equilibrium between marginal cost and marginal revenue be a necessary condition for equilibrium of a firm ? Explain with the help of a diagram.



  1. (a) Distinguish between price elasticity of demand and incom elasticity of demand.



  • Describe the point method of measuring elasticity of demand.

  • Explain the importance of elasticity of demand.


SECTION- B


(Medium Answer Question)


Attempt any two questions from this section :

  1. Explain the concept of consumer's surplus. Does this concept have any utility in practice ? Discuss.

  2. "Marginal revenue productivity of the factor plays an important role in factor pricing". Explain.

  3. What is price discrimination ? State the conditions under which price discrimination be practised.

  4. Discuss the law of variable proportions. What are the causes of diminishing returns ?


SECTION- C


(Medium Answer Question)




  1. Distinguish between any two of the following :                                                         2 x 5=10



  • Rent and quasi - rent

  • Fixed and variable costs

  • Extension of demand and increase (shift) in demand

  • Cardinal and ordinal approach to utility Analysis.

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